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

How do you reconcile funds?

Accepted Answer

Our operations team must manually reconcile any payments when the funds that you have added are missing a reference; this could lead us to be delayed with your exchange and payment. We can reconcile the funds if you indicate where they need to go, therefore please let us know.

We locate the funds that have been moved to the segregated account(s) and credit the account that you have verified to us as part of our internal reconciliation procedure. The funds will be accessible on the balances tab under the currency once the amounts have been reconciled.

Once cleared, you can continue to make B2B payments.

Question 2

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 3

Why hasn’t my exchange happened yet?

Accepted Answer

We endeavour to fulfil all orders and reconcile trades same-day. However, there may be some occasions where this doesn’t occur.

The exchange may have been booked after the cut-off time or the funds from the bank transfer have not been allocated to the exchange (the account number was used so the funds have been added to the balance but not the exchange reference number which is why the funds were not allocated to the exchange automatically).

For more information on our exchange and execution policy click here.

Question 4

How can I create a new payment order?

Accepted Answer

You will learn how to create a cross-border payment and receive instructions on how to add funds to your account in this section.

Step one: log into your account to create the order

Start by signing into your account here. If you don't currently have an account, you can create one here for free; registration typically is quick and easy, and after your application has been approved by compliance, your account can be switched to active.

The primary dashboard, from which you can access the platform, is where you'll be when you log in. You can create new payment orders on the exchange page by clicking the New Exchange button, which will lead you there. Even though you may create a new exchange instruction without any funds in your account, we advise clients to make a transfer first. Payment orders won't be carried out until the necessary funds are available.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kHjvyMYkYU/Creating-a-new-exchange-instruction-Screenshot-1.png (Create a new exchange instruction)

Step two: transferring funds to your Freemarket account

You must move funds to your Freemarket account by accessing the add funds page, which is situated beneath the user details in the upper right corner of the website. Select the currency of the funds you want to exchange from the add funds page, and the necessary bank information will then show up on the screen.

You'll get an email confirmation with a breakdown of the transaction as soon as the funds are in your Freemarket account. You can create an a cross-border payment at this point (via the main menu navigation time).

Step three: creating a new payment order

We should discuss two components of the order. Depending on your needs, you can buy or sell currencies here. An overview of how the Buy and Sell capabilities and procedures work may be seen below.

Then, you'll be prompted to pick the 'Transaction Type,' with the option of Buy or Sell shown to you on the screen. Choose Buy if you are buying (for example, I need to buy approximately $20,000 using the equivalent amount in GBP). Choose Sell if you want to sell (for instance, I have £15,000 and want to convert it to the equivalent in euros).

You'll then be asked to provide the amount you want to sell or buy as well as the two currencies you'll use. You can see the available funds in the selected currency instantly below after choosing the currencies you wish to trade. Here you’ll be able to see the current exchange rate for your chosen currencies.

Keep in mind that this exchange rate is indicative and not guaranteed. For additional details on this, please see our Scheduled Exchanges page.

You'll see the option to use your existing funds immediately after the "required funds" information, which indicates how much the exchange will cost you. If you sent funds before preparing your exchange instruction, as we advise, it will show up here. If you didn't, if you want your exchange to be successful, you will need to transfer funds after creating the payment order.

The "Transaction Summary" is located on the right and includes the amount you are buying or selling, the exchange rate, the processing fee, the potential gain (the amount you could save on this transaction, depending on exchange rate fluctuations), and the required transfer. Also, you can decide here whether or not you wish to use the amount you already have.

In light of the aforementioned details and in order to get ready for the trade, let's go through the process of creating and concluding an exchange.

Choose the two currencies that will be used in the exchange next.

If you wish to sell a certain currency, for example, "I have £4,500 and I want to convert it to euros," your instructions would be as follows:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/XfeWhbsaDk/Creating-a-new-exchange-instruction-Screenshot-2.png (Creating a new exchange instruction)

If you are buying a certain amount, such as, "I need to purchase €50,000 using Sterling to settle a European invoice," your order would be formatted as follows:

Note: the minimum exchange cost is the equivalent of £5,000 in another currency.

Step four: creating a beneficiary

The beneficiary selection page will appear after you complete the next step.

From here, you can choose an existing beneficiary or add a new one to determine where the funds will go. You might be new to exchanges, so let's start by adding a new beneficiary:

Then select "Create new beneficiary."

Remember that you're able to easily click on the icons to the left of the page to return to the "Transaction" page.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/0J2HAltYaN/Creating-a-new-exchange-instruction-Screenshot-3.png (Creating a new exchange instruction)

In the field that appears, type the account name of the chosen beneficiary, then choose the beneficiary's nationality.

Further input fields that are specific to the chosen country and currency will show up once the country has been selected.

You may additionally supply a payment reference and/or a description (optional).

Finally, you should choose transaction's rationale from the drop-down menu.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Npl2E9xGvw/Creating-a-new-exchange-instruction-Screenshot-4.png (Creating a new exchange instruction)

To carry out your exchange instruction, click "Continue" at the bottom of the page after you've completed out all the necessary fields.

You will be requested to choose your bank if you have insufficient funds to complete the exchange or haven't transferred any funds (where your funds are coming from). Choose "Other banks inc. International" if your bank is not listed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/nFwaq3q3qf/Creating-a-new-exchange-instruction-Screenshot-6.png (Creating a new exchange instruction)

Following your selection on a bank, you will see some transfer instructions and a connection to that bank's website (if available).

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/wvoa23CKmo/Creating-a-new-exchange-instruction-Screenshot-7.png (Creating a new exchange instruction)

Alternatively, a transaction confirmation screen should show in place of the transfer instructions if you already have enough money in your account.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/eia0SkeWv4/Screenshot-2019-10-29-at-13.04.19-1024x259.png (Exchange created)

Once the transaction has been completed, you will receive a confirmation email with an exchange summary file (typically within one day, based on the currency and time of transaction). The funds have been distributed and are now in your beneficiary's account after the trade was concluded.

Question 5

What are your support hours?

Accepted Answer

Our support team is on hand to answer any queries that might arise. The team is happy to assist you or point you in the right direction.

Monday: 8am – 17:30pm
Tuesday: 8am – 17:30pm
Wednesday: 8am – 17:30pm
Thursday: 8am – 17:30pm
Friday: 8am – 17:30pm

If your request is outside of those hours, we might ask that you send an email and we will respond as soon as possible.

Question 6

How does Freemarket safeguard my money?

Accepted Answer

Freemarket holds clients’ money in safeguarding accounts with its banking partners. These funds are held separately from Freemarket’s own operational funds and working capital. Freemarket’s banking partners are required to warranty that the safeguarded funds will not be used to satisfy or offset any other obligation including those obligations imposed on Freemarket itself. This means that the funds can only be used to make payment for the underlying Payment Services User. If that instruction is unable to be complied with, Freemarket must return the funds to the original source.

Freemarket does not maintain a safeguarding account for each individual client. Rather, Freemarket holds pooled accounts in the name of “FreemarketFX Ltd Client Accounts” and “FreemarketFX Ireland Limited” in each currency for the purpose of providing payment services.

Individual clients’ funds in safeguarding accounts are identified through your Freemarket virtual payment account number and/or virtual reference number. These records are used to reconcile credit, debit and balance transactions each day such that (i) the recorded positions individually show what amount of the total balances held is attributable to you; and (ii) the individual amounts recorded in virtual accounts add-up to the total balance held in the real account. Freemarket also moves fees and charges out of the safeguarding account to its own account as it is required to do so at least daily.

Freemarket’s banking partners are credit institutions authorised in the UK and in the European Economic Area. For more information on our safeguarding processes please see our other articles on the subject here.

Question 7

How safe is my money?

Accepted Answer

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds. Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs). Freemarket Ireland must comply with the Payment Services Regulations 2018 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure client funds are not subject to any other claim and that in the event of insolvency, are returned to the client in full, and in a timely and orderly way.

This is set out in detail within:

PSRs regulation 23; and
Chapter 10 of the FCA Approach Document
(For Freemarket Ireland) within PSRs 2018 Regulation 17

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS) and/or the Deposit Guarantee Scheme (DGS).

Question 8

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 9

Can I get a MT103?

Accepted Answer

All banks and financial institutions utilise MT103, a SWIFT standard messaging protocol, as a globalised proof of payment document.

Although though it is no longer the quickest or cheapest means to transport money, SWIFT, which was first established in the 1970s, remains a trustworthy way to transfer funds between markets and jurisdictions. A bank or financial institution won't often provide you an MT103 receipt; if you do, it will likely cost you as the user. The MT103 provides you with a breakdown of the transaction, including information on the sender, the organisations handling the payment, the transaction's value, fees, and more.

Please contact Support for further information on this.

Question 10

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.

Import file example
Payment Purpose Codes example
Industry list example