FinTech Corporate Accounts for B2B Companies – Remotely

A B2B business account with a reputable FinTech company comes with cutting-edge financial management services and new development opportunities. 

This article introduces a European financial technology company recommended by our experts. Advantages of cooperation with it become apparent immediately after opening a corporate account. 

The FinTech Company Profile

The recommended FinTech business has always been oriented towards cooperation with corporate clients. It provides a scope of various advanced services, including secure payment transactions, international fast payment solutions, favorable exchange rates, payment cards. 

Having opened corporate accounts with this FinTech company, B2B businesses get direct access to the online currency market through the content-rich application. Thanks to the working toolkit of technology-driven solutions, the currency volatility risks can be substantially mitigated. If a client opens several separate accounts, the FinTech assists with the efficient structuring of financial operations.

The world-class financial services of this European FinTech are based on a mix of modern smart technologies and solid practical experience. It cooperates with a wide range of business entities: multinational companies, small businesses, wealthy people who take advantage of the opportunity to do business from anywhere in the world. 

The legal status of this FinTech company is endorsed by the Financial Conduct Authority (FCA), and the Authorized Electronic Money Institution (EMI). 

This European FinTech company was founded in 2015. In 2019, the company climbed 12 positions in the list of the 100 most popular companies in the UK. In 2020 it was ranked in the Sunday Times Sage Tech Track 100 league table of Britain’s private tech (TMT) companies with the fastest-growing sales. 

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Advantages of the FinTech Corporate Accounts for B2B Companies 

This FinTech’s main clientele is a mix of large businesses handling massive amounts of money, and every such customer expects a personal approach apart from the standard financial services. Therefore, this company designs special deals and offers individual terms. 

The advanced technological opportunities available to all corporate account holders, enable them to perform the following operations:

• deposit and manage 15 major currencies on a single account
• convert up to 140 currencies on the most favorable terms
• conduct instant international payments
• safely and promptly transfer funds to multi-currency payment cards, order an unlimited number of Mastercard prepaid cards  
• avoid or reduce unnecessary charges, because the tariffs are very reasonable
• carry out transactions worldwide through the banking network
• send single or multi-currency individual and batch payments
• choose SWIFT, SEPA, Faster Payments, or other local systems for money transfers
• integrate batch uploads of financial data with the client’s own IT systems
• set individual transaction limits and notifications on currency rates
• get advanced and clear reports on the performed financial operations in real-time
• set by default for each card one of the selected currencies, for example – pounds sterling, euro, U.S. dollars, etc.

This FinTech company provides storage of funds for its clients on target accounts of the world’s leading banks. They are always completely separated from the payment system’s own funds. Money owners have the right to fully control and access their funds at any time.

All customers’ personal data is protected according to the UK and EU security standards, including ISO 27001. The system uses advanced encryption and storage technologies to ensure that data and transactions are sent and stored securely. 

The services of this FinTech company are particularly appreciated by people who often have to travel around the world – touring stars of show business, film directors, yachtsmen, employees of private airlines. All orders for financial management can be given en route without waiting for the opportunity to make a phone call. All popular payment instruments are available – multi-currency deposits, currency exchange, payment solutions, and cards.

The FinTech Company’s Main Customer Profile 

Cooperation with the FinTech company is most suitable for clients who are looking for profitable terms of cooperation and individual attitudes. Such category of main clients includes the following physical and legal persons:

• world-famous artists, athletes who authorize this FinTech company to process current payments, pay for the tour-related expenses, carry out currency exchange operations
• film stars, singers, musicians who use the multi-currency account, mobile app, and cards to control their budget, reduce currency risks, cut costs, and manage expenses of their cast, production staff, accompanying personnel
• touring stars of show business who need to track the status of their accounts, manage them, make payments through multi-currency accounts, use payment cards while traveling
• yachtsmen, cruisers, charter management, and brokerage companies, all those associated with sea voyages and sea travel who use the payment system’s service to the maximum – not only the current payment and currency exchange transactions but also APA management
• frequent flyers and other persons associated with aviation, air transportation and travel who need to manage all multi-currency deposits, international payments, and currency on their accounts and use card products
• businessmen and large industrialists who manage their accounts plus provide premium services for their employees. 

This FinTech company serves about 3 thousand major businessmen and more than 500 world-famous musicians. Its customers include more than 150 Grammy and BRIT Awards winners. The clients of the company can effectively manage their cash flows even while touring. 

Among the key clients are well-known yachting associations (MYBA, IYBA, and LYBRA), which include 1.5 large class vessels in their customer base. There are also private clients – owners of 1500 superyachts, their crews, and masters who actively use the cards and services for a variety of purposes provided for by the scope of the payment system. This is very important, as any cash aboard the vessel needs to be declared to the customs inspections. 

Standard restrictions 

When entering into a contract with a FinTech company, clients are obliged to comply with the laws and regulations related to combating money laundering and countering terrorism in the UK. Therefore, one of the main restrictions that may hinder cooperation is the refusal to comply with legal acts There are no other restrictions, all particular non-conventional cases are considered on an individual basis. 

The terms and conditions of cooperation with the FinTech offering corporate accounts will be most suitable for the following categories of clients:

• multinational companies that appreciate reasonable and most advanced ways of trading abroad
• medium-size and small businesses with global ambitions
• wealthy people who are looking for great prospects and flexibility in managing their assets. 

Please note that our experts can help you apply for and obtain customized services at a distance.

Terms and Conditions for Setting Up a FinTech Corporate Account for Non-Resident Applicants 

The FinTech company specializes in electronic money transfers, welcomes transactions in many currencies, supports various deals. 

Clients can operate with such currencies as AED, BHD, CNY, KWD, MXN, and SGD. For such currencies, the recommended financial company acts as an issuer of electronic money, and for all other currencies – as a financial partner of PFS. 

Such cooperation is rather specific, as these transactions are performed with electronic money, and customers thus can not count on receiving interest on either their accounts or card for debit balances. 

Batch payments are used by corporate clients when they need to instantly pay several recipients (in any currency) by a bank transfer or in the application of the FinTech payment system.

Currencies for the Accounts and Transactions 

The recommended FinTech enables its clients to manage funds and perform operations with an impressive list of foreign currencies.

1) The main currencies for deposits and management of assets:

•  Pound sterling
•  Canadian dollar
•  Polish zloty
•  Euro
•  Danish krone
•  South African rand
•  US dollar
•  Japanese yen
•  Swedish krone
•  Hong Kong dollar
•  New Zealand dollar
•  Swiss franc
•  Australian dollar
•  Norwegian krone
•  Israeli shekel.

2) Additional currencies for international payments:

•  UAE dirham
•  Saudi riyal
•  Bulgarian lev
•  Singapore dollar
•  Mexican peso
•  Czech crown
•  Thailand bath
•  Qatari riyal
•  Turkish lira
•  Romanian lei
•  Hungarian forint. 

A total of 140 currencies can be used in international payments. The above-mentioned 15 main currencies for deposit storage allow customers to conduct free of charge at any time, 24/7, unlimited instant transactions. 

Account Types

Clients can open several types of accounts to perform a variety of transactions that differ by functions and currencies. Among the main types are the following types:

•  corporate current accounts
•  accounts for multi-currency operations
•  accounts for FX forward conversion. 

Recommendation: We also recommend considering other options – accounts with similar European payment platforms.

Bank Cards 

The recommended FinTech company offers its clients a very convenient product – the multi-currency Mastercard. It is possible to tie several cards to one account. 

The Multi-currency Mastercard can be used for online purchases, payment transactions through mobile applications, in offline stores in more than 210 countries and foreign territories. You can cash out funds from payment cards using a very extensive ATM network (more than 2 million terminals). 

The base currency is determined by the BIN range. The recommended default currencies are GBP, USD, or EUR. You can also order other cards for transactions in other currencies. Such cards will work in the same way as the cards with the base currency. 

You can keep your funds in 15 major currencies on one card at a time. The standard maximum card balance is up to 100,000 GBP (the alternative higher balance option is also available on request), the limit for a single-time purchase at one point of sale is up to 175,000 USD (with a flexible purchase limit also allowed in some cases), a standard daily cash withdrawal limit at an ATM is 750 GBP (an increased limit option is available for some cardholders). 

Tariffs 

The fees are based on fixed rates. However, the charges are customized, subject to the status, needs, and profile of each corporate client.

Standard tariffs are charged for the following services:

• Commission (%) for crediting funds to the account
• Interest fee on foreign currency transactions performed from/to the account (at the current exchange rate in any of the available currencies).
• Single SEPA & SWIFT tariff for the use of international payment services (transfers in more than 100 currencies can be made to almost any country in the world).
• Commission (%) for refilling corporate multi-currency cards (the additional annual fee of 10 GBP per card plus a fee for ATM withdrawal at 1% of the value of the transaction or a minimum fee of 1.60 GBP).
•  Forward transactions and trade transactions are charged separately. 

How to Open a Corporate Account with the FinTech Company for Your B2B Business 

To become a client of the FinTech company and open a corporate B2B account, you need to fill out a corporate application and submit a small package of documents. Your access to the account will become available quickly if you request our assistance by contacting us at our e-address given at the top of this page.

We can provide information on the terms of cooperation set forth by the recommended European FinTech company. We will also help you fill in the questionnaire and explain which documents and in which format you need to prepare. This will help to avoid mistakes and reduce time costs, which is important for the business.

Procedural aspects 

The algorithm of cooperation with us is simple:

1.  Send us a request for the account set up services (our e-address given at the top of this page)
2. Pay the setup fee. We accept payments in different currencies, you can make a transfer through the bank, payment service, by card, via PayPal, WebMoney, Western Union.
3. Fill out a short questionnaire and prepare the documents we will tell you about. The documents should be in English. We will indicate which of them should be in the originals and which – as notarized, apostilled copies.

Package of documents

1. A completed corporate application.

2. On behalf of a director, signatory, final beneficiary, or another business participant who owns a share of more than 25%: 

• Passport (copy of pages with the photo).
• Address confirmation from the place of residence (usually it is a utility bill or bank statement, must be dated no later than the last 3 months).

3. Special forms:

• for authorization of a user, who will be allowed admin access to the payment platform
• for the payment card 

4.  Corporate documents:

•  Certificate of registration  
•  Charter  
•  Articles of Association.   

Attention: Depending on the jurisdictions and areas of activity, the following documents may be required additionally:

•  data on the availability of audited/managed accounts for the last 2 years
•  confirmation that the registered office is physically located at the registered address
•  number of employees
• description of the type of clients and their location
• examples of invoices issued to clients
• approved corporate anti-bribery and anti-corruption policy
• documents confirming the ownership of each of the assets (e.g. share register, declaration of trust management, nominal agreement)
• register of directors (if applicable)
• bank statement for the last 3 months
• official UBO documentation (e.g., nominal declaration/agreement). 

Timelines for Opening a Business Account with the Financial Company 

If all necessary documents are submitted in one package and the corporate application is filled in correctly, the account approval procedure will take no more than a week and sometimes even faster. This is the best service to open an account in the UK. 

If you are interested, please contact us directly by email at the top of this page.