Question 1

How can I use the withdrawal approval function?

Accepted Answer

Using the "Withdrawal Approval Function," designated users can approve withdrawal requests made by "regular" users. Every time a withdrawal instruction needs approval, users having "Withdrawer Approver" access will be notified by email. Although the "Withdrawal Approval Function" is by default disabled, you may turn it on and off on the platform as desired for your ease.

Please be aware that, if the function is enabled, solely administrators and withdrawal approvers may authorise withdrawals.

The process is as follows: following implementation, any withdrawal instruction created (other than by a withdrawal approver) will show up in the "Transactions" tab with a "Approval pending" status. A withdrawal is automatically accepted if it is initiated by a withdrawal approver. The account's withdrawal approver(s) will then get an email containing the withdrawal's information and a link to confirm it. The "Approve" button may be found underneath the withdrawal status on the transactions page (you might need to login in to access this page). Our payment systems will produce the withdrawal as soon as the withdrawal approver chooses "Approve" to continue.

User Interface: The functionality in account settings allows you to turn on or off the workflow for withdrawal approval. If the "on" button is blanked out, you do not have the necessary rights to turn this feature on. By default, only the user who created the account will have access to these rights. However, this may be changed by getting in touch with your Relationship Manager and asking them to provide permissions to additional users.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/oIYZRLTqpa/Withdrawal-approval-1.png (Withdrawal approval)

Click "on" to start the workflow. You must choose one or more users to have the "withdrawal approver" role by using the search bar on the overlay that will display. Once the users have been identified and assigned, click "confirm," and a notification confirming the activation of the new approvers should appear at the top right of the page.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/FeMT1Fx38b/Screenshot-2019-10-29-at-12.48.35-1024x434.png (Withdraw approval)

Note: by selecting "Change Approved Users" from the account settings menu, you may change and update withdrawal approvers at any time.

Question 2

Why hasn't the beneficiary received the funds?

Accepted Answer

There are a several stages for the payment order to successfully happen and for the funds to successfully reach the beneficiary. During the transaction the platform may state that the transaction is now complete, but the beneficiary has not received the funds, there could be a number of reasons for this, for example, we could be safeguarding the funds or have earmarked them as part of the payment order.

If the withdrawal is marked as ‘Completed’ on the platform, our operations team has given the instructions to withdraw the funds on our end to the beneficiary that you have chosen. If the funds are taking longer to reach the beneficiary, it could be due to the beneficiary’s bank processing the payment, bank holidays delaying a payment, or additional compliance checks being performed by the recipient’s bank.

Question 3

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 4

Does the platform allow to settle funds globally?

Accepted Answer

The business is global in its reach, and we transfer money internationally. We can pay the designated beneficiary as long as the beneficiary information is accurate and authorised.

Once you have confirmed the transaction's value, provided the beneficiary information is accurate, the funds are available on the platform, and you are using a currency pair you have access to, the transaction information and beneficiary details might permit us to make a payment on your behalf.

It's important to keep in mind that the platform uses UTC time, thus the settlement timeframes may vary as a result. We enable you in optimising your funds across various markets, jurisdictions, and time zones.

Question 5

Which currencies does Freemarket support?

Accepted Answer

Freemarket offers our clients a B2B cross-border payments platform that allows them to send payments in 140 currencies to over 100 countries. Each currency that you request or do business in, we make sure one of our partners can cater to your needs.

Our collection capability and pay out options do differ – we evaluate this on a case-by-case basis.

We can collect: AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JOD, JPY, KES, KWD, KZT, MAD, MUR, MXN, NOK, NZD, OMR, PLN, QAR, RMB, RON, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, XCD, ZAR.

We are able to use a number of payment rails for your transaction, just instruct us how to proceed.

It’s best to discuss which countries, currencies, and payment rails with your Relationship Manager or reach out to our support team.

How can I use the withdrawal approval function?

Why hasn't the beneficiary received the funds?

What kind of payments can I make?

Does the platform allow to settle funds globally?

Which currencies does Freemarket support?

Contact us