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

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 2

Which types of transaction must be safeguarded?

Accepted Answer

In PSRs, safeguarding applies to what are described as ‘relevant funds’. These are defined as sums received:

from, or for the benefit of, the Payment Services User for the execution of a payment transaction, and
from another Payment Services Provider (either a bank or non-bank) for the execution of a payment transaction on behalf of a Payment Services User

Consequently, Freemarket is obliged to safeguard any monies you transact through us including bank transfers and withdrawals. Freemarket’s own funds must be held in different operational bank accounts.

Similarly above, Freemarket Ireland under the PSR 2018 is obliged to safeguard “user’s funds” in the same way.

For more information on our safeguarding processes please see our other articles on the subject here.

Question 3

How can I conduct a batch payment?

Accepted Answer

Businesses may submit a single file and make numerous payments across a variety of currencies and payment types using Freemarket's batch payments capabilities at no extra cost. The transaction types of the payments might vary, and our clients are able to make cross-border payments effectively and efficiently.

Quickly; saving the time and cost of manually typing or pasting-in payments
Efficiently; using a format configurable from their ERP or treasury platform
Accurately; minimising the expensive mistakes associated with manual keying

Important information on batch transactions

The service can be switched on or off depending on the client’s needs
Any client requiring this functionality should request it through their Relationship Manager
Multiple currencies can be included in the same batch
Each payment in the file will be treated as individual payments and will be debited as such. For example, a file which has 15 USD and 12 CAD payments will see 15 debits on their USD account and 12 debits on their CAD account
Clients will upload a .CSV file to the platform containing all the required data
The web dashboard can only be used to upload the payment file
There is a guide & template .CSV file in the appendix of this article
We accept a range of payment types on the file(s) e.g. SWIFT, SEPA, Faster Payments etc.
Each payment order will be subject to initial data input validation and checks
Any payments which do not pass validation (checks on file format, message content, account numbers etc.) will be highlighted when the file is uploaded
The payments which do not pass initial validation checks will have to be corrected or withdrawn from the file and escalated separately; the successful payments that have been checked & validated will continue through the process
Uploaded files will be processed throughout the day – there aren’t any specific processing times, however, there may be certain cut-off times in some currencies
Beneficiaries which have not authorised for single payments may be included in the file
All of the files will therefore be subject to two-factor approval before processing
If the file includes new beneficiaries, they will be created in the system with unauthorised status. If a subsequent payment is made to those unauthorised beneficiaries in the future, then the payment requires authorisation
Post import, payments will be checked by Freemarket & its banking partners for sanctions, PEPs, fraud and in more detail for payment scheme rules, message content, and reachability. Payments which are stopped for investigation at those stages will be removed from the file and the remainder of the file will automatically continue for processing

The batch payment procedure from start to completion

To access the batch payments screen, log into your Freemarket account and select the batch option.

Choose the pre-formatted CSV file by selecting the file upload button. To ensure the accuracy of the information, many validations will be performed, including checks of the account balance in each currency, beneficiary information, ultimate originator, and the maximum withdrawal amount necessary to complete the file. If there is a mistake, the system will indicate the cause so that it may be fixed:

All cross-border transactions worth more than 100,000 GBP must be made individually, without using the bulk option. You will receive an email or text message telling you that all validations are completed using an OTP. The message will also provide the total number of transactions and a special batch number (identifier).

You will be prompted to confirm the beneficiaries every 30 days using the platform's 2FA function. This indicates that the user must approve the batch by verifying the specified code. The system will create beneficiaries with the status "unauthorised" if more beneficiaries are added to the batch payment. The recipients must be authorised to receive future payments. The other account user(s) will be alerted if the account is set up for approval workflow and asked to confirm authorisation and to approve the user.

Once the preceding steps are finished and you can see all the payments, a new transaction type will be generated. There is no ability to accept the individual transactions in the file; just to approve or reject the batch as a whole. Once the batch payment is accepted, the payment won't go through until the system has completed processing each transaction.

As soon as everything has been processed, the batch's status will change to complete. The entire batch will be accessible in finished transactions. In order to confirm that the batch has been processed and is therefore finished, an email or SMS will be issued to the user.

Appendix

1.0 Format Guide

Note: comma is not allowed on the provided CSV as it will cause an error in the file.

Important: all mandatory fields need to be populated and field format adhered to for the file to be processed with no errors. Non-mandatory fields will need to remain blank.

Question 4

How long does it take to get my currency once I have exchanged?

Accepted Answer

We make every effort to deliver the funds that you have exchanged on the same business day, so you can make frictionless payments in an instant. Nevertheless, on rare occasions, the exchange may take place at the close of business, in which case the funds may not arrive until the next business day. Of course, we will always keep you informed of any updates we may have. You can reach us by phone, email, and mail if you have any questions.

Question 5

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 6

What is the Confirmation of Payee (CoP)?

Accepted Answer

Confirmation of Payee (CoP) is a name checking service for UK-based payment, introduced by the Payment Systems Regulator (PSR) which has now been successfully implemented by a number of UK banks, building societies and other payment service providers (PSPs). The aim of the service is to reduce certain types of fraud as well as misdirected payments and to give confidence in a transaction knowing it will go to the correct beneficiary.

Prior to this service being implemented, a payer would provide their PSP with all the payee's details, including their bank sort code and account number together with the name of the person or organisation they were intending to pay. The sort code and account number were then used to route the payment in accordance with the instructions given, however, there was no facility for the payer to check and confirm the name on the account being paid ahead of the payment being sent.

CoP is a way of giving payers greater assurance that their payments are being routed to the intended recipient and therefore are not being accidentally or deliberately misdirected.

A CoP check will be performed all new and existing beneficiaries where:

You are paying to an account you do not own
The account sort code resides in UK, Isle of Man, Jersey or Guernsey
There has been no CoP check performed against the beneficiary
The CoP check has expired (this happens after 12 months)

How does it work?

New beneficiary account details

You will be asked to add the new beneficiary bank account details on this screen.

new beneficiary

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/UiU6iPPdkI/new%20bene%20example.jpg (new bene example )

Existing beneficiary account details

new beneficiary

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/ODqplt0vxu/new%20bene%20example.jpg (new bene example (3).jpg)

Account details match

The account details provided match the details the corresponding bank has for the payee.

beneficiary match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/62JdyGCmed/match%20.jpg (beneficiary match)

Close match

The details you have provided are a close match to the details held by the corresponding bank. We will provide you with the name on the account the bank has for you to decide to continue or not.

close match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/gGQKaCaI7n/close%20match.jpg (close match)

No match

The details you have provided do not match with the details held by the corresponding bank. You have an option to continue or not.

no match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/jRVTeDyMss/no%20match.jpg (no match)

Account type mismatch

The details you have provided do not match with the type of account at the corresponding bank. You have an option to continue or not.

account mismatch

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/4rOUBzCkDp/account%20type%20mismatch.jpg (account type mismatch (1).jpg)

Account not found

The account details do not match any real bank account. You will not be able to continue.

account not found

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/hee7iknIhl/account%20not%20found.jpg (account not found)

If you have any questions or issues with Confirmation of Payee please do not hesitate to contact our team via: support@wearefreemarket.com

Question 7

What is APP fraud and what measures are in place to prevent it?

Accepted Answer

What is APP (Authorised Push Payment) fraud?

APP Fraud is where individuals are victims of a scam due to fraudsters tricking them into sending money. Some examples (although not limited to) are as follows:

Impersonation scams where fraudsters pretend to be from your bank, a company you may have had interactions with in the past or the police.
Business Email Compromise scammers impersonate a company executive or supplier, sending an email that appears legitimate, instructing an employee to make a payment to a fraudulent account.
Purchase scams that trick you into paying for goods or services that are not brought to the point of completion.
Triangle scams where you may be asked to make a purchase for someone else, beware. This might be a triangle scam, where a scammer uses stolen payment info to buy goods and has you forward them. Secure your data, report the scam — and don’t make any transactions.
Investment scams is when criminals convince victims to ‘invest’ with promises of high or guaranteed returns. In 2023, investment scams comprised a quarter of all APP fraud losses, totalling £107.8 million.

Who is eligible for fraud reimbursement under the new rules?

The reimbursement requirement applies to individuals, micro-enterprises, and small charities, where an APP scam payment is made using Faster Payments or CHAPS in the UK and sent to a relevant account in the UK. To be eligible, you need to raise a claim as soon as you realise it’s a scam, but no later than 13 months of the final payment made to a fraudster as part of the same scam.

The rules require you to take caution when making payments — this is known as the Consumer Standard of Caution. Under the Consumer Standard of Caution, you should always remember to:

Report the fraud to Freemarket as soon as it happens.
Share all information necessary when reporting your claim to help the investigation.
Report the fraud to the police, or consent to Freemarket reporting on your behalf.
Have regard to specific, directed interventions made either by Freemarket, or by a competent national authority e.g. you should take note of any warnings made by Freemarket before you proceed with a payment.

Furthermore, as per clause 14.2 of the Freemarket terms and conditions, APP scams only apply to individuals, small charities and micro-enterprises and do not apply to companies deemed as corporates. Please ensure you are aware of the Terms and Conditions that have been agreed upon.

Every claim will be reviewed individually based on the information you provide as well as any information available from the receiving Payment Service Provider or the police.

How long will it take?

Any eligible APP claim must be reimbursed back within five business days of the victim reporting the scam. It may take longer under certain circumstances if we pause the five-business day reimbursement timescale. This can be done when Freemarket are liaising with yourselves and counterparties to ascertain the nature of the fraud and collect any relevant supporting documents. The timescale for deciding whether to reimburse is then moved to a maximum of 35 business days.

How much can be reimbursed?

The maximum reimbursement amount per claim is £85,000.

What measures have we taken to prevent APP Fraud?

Freemarket utilises best in class fraud detection measures and transaction monitoring to ensure we are playing our part in protecting you from fraud. Additionally, as per section 31 of your terms and conditions, Freemarket have implemented Confirmation of Payee to ensure better protection. Confirmation of Payee is an account name checking service designed to help reduce misdirected payments, and provides greater assurance that payments are being sent and collected from the intended account holder for UK domestic payments.

What can I do to avoid becoming a victim of APP Fraud?

To avoid becoming a victim of APP fraud, here are some effective measures you can take:

Verify Requests: Always double-check the identity of anyone requesting a payment. If you receive a request via email or phone, contact the person or company directly using official contact details,
Don’t rush: Scammers often create a sense of urgency. Take your time to think through the request and do not feel pressured to act immediately,
Be wary of unsolicited communications: If you receive unexpected messages or calls, especially those asking for personal information or payments, be cautious. Scammers often use tactics like impersonation,
Educate yourself: Stay informed about the latest scams and tactics used by fraudsters. Awareness is key to prevention. Keep up to date with Take Five for further advice,
Report suspicious activity: If you suspect you’ve been targeted or have fallen victim to a scam, report it to your local bank and local authorities immediately.

For more information on keeping safe online, please see our help article here.

Will I always be reimbursed?

You won’t get your money back if you’re found to have been complicit in the fraud or grossly negligent (i.e. ignoring clear warnings) or if you’re not an individual, micro-enterprise or small charity. Please note, this exception does not apply to vulnerable consumers.

Question 8

Can I have a vIBAN for cross-border payments?

Accepted Answer

What is a vIBAN?

A virtual IBAN is an IBAN (International Bank Account Number) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account.

Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses to extend their value chain to provide settlement services to its global clients.

Freemarket and vIBAN accounts

Freemarket can request a vIBAN on the clients’s behalf to a bank for multiple currencies. This will allow the client to provide their own account number stating their own company name instead of Freemarket’s for B2B payments.

The request should be placed with a Relationship Manager. We will follow the internal compliance procedure to create the account on your behalf.

How does the vIBAN work?

From the client’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.

The vIBAN account is made of:

Account owner name: the client’s name (to be provided by the client – must be the company registered company name or individual’s legal name).

BIC: A bank identifier code (BIC) is a unique identifier for a specific financial institution. This will be provided by the bank upon vIBAN creation.

In addition, the bank can provide:

Sort code: identifies both the bank (in the first digit or the first two digits) and the branch where the account is held.

Account number: the domestic bank account number.

Question 9

What are the withdrawal transaction charges?

Accepted Answer

The possibility to apply OUR and SHA fees to withdrawals has been made available by Freemarket.

SHA (Shared): The recipient will be charged fees from other banks handling the payment in addition to the payer paying the Freemarket fee for the withdrawal.
OUR: The payer will bear the Freemarket cost in addition to any additional fees incurred by other banks executing the payment.

The different cost charge categories will be provided for selection when making a withdrawal. The charge for the transaction will vary depending on the type selected.

Steps to be followed are outlined below:

Step one

Log into the platform.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/yQbK8TpEr5/Withdrawal-Transaction-Charges-image-1.jpeg (Withdrawal Transaction Charges)

Step two

Head to balances and select an account to withdraw funds.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/xvQcOhpwsJ/Withdrawal-Transaction-Charges-image-2.jpeg (Withdrawal Transaction Charges)

Step three

Beneficiary selection step will follow:

a. Depending on the payment destination country, transaction Charges option will or will not be displayed: i. Payment outside the European Economic Area (EEA)1 region: SHA/OUR option will be available:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/BeyTFm0ato/Withdrawal-Transaction-Charges-image-3.jpeg (Withdrawal Transaction Charges)

An explanation of the different charges available will be shown when hovering over the (i) tooltip.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/LeE8eSDVAJ/Withdrawal-Transaction-Charges-image-4.jpeg (Withdrawal Transaction Charges)

ii. Payment within EEA region: SHA/OUR option will not be displayed as all payments within the EEA region will be defaulted to SHA.

Step four

After selecting the desired transaction charges, the payment will need to be confirmed and the details will be displayed. A breakdown of the service fee will be available, and the transaction charges selected.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/MWlQo1zVF3/Withdrawal-Transaction-Charges-image-5-2048x1476.jpeg (Withdrawal Transaction Charges)

(1) EEA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Question 10

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.