Access to cross-border banking facilities for PSPs is a major hindrance to growth in the sector. As banks reduce their risk appetite as well as their cross-border payments coverage, PSPs are increasingly having to use a complex maze of correspondent bank networks to keep up with customers demands.
The Freemarket Solution
Freemarket’s Managed Banking platform takes care of all bank account application, relationship management and compliance, allowing PSPs to quickly and easily expand their reach into new geographies without the trouble of securing bank partners and a local market address.
Freemarket can give PSPs access to vIBANs in over 20+ currencies with further access to up to 30+ currencies and payments to and from 100+ countries – all whilst benefiting from the wholesale bank rate for currency exchange. In addition, Freemarket’s matching technology enables rates unavailable from the banking sector, allowing for greater margins and savings. Through a single integration, the Freemarket Managed Banking platform takes care of all banking applications and relationship management, leaving the PSP to focus on delivering the best possible service to customers and growing into new markets.
With the ability to open multiple accounts for clients in multiple currencies, PSPs can also use Freemarket to keep their reconciliation process under control across complex account structures further improving efficiency.