Question 1

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 2

Can I remove a beneficiary?

Accepted Answer

On the platform, you can suspend a beneficiary; however, all outstanding transactions to the beneficiary will be cancelled. To completely remove the beneficiary from your viewpoint, then please message us and we can get that sorted for you.

Question 3

Can I register multiple accounts for one user?

Accepted Answer

We've created an easy-to-follow step-by-step guide on how a single user can register and access multiple accounts using the same login information.

STEP 1: We will email you a unique registration URL link for each and every company you are looking to register to your login email address and account. You will be prompted to log in once you click each link.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/J3NCAwKQ5s/Multiple%20Accounts%20Screenshot%201.PNG (Multiple Accounts Screenshot 1.PNG)

STEP 2: ** You will be instantly taken to a 'Verify Account' screen where you will be asked to enter the company details and information needed in five easy steps for the new business registration.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/y7NB3J5108/Multiple%20Accounts%20Screenshot%202.PNG (Multiple Accounts Screenshot 2.PNG)

STEP 3: Once you've completed registering your companies, you can navigate to your main Dashboard on your account and select the 'Your Registrations' option where you can view the status of any outstanding registrations.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Urhm3yrv4B/Multiple%20Accounts%20Screenshot%203.PNG (Multiple Accounts Screenshot 3.PNG)

STEP 4: Please click the 'Continue Registration' option if you haven't finished the registration process yet. You'll be able to pick up where you left off and continue the application. The registration will appear as pending if it is being reviewed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/sjcpL2LewP/Multiple%20Accounts%20Screenshot%204.PNG (Multiple Accounts Screenshot 4.PNG)

You will only be able to keep track of the progress of registrations that you made since registrations are connected to the person who began the process.

Contact support@wearefreemarket.com or your Relationship Manager if you require any more help or have any queries.

Question 4

How can I view transactions on the platform?

Accepted Answer

To examine the prior transactions you've made, go to the transactions tab after logging into the platform. You will be able to view a comprehensive history of all scheduled, pending, and completed activities that have taken place for your transactions. You can see the sum of the balances in the various currencies you've transacted in on the left-hand side beside your planned and past trades; to view a breakdown of this information, click the "balances" tab.

Question 5

How can I fill out an application to create an account on another company's behalf?

Accepted Answer

A submission for a company can be quick and easy. You may complete the entire registration process online. Fill out the essential forms and submit any necessary supporting documentation. When your application has been received, please email us at hello@wearefreemarket.com, and a Relationship Manager will get in touch with you to help with any onboarding needs.

If we need additional information to support your application, you will be contacted by email.

Question 6

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 7

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 8

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 9

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

How do I spot a fake, fraudulent or phishing email or website?

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.