Question 1

Can I make a one time batch payment?

Accepted Answer

You can quickly, correctly, and effectively send payments to many recipients in different currencies by uploading a single file. Every 30 days, you will be prompted to authorise the beneficiaries using the platform's 2FA feature.

Each payment on the file must abide by the reachability, message content, and file rules. Payments that are halted during an investigation are removed from the file, and the remaining payments continue to be processed as usual.

Although uploaded files will be processed throughout the day, we advise using the standard FX procedure for one-time transactions that aren't multi-currency.

For more information of our batch payment process please click here.

Question 2

What is a foreign exchange spot transaction?

Accepted Answer

A spot FX trade is when the exchange or trade takes place at the same point the transaction is settled. You buy and sell the currency at the current market rate, also known as a spot price. Settlement usually occurs within the days preceding but due to our buying power, and us holding balances in different currencies, we can do this instantly.

Currency pairs may differ, you may trade, G10 currencies, minor pairs, emerging markets, or exotics. It’s worth noting that some currencies are less liquid than others, which might lead to a larger difference in the buy and sell price.

You can read more on FX trading from IG, CityIndex, Investopedia, CMC Markets & Refinitiv.

Question 3

Can I apply for a Freemarket account?

Accepted Answer

You can create an account with us if you're an organisation. Our registration procedure is simple, and we make every effort to finish applications quickly and activate your account as soon as possible. With Freemarket, you can settle and reconcile funds more quickly and in real-time, access new markets and currencies, and have trust in your banking relationships.

For more information on our registration process, please click here.

When clients need to utilise the platform, we want to make sure that every account is configured for international payments. When your account is live and has cleared all compliance checks, we'll let you know.

Question 4

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 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

Do you offer multi-currency IBAN accounts?

Accepted Answer

Yes, we do; a multi-currency account allows you to send and receive money in a variety of different currencies.

While we expand the number of local collection and settlement options you may use on our network, we can make local payments for you and utilise a number of payment networks.

Question 7

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 8

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 9

How do I make payments from my account?

Accepted Answer

The option of creating a payment is straightforward when making a transaction from your account. If you have an account with us, you may transfer funds between accounts easily and at no extra charge. How you maintain funds to increase cashflow is a component of cash management.

You can use the platform at any time to make payments or transactions. However, because our banking partners don't work weekends and we don't make payments on the weekends, our settlement timeframes may be affected.

Question 10

How can I receive a stablecoin?

Accepted Answer

To receive stablecoin, you first need to create a channel. Channels are unique, static digital wallet addresses linked to your account, and you can set up a different channel for each payer you are expecting to receive stablecoin from so you can easily reconcile the funds.

When a channel is created for either USDC or USDT, a unique wallet address is generated for each protocol we support. If you would like to know more about the protocols available, please contact the Freemarket support team.

Creating a new channel

To create a new channel and wallet, go to the ‘Balances’ page and select the stablecoin you are looking to receive. Click the ‘Receive Digital Assets’ button located on the right-hand side of the screen.

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Scroll to the ‘Add a partner’ section of the page and enter the name of the payer you will be receiving stablecoins from in the ‘Partner Name’ box. Click the green ‘Add partner’ button.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/vlr98OO0V1/image%20%289%29.png (Add partner)

A unique channel will be created for this partner (this should only take a couple of minutes). Once completed, the page will update with the available protocol wallet addresses. To copy the wallet address, click on the green copy icon on the right-hand side for the relevant protocol.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/WEV4lnpktt/image%20%2810%29.png (wallet address)

View existing channels

To view an existing channel, navigate to the ‘Balances’ page and select the stablecoin you want to view. Click the ‘Receive Digital Assets’ button.

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All your active channels and their wallet addresses will be displayed on this page. You can also view the channels and wallet addresses of the other stablecoin by selecting it from the ‘Select Currency’ drop down list.

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What happens next?

When stablecoin is received into one of your wallets, it will automatically be applied to your balances in the Freemarket portal. Within the ‘Comments’ column on the Balances screen, the ‘Partner name’, that was input when the channel with the associated wallet was first created, will be displayed as the reference so that you can easily reconcile who you have received the stablecoin from.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Qn0tcZNJ7I/image%20%2811%29.png (image (11))

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