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 .

Q: When is the business closed and are you open on public holidays?

Freemarket is closed on UK bank holidays . You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days. If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 1

What is a scheduled exchange?

Accepted Answer

Scheduled exchanges are the unique mechanism by which we are able to achieve mid-market rates of exchange. By using peer-to-peer technology and aggregating our client’s requirements into one exchange we can optimise the opportunity to match currency and deliver the best possible rate for all involved.

Here’s how we do it:

Step one: clients transfer funds into their segregated Freemarket escrow account

The nature of the scheduled exchange requires us to operate a pre-funded model, as this is how we are able to match our clients’ currencies – achieving mid-market rates. This means that client’s must transfer the required funds in their entirety prior to the scheduled exchange taking place.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/3junOv9K5E/Screenshot-2019-10-23-at-11.31.35.png (Customer transfer overview)

Step two: clients book their payment order via the platform

After the exchange procedure is complete, you let us know whether you want to buy or sell, the currencies you want to use for the transaction, and where you need the funds allocated. You will then be included to the following exchange that is scheduled.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/jzzkEQKGAE/Screenshot-2019-10-29-at-13.34.16.png (Booking exchange instruction overview)

Step three: The scheduled exchange takes place

Depending upon the currency pairing and demand we operate exchanges at periodic intervals throughout the day, with a minimum of one scheduled exchange at midday.

We aim to achieve mid-market rates as often as possible, for as many participants as possible. If your funds are wholly matched with other participants, you both achieve the mid-market rate. If an exchange is incompletely matched, you benefit from our market buying power. We pass on the institutional rate from our network of global banks onto all parties and provide a true banking as a service.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pPLqgSm3BO/Screenshot-2019-11-14-at-10.15.00-1024x226.png (Step 3 overview)

Step four: we pay out to your nominated beneficiary

That's it; we transfer the transferred funds to your chosen bank account.

Question 2

What is One Time Password (OTP)?

Accepted Answer

A one-time password (OTP) is a randomly generated string of letters, numbers, and/or symbols that is delivered to a user to be used for just one login or transaction. An OTP is more secure than a static password, particularly one that was established by the user and may be insecure or used on several accounts.

What are the benefits of OTPs?

OTPs reduce the risk around passwords.

Multi-factor authentication: OTPs can add an additional layer of authentication. Using security tokens, OTPs can be generated for users to provide as an additional form of authentication, which increases security and reduces the risk of a breach.
Time-based OTP (TOTP): this type of OTP is time-based, in that it provides a window of time within which the OTP code will be valid. In general, timesteps are 30-60 seconds in length. If the user does not enter the OTP code within the specified timestep, they must request a new one.

Read more on Twilio, Transmit Security, and Entrust.

Question 3

What is the difference between local and international payments?

Accepted Answer

Electronic instructions are used in both local and international transactions to transmit a secure message across a network and make funds available in the beneficiary's account. Their verification process and payment method they employ varies, which therefore has an impact on the transaction's length and cost.

For example, domestic wires in the US use the CHIPS of Fedwire systems, in the EU local payments use SEPA and in the UK local payments use CHAPS or Faster Payments. Most international wire transfers are communicated via SWIFT, a network of over 10,000 banks and financial institutions spread over 200 countries.

Question 4

What is the Freemarket risk appetite?

Accepted Answer

Freemarket is committed to complying with all applicable laws and regulations including those related to anti-money laundering, PEP’s, counter-terrorism financing, sanctions, and export control laws. We maintain robust systems, policies, procedures and controls to help protect our platform and to deter, detect and disrupt financial crime. In addition, our banking partners also maintain requirements and restrictions that must be adhered to, including restrictions on certain industries, activities, and countries, as listed below.

Failure to comply with these restrictions can result in delayed payments or declined payments with continuous breaches leading to account closure. Please contact your Relationship Manager for additional information.

What types of activity are not permitted?

Understanding what’s prohibited

In recognition of the scale and extent of the business’s systems and policies, Freemarket prohibits engaging or pursuing clients that fall within the following set of criteria.

Prohibited Locations

Onboarding of a company with any UBO’s, Directors or Operations resident in or websites targeting the following sanctioned countries: Iran, North Korea, Syria, Cuba, Venezuela, Russia.

You can view our restricted jurisdictions list for a full list of countries we cannot receive funds from or support payments to.

Non-permitted industries and businesses

The following list of categories of businesses and business practices are explicitly prohibited from using our services and platform:

Businesses operating or running Hawala (informal banking system)
Companies engaged in or providing illegal drugs and/or unlicensed drug related activity
Unregulated pharmaceuticals/food supplement companies (nutraceuticals)
Activities relating to defence and munitions, including dual use
Adult websites or services with prostitution, and the broadcasting/publication of pornography
Binary options or unregulated investment and payment services activities
Companies formed of bearer shares
Company structures which include solely nominee directors; there must always be individual directors
Companies dealing in counterfeit goods
Cultural artefacts, ivory or other items related to protected species, or archaeological, historical, and religious significance, or of rare scientific value
Companies structured and operating on Piracy or illegal streaming
Political / religious organisations engaged in hate speech
Pyramid Schemes / multi-level marketing (MLM)
Companies dealing in non-electronic funds
Unregulated or shell banks
Shell companies (a company having no physical presence, no employees or no commercial activity in its registered jurisdiction)
‘Get rich quick’ schemes (proposal to pay high rates of return over a small period in return for a small investment)
Unregulated charities
Banks not located/domiciled onshore

Additional requirements for the following industries

Clients who fall into any one of the four verticals identified below must meet an initial set of criteria and further set of vertical specific criteria to onboard with Freemarket.

Initial risk assessment criteria

Must have no AML/CTF failings/fines that have not been sufficiently remediated,
Must adhere to Freemarket’s industry specific policies i.e. FI control framework, Gambling policy, Crypto policy,
Must adhere to regulatory limitations applicable to the jurisdiction of their client-base.

Further risk assessment criteria by vertical

The following are the additional risk assessment criteria to evaluate prospective clients by.

Question 5

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 6

What kind of payments can I make?

Accepted Answer

There are a number of different payments schemes and types of payments that you can make.

Cross-border Payments or International Payments: a cross-border payment or international payment is sending a payment from one country to another. They are key for businesses that operate in different jurisdictions and plan to do business in new markets.
Domestic Payment: a domestic payment within the same country where the bank and merchant’s account are registered in the same country, in most cases, the currency is the same, so no FX or Foreign Exchange is required.

Types of payment schemes

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.
Faster Payments (FPS): 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.
CHAPS: CHAPS payments allow you to make same-day, high-value electronic payments.
BACS: is designed to operate a bank-to-bank payment scheme, payments can take up to three working days to clear.

Question 7

What security procedures will you require when I instruct you to send money from my account?

Accepted Answer

For each transaction we will ask you the destination of the funds i.e. where the funds are going, the beneficiary details, and to pass all the necessary compliance checks and transaction monitoring. Once approved, we will proceed with authorising your instruction and making the payment.

Question 8

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 9

When is the business closed and are you open on public holidays?

Accepted Answer

Freemarket is closed on UK bank holidays.

You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days.

If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 10

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.