Specialised services for PSPs

Forward-thinking organisations like BFC Bank have implemented strategies to support Payment Service Providers (PSPs).

International transaction flows and payments by non-bank PSPs continue to increase in quantity. At the same time the number of banks that provide current accounts and services to the sector has reduced.

PSPs typically execute high volumes of cross-border payments and foreign exchange (FX) on a daily basis. These peak around holiday periods and festivals.

Cross-border payments by PSPs require a bank account held in a regulated financial institution. Since 2008 UK and international banks have 'de-risked' and deleveraged activity with smaller banks and PSPs. De-risking by banks occurred at a time of high-profile penalties and investigations. The influence of this continues to impact the sector.

These challenges prompted us to look at a new PSP strategy.

FX charges

As a PSP you face significant FX charges from providers who may be direct competitors and act as aggregators. Your clients and retail customers are generally sensitive to exchange and transaction rates.

Other challenges include increased regulatory demands, the need for UK-based segregated client accounts, and a lack of service in cash collections.

Speak to our Relationship Management team for more information or register your interest to become a client.

Multi-currency accounts

Multi-currency accounts with cross currency notional pooling. Our multi-currency accounts are an efficient and cost-effective way to manage cash across multiple currencies. 'Notional pooling' means you do not have to buy currencies for short-term funding obligations, so you do not incur extra costs.

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Payments

Simpler payments for Small to Medium-sized Enterprises (SMEs) and Payment Service Providers (PSPs). We make it straightforward for SMEs and PSPs to make international and UK domestic payments. You can also set up payments you make on a regular basis.

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