The U.K. has another challenger bank in operation.
BFC Bank has launched in the market to provide cross-border payments and account services for small businesses and payment service providers, the company said Wednesday (March 14). Its services include multi-currency accounts and foreign exchange services. In addition to targeting SMBs, the bank also aims to work with PSPs to link their own clients to current accounts.
“De-risking has been used by most banks as an excuse not to serve this sector,” said BFC Bank CEO David Price. “Banking is full of rules and increasing regulation. BFC operates to the same high level of compliance as every other regulated entity, but it does not hide behind these rules as a reason to avoid doing business.
“We help small businesses find ways to solve problems,” he continued. “We're a small business ourselves – we think like they do, and in many ways, we are one of them. We're not one of those businesses that just talks about putting the customers first. We employ people who are creative and driven to find solutions for customers as if it were their own business.”
In its announcement, BFC Bank said it will support SMBs with online services and relationship managers to support firms with their global payment processes. For PSPs, the bank will link these clients to domestic payments and cash management services for their own customers.
“We've grown from a small business ourselves; therefore, we have complete empathy with the small business sector,” said BFC Bank’s general manager for the corporate banking division, Robert Greene, in another statement. “The U.K. is a trading nation, where SMEs play a vital role. They need banks that really understand their needs, made up of staff that can deliver.”
In January, BFC Bank announced it was looped into the U.K.'s Faster Payments scheme to facilitate accelerated transactions for its small business and PSP customers. At the time, it was the 21st bank to link into the scheme.