Is managing your bank limiting your growth?

It can come as a surprise to anyone that’s not had to set up a cross-border business – but it can take six months or more to negotiate a new bank relationship. Without a bank, you can’t pay people, and you can’t get paid. If you are working in several jurisdictions, you need a bank that can mirror them, or have a bank in each! Time spent on finding, selecting, negotiating and then integrating these relationships is time that your senior team is not spending on growing the business. It can be a significant drag on growth.

Many innovative companies, in the financial services business and beyond, have super-lean teams and struggle to find the skills and resources to proactively manage these relationships. Even when they get banks onboard, they lack the skills to manage the relationships so that they are fully cost-efficient and help propel their businesses forward.

No time to dedicate to finding, negotiating and maintaining the best bank relationships

CFO’s have a multitude of responsibilities and should be focused on those tasks that directly contribute to growth. Heads of treasury (if the company is big enough to have a dedicated role) are also focused on maintaining cash flow. No one has time to dedicate to finding, negotiating and maintaining the best bank relationships. The technical integration with big banks can be another nightmare entirely and can distract scare developer resource away from your own product development.

Worse, unless you are already a big player, most banks are not going to be able to dedicate time to you. Nor will they offer you the best deals; simply because the services and cash flows related to your business will be small compared to big business clients, so that’s where their attention will naturally lie. Oh, and they can terminate the relationship at will for a multitude of reasons!

Will your bank meet all your needs as you grow?

Even when you have a stable relationship the pace of change in today’s market, with new regulation, new opportunities and new technologies constantly changing the goal posts, means that it is a full-time job just stating on top of your payments and currency exchange relationships. Will your bank meet all your needs as you grow? What about new markets in overseas territories, or new types of flow, specific currency conversion requirements? Your current bank might not offer, or want, to cover these new areas – which means all the pain of finding and negotiating with new partners potentially overseas. It may necessitate founding local offices in different regulatory regimes just to have access to a local bank. None of this is easy, and it all distracts from the ‘day job’ of building your own business.

We take the pain and effort out of finding, integrating and maintaining the banking relationships you need

At Freemarket we believe growth is vital and have coined the term ‘managed banking’ to describe what we do. Simply, we take the pain and effort out of finding, integrating and maintaining the banking relationships you need to manage a growing cross-border business. We offer customers a simple to use, but flexible approach to finding and maintaining the right banking relationships, payment infrastructure and currency corridors; all offered as a service in support of business requirements.

Rather than you having to approach and negotiate with numerous prospective banks in order to secure and set up one relationship, we have done the heavy lifting in the background. Our managed banking platform offers customers access to a global network of bank partners ready to take on their business. We handle all of the relationships and compliance, managing KYC and AML for the banks and providing customers with a simple access point via an API, web-based dashboard or white-label integration.

Managed Banking lets you get on and grow your business. Get in touch see how we can help your business.