Q: What should I do if I've forgotten my password?

Go to the login screen and click forgot password , this will bring up the next screen for you to enter your email address. Enter your email address and click continue. You will receive an email with further instructions. Note that you may need to check your spam folder for this. If you do not receive an email and it’s not in your spam folder, then please contact Support .

Question 1

When will my account be account be approved, rejected or reviewed?

Accepted Answer

When you complete the registration process, the platform should display a notice informing you that your account has been successfully established and is now being assessed by our compliance team.

Although we make every attempt to render the registration process as simple as possible, it may take up to 60 days before your Freemarket account is completely operational and you are able to utilise us for payment services.

It costs nothing to open an account with us, but we reserve the right to do so in accordance with our terms and conditions, with a 60-day notice period for consumers and 30 days for businesses.

After registering, your account should be evaluated within 48 hours, however, occasionally it may take longer since our compliance staff is still examining your application. You will be informed by a Relationship Manager when your account is ready for B2B payments & currency exchange and if we require any additional documentation from you.

Question 2

Does it cost me to have an account at Freemarket?

Accepted Answer

Although we make every attempt to render the registration process as simple as possible, it may take up to 60 days before your Freemarket account is completely operational and you are able to utilise it to its maximum. This means that we want to correctly set up your account with our partner banks and aggregate banking services that you receive.

It costs nothing to open an account with us, but we reserve the right to do so in accordance with our terms and conditions, with a 60-day notice period for consumers and 30 days for businesses.

If you click here to contact a member of our team and start your adventure with B2B cross-border payments, and we'll email you a link to register for an account with us.

Question 3

What should I do if I've forgotten my password?

Accepted Answer

Go to the login screen and click forgot password, this will bring up the next screen for you to enter your email address.

Enter your email address and click continue. You will receive an email with further instructions. Note that you may need to check your spam folder for this.

If you do not receive an email and it’s not in your spam folder, then please contact Support.

Question 4

What are the steps to register for an account with you?

Accepted Answer

Our registration process is straightforward, and we endeavour to complete all applications as soon as possible. Your account with us becomes active once we have concluded all required compliance checks, which we will notify you about.

In order to complete certain checks, we may first ask you for some basic information. You must provide information about the business you are applying for an account with in order to create an account. When registering for an account, it would be simpler and easier if you have all the information in one area since this would make the application process go more smoothly.

To expedite the process, we've given you the option and availability to search for registered firms. To activate this service, type two characters then it will appear. If you are fully regulated, submit your personal information together with any supporting documents so that our systems can cross-reference it.

You must then finish the "transaction profile" next. This aids our compliance team in understanding the nature and regularity of your company transactions for the purposes of KYC. Your assigned Relationship Manager is also given access to these insights, which enables them to provide you with the best possible support.

After completing the transaction profile, you will be prompted to provide the primary account user's personal information (this could be you or another individual at the company).

The next question will ask you to verify that you're the sole director of the company you are registering on behalf of, an authorised agent or employee, or a company director. If the director information you give does not match what is stated in the company's legal documents, the registration may be delayed, and your account may potentially be refused.

You must provide all the information about business owners or individuals who hold a controlling stake in the company in the section that follows. Please make sure that the information is accurate because you can add numerous owners or persons with control.

After providing the essential account information, you will be asked to submit additional documentation so that we can confirm your identity for AML and KYC purposes. Please be advised that expired or invalid forms of identification will be rejected, and your account won't be created until the proper documentation has been provided. The full passport number (with the chevrons) or the licence ID on the driver's licence must be uploaded after an image of your passport or driver's licence.

After you have accepted our terms and conditions and verified that the information you have supplied is accurate, you are complete. Your browser will send you to a confirmation page that includes our contact information in case you need to get in touch with us. If there are any problems or if we need further information, a Relationship Manager will reach out to you.

You will receive an email notifying you that your account has been created once our requirements have been satisfied and all required documentation has been submitted. At that point, you may begin to make instant payments.

Question 5

How do I set up 2FA on my account?

Accepted Answer

Two-factor authentication (2FA) or multi-factor authentication adds an extra degree of protection, and all users have to provide this code in order to access their account and make cross-border payments.

A user is only permitted access to an application or website using the 2FA electronic authentication procedure after successfully showing two or more pieces of evidence, including knowledge, possession, and inherent characteristics. Here are a few examples of this:

Something you know - a password or a pin
Something you have - a smartphone
Something you are - a fingerprint or facial recognition

Each user must configure 2FA, you can't do this for others at your organisation.

With the two-factor authentication enabled on your account, you would require an additional 6-digit verification code for a successful sign in to Freemarket.

To create a time-based one-time password (TOTP) that will change each time you use it, we advise setting up two-factor authentication on an app. For this, we advise adopting a cloud-based application. The majority of applications available would support this. Below we've listed some of the options available to you.

You must enter a verification code if 2FA is enabled on your Freemarket account in order to sign in successfully.

After setting up 2FA, a 30-day window will open for your account. Otherwise, on the 30th day, you will be asked to perform 2FA during a period of activity. If you are unable to execute 2FA in order to pass the checkup, you must utilise the given shortcut to modify your 2FA settings and maintain platform access.

First time setup

Log into the platform here

2FA Screenshot 1

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pXeX4Nv2Vt/2FA%20Screenshot%201.png (2FA Screenshot 1)

Once logged in, you will be presented with the page provided below. Please click on receive code to get the verification code depending on your current 2FA

2FA Screenshot 2

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/rrV9Wmzpr8/2FA%20Screenshot%202.png (2FA Screenshot 2)

If there is a phone number registered on the account, then a verification code will be sent to the registered mobile number as a primary option for 2FA
If there is no phone number registered on the account, the verification code will be sent to the registered email address as a primary option for 2FA

Type in the verification code you were supplied

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Yx9AyMmDcs/New%20QR%20code.png (New QR code)

If you'd like not to be prompted for another 30 days, choose to remember the device
When you log in to your account, the next screen will appear
Download an authenticator app from the Google Play Store or the App Store that is compatible

Microsoft Authenticator for Android, iOS
Google Authenticator for Android, iOS

After downloading one of the authenticator applications, you have the option of manually entering the information or scanning a QR code
The authenticator app will display a 6-digit verification number after scanning the QR number; this code automatically refreshes every 30 seconds. You must enter this code in the verification code text box above and select verify
If everything goes smoothly the app's setup will be finished

Please note: If your current password does not meet the new complexity rules you will be prompted to change your password: once the password is updated, you will be sent back to the sign in page so you can log in with your updated credentials to sign in.

2FA Screenshot 4

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/frPNeQDAEc/2FA%20Screenshot%204.png (2FA Screenshot 4)

Signing into Freemarket using the authenticator app

Once you've successfully set up the authenticator app, subsequent logins will require the verification code it creates, so when you enter your credentials, the next screen you'll be provided with will ask you to input the verification code.

2FA Screenshot 5

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kSw1rDStX8/2FA%20Screenshot%205.png (2FA Screenshot 5)

Open the authenticator app
Enter the the 6-digit verification code displayed on the authenticator app and click on sign in

Please email support@wearefreemarket.com to disable or resetting your authenticator app if you experience any difficulties logging in. This will enable you to install the authenticator app on either your current or new smartphone.

Question 6

Why was my account rejected?

Accepted Answer

You will receive an email from us informing you that your application was unsuccessful and declined by the platform, along with the reason(s) behind it.

It's possible that the application was turned down because it didn't match our risk tolerance. Freemarket takes an appropriate risk-based approach to achieve our strategic and commercial objectives. Further information on our risk appetite here and unsupported jurisdictions may be found here.

The application would be assessed by our risk team in conjunction with a Relationship Manager or a member of our support staff, who would also explain why it was turned down. They will be able to offer guidance and respond to any inquiries why your account wasn’t approved for payment solutions at this time.

Question 7

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 8

What kind of documents should I submit for review with compliance?

Accepted Answer

On some occasions, we may request additional documentation from you to process your application, this allows us to successfully review your account without any delay. Each application is different, and we would ask for certain documents depending on your application, such as; where the company is regulated, financial statements, incorporation details, nationality (driving license or passport), the country of residence, articles of memorandum etc.

Question 9

Can I make a payment from my Freemarket account?

Accepted Answer

Your Freemarket account does allow you to send and receive money. This may be a pooled account or vIBAN account that accepts payments or makes payments to the beneficiaries. You may start to make payments right away by setting up an account and confirming payments on it.

A variety of online payments can be made using your Freemarket account, but they must be within our risk tolerance and not breach sending or receiving funds to or from countries where we do not have support. Being a regulated company, we take this seriously and update it frequently. Our operations team occasionally blocks specific payments that violate this.

How you want to send a payment may differ, by which scheme and channel, this could be SWIFT, SEPA, FPS and so on. Each payment has different costs, receipts (transaction message) and reporting.

SWIFT: this is used to send or receive international payments via the SWIFT payment network.
SEPA: SEPA stands for Single Euro Payments Area and it's a payment type used to transfer euro within the EEA.
SEPA Instant: allow you to send 100,000 per transaction, they are available 24/7, 365 days a year, and take no more than 10 seconds to reach payee’s account from the payer’s.
FasterPayments: for the majority of UK-based payments Faster Payments is in place for bank-to-bank payments and designed to speed up the process of sending money. It has a limit in place of £1m per transaction.
Target2: is the real-time gross settlement (RTGS) system with payment transactions being settled processing euro payments.

If more funds are required for the payment in the platform, add them to generate a new payment. By navigating to the add funds area towards the top of the page's main menu, you may add funds to your account. Choose the currency of the funds you want to use for the payment from the add funds page, and the necessary bank information will then show up. After the funds have arrived in your account and are available for allocation, you will get an email confirmation.

After you have the funds, establish a new payment to continue, go to the transactions page, choose the beneficiary of the money (the beneficiary information will appear if it has already been used), and authorise the payment.

Question 10

Can I apply for a Freemarket account?

Accepted Answer

You can create an account with us if you're an organisation. Our registration procedure is simple, and we make every effort to finish applications quickly and activate your account as soon as possible. With Freemarket, you can settle and reconcile funds more quickly and in real-time, access new markets and currencies, and have trust in your banking relationships.

For more information on our registration process, please click here.

When clients need to utilise the platform, we want to make sure that every account is configured for international payments. When your account is live and has cleared all compliance checks, we'll let you know.