What is Managed Banking, and how will it help my business?

Freemarket works with businesses to accelerate their growth by giving them access to cross-border payments and currency exchange optimised for their needs. Our managed banking platform gives challenger brands access to speed and cost benefits previously reserved for only the biggest businesses.

Managed Banking is 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.

Currently, a business with emerging cross-border needs must approach and negotiate with numerous prospective banks in order to secure and set up one relationship. With Managed Banking 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 isn't just lines of code

There are many start-ups offering APIs to connect to existing payment pathways, but this is different. Freemarket offers far more than a simple technical ‘on-ramp’ to the banks’ infrastructure. Instead, we work with customers to define their precise business needs and then create an optimised infrastructure that makes the best use of all of our relationships to deliver fast, cost-effective cross-border payment solutions based on each individual customer’s requirements. Think of us as a service-based offer that uses the best available connections, infrastructures, technology and relationships, including those from 3rd parties, to create a bespoke solution for your business.

The right relationships for your business

For example, some will want or need a tier one bank relationship; others may want a wider pay-out network and others may be interested in blockchain-based infrastructure. Using our insight and experience we will select the right parties from across our network to deliver exactly the cross-border solution the customer needs. We will also partner with them to understand their evolving needs and ensure that not only does the managed banking solution keep up with changing requirements but is proactive in helping to develop them.

A win-win for banks and businesses

We can do this because we offer a win-win to both our banking partners and our customers. For the banks we bring KYC’d customers and aggregate flows, allowing them to cost-effectively reach smaller businesses in a risk-managed way. Integrating with Freemarket brings flows from numerous smaller businesses creating significant economies of scale for the bank. And because we handle the KYC and AML work on their behalf – we effectively broaden their market reach with minimised risk.

For customers, because we aggregate flows from many smaller players, we provide significant business to our bank partners. So we have negotiated access to the wholesale currency exchange rates usually reserved for big business clients.

And, ultimately, this is the vision for the company. Our aim is to provide real-time cross border payments for challenger businesses – giving them the same advantages enjoyed by big business, but at a cost, they can afford.

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