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BFC Bank

BFC launches a bank that understands PSPs

BFC Bank will be offering banking services to Payment Service Providers

BFC Bank is part of BFC Group which has operated a global Money Remittance and Foreign Currency operation for many years through its offices in Asia, Middle East and the UK. We are therefore well placed to understand the challenges and requirements of fellow Payment Service Providers.

BFC has always operated to the highest compliance standards and is using this experience and the latest technology to enable it to be able to offer compliant and secure banking solutions to this important sector.

We know only too well the difficulty in accessing bank accounts and we have a commitment to provide core banking services to organisations who also meet our high standards. We want to support them and enable them to access domestic and international payment gateways.

We have received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), and entered mobilisation and finalised its full service launch with the regulators.

We will expect a third party auditor to review any PSP prior to on boarding as a customer and thereafter will offer a monthly fee based service that will cover the cost of ongoing enhanced due diligence that is tailored to address the individual PSP's risk profile.

The BFC Bank product suite is tailored specifically to meet international payments and cash management requirements comprising current account, term deposit, overdraft, short term loans and payments.

For further information about BFC Bank’s PSP service, or to register an interest in becoming a customer, please visit: www.bfcbank.co.uk

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