BFC Bank, a specialised bank focused on international payments and cash management services, completed its mobilisation process on 11 October 2017 and is to increase its corporate banking services.
A wholly owned subsidiary of BFC Group Holdings (BFC Group), BFC Bank received authorisation by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (FRN 716167) in September 2016. It has successfully fulfilled all the necessary regulatory conditions to become operational.
After an initial ‘soft launch’ for selected companies within its Small to Medium-sized Enterprise (SME) and Payment Service Provider (PSP) target markets, the bank goes live in early 2018. SMEs and PSPs can register interest in opening an account on the bank’s website: www.bfcbank.co.uk
With an ethos of fairness and transparency, BFC Bank offers low-cost basic corporate banking products with a strong emphasis on international transactions and multi-currency cash management as well as UK domestic payments.
BFC Bank’s Chief Executive Officer, David Price, commented: “The finalisation of the mobilisation stage is a significant milestone for BFC Bank. We look forward to becoming operational in early 2018 as full members of the UK Faster Payment Scheme. Our vision is to provide cost-effective international payment, foreign exchange and cash management solutions to SMEs and PSPs. It is exciting to lead this mission to become the ‘go-to’ partner for SMEs and PSPs.”