London, UK March 7, 2018
BFC Bank launches in UK as a Specialist Provider of International Payments and Multi-Currency Accounts for SMEs and PSPs.
BFC Bank is the latest bank to launch in the UK and provides reliable, safe banking services for Small to Medium-sized Enterprises (SMEs) and Payments Service Providers (PSPs). International payments, multi-currency accounts and foreign exchange (FX) are BFC Bank’s core competencies.
BFC Bank is not another so-called ‘Challenger Bank’, it definitely challenges perceptions about how banking for SMEs should look, but it is not new. It has entered the market to specifically service the SME segment, which accounts for 60% of UK companies. BFC Bank is part of an established Group with a proud 100-year history.
In addition, BFC aims to provide access to banking services for PSPs. The process of ’de-risking’ by major global banks has left many PSPs without proper GBP accounts to serve their clients. BFC Bank found a massive opportunity to support clients that remain underserved by the financial services industry.
“De-risking has been used by most banks as an excuse not to serve this sector. 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” explained David Price, CEO, BFC Bank.
“We help small businesses find ways to solve problems. 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.”
Approach to SMEs – BFC Bank’s international payment services complements an SME’s existing banking arrangements. SMEs enjoy an online service and support from experienced relationship managers and expert payments teams.
Approach to PSPs – BFC Bank knows how important it is for PSPs to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to this important sector that helps drive financial inclusion worldwide.
Transparent Pricing Structure – BFC Bank understands the importance of competitive fees and FX charges. It provides clear information on its tariffs that are available online. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers.
“We’ve grown from a small business ourselves; therefore, we have complete empathy with the small business sector. The UK 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.” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.
“We have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationship management and customer service mechanisms are vital. Our relationship manager will come to visit you and get to understand your business. If we don’t deliver, then SMEs won’t use us. We understand, therefore, that we always have to deliver.”
About BFC Group
BFC Group specialises in global money transfers, currency exchange and wholesale currency services with operations spreading across Bahrain, Kuwait, the United Kingdom, India and Malaysia. Its history dates from 1917 when Bahrain Financing Company was established in Bahrain to trade in gold bullion and currency exchange. In 2003, BFC Exchange Ltd began operations in the United Kingdom trading under its previously registered name, EzRemit Money Transfer. It was renamed BFC Exchange Ltd and currently operates 15 retail branches across London and online. EzRemit Money Transfer is a product of BFC Exchange Ltd, which sends and receives money over 46,000 agent locations across 40+ countries.
For further information or to register an interest in becoming a customer of BFC Bank please go to www.bfcbank.co.uk.
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