Following on from your interview in Gaming America, can you elaborate on the work you do with thegambling industry?
Freemarket exists to help those businesses that either struggle to get access to the banking and payment services they need, or are paying too much for an inferior service. Historically, gaming has been seen as too high risk for institutional banks to focus on. It’s inevitable that risk appetites in banks will change, which is why our resilient solution resonates so well in this space.
We take a partnership approach with all our stakeholders. These include customers, global banks and service providers. Our goal is to provide the best service and solution possible for the benefit of all parties.
What difficulties has Freemarket faced in the payments industry when it comes to fraud prevention?
One challenge all payments firms face with preventing fraud is when victims believe they are making a genuine payment such as an investment. Fraudsters may contact victims by phone, email or social media, pretending to be someone else. Such fraud typologies are known as APP (Authorised Push Payment).
In October, you received a licence from the Central Bank of Ireland. What potential does that bring for Freemarket?
Receiving the Payment Institution licence from the Central Bank of Ireland is a game-changer for Freemarket. This regulatory green light opens doors to the entire European Economic Area (EEA), home to around 24.4 million small to mid-size businesses (SMBs). As the global B2B cross-border payment market is poised to grow 43% by 2030, we’re eager to cater to European SMBs underserved by traditional banks. The licence not only allows us to expand operations in Ireland, but also sets the stage for partnerships with European financial institutions, supporting our mission to make cross-border payments faster, more affordable and transparent for millions of European businesses.
Can you talk to us more about the technology Freemarket uses?
At Freemarket, our technology approach revolves around integrating all banking relationships and products directly into our proprietary platform. This means our clients don’t need multiple bank accounts; they can access everything through us. Since we’ve developed everything in-house, we’re agile in responding to client feedback and market demands, allowing us to make changes quicker than competitors who outsource. Clients can choose to integrate directly with our API for extensive functionality or use our user-friendly platform for quick transactions. With just two or three clicks, our platform streamlines international payments, eliminating the hassle of navigating multiple screens and banking relationships.
Has Freemarket faced any barriers when it comes to its cross-borders payment systems?
Partnering with banks for cross-border payments poses complexities as it involves establishing resilient connections. This process demands thorough due diligence to ensure reliability, security and seamless transactions for our clients - our approach is about simplifying, not complicating. In the fast-paced evolution of the cross-border payments landscape, staying ahead is key. Trends like real-time pricing and distributed ledger technology aren’t just buzzwords for us; they’re tools that enhance efficiency, speed and cost-effectiveness. This proactive approach ensures that our clients benefit from cutting-edge solutions, positioning them at the forefront of innovation and meeting the dynamic needs of the global business environment.
How does Freemarket distinguishitself from other competitors who offer a similar service?
It’s our personalised service and tailored approach to individual client needs that sets us apart from the crowd. In a digital era, we prioritise face-to-face interactions to foster genuine relationships and gain valuable insights on a deeper level. Spending time with them means we can understand their specific requirements and what’s going to help them grow in their industry. A great example of this commitment is when we flew from London to Sydney to address a client’s issue – it’s while here that we heard they had never even met their local provider face-to-face. Unlike one-size-fits-all solutions, our platform is continuously evolved by our skilled tech team to adapt to their needs.
What role does crypto play at Freemarket and in the wider cross-borders payments industry?
Crypto is one of the key sectors we serve at Freemarket, where we provide the fiat payment rails for crypto businesses, giving them much needed-banking resilience via our aggregated banking network.
In the wider cross-border payments industry, it’s the underlying blockchain technology underpinning crypto where we’re seeing the biggest use cases emerge. Stablecoins are becoming more prevalent due to their speed, cost and traceability compared to the traditional correspondent banking system; and we expect this trend to continue as they become more deeply integrated into the international payments ecosystem.
