Question 1

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 2

Where can I view my SSI's on the platform?

Accepted Answer

Your account information is essentially included in an SSI, or Standard Settlement Instructions. This information may be seen on the homepage's right-hand side.

Your account information, the accounts you have, and the available currencies to which you have access are listed. There will also be an overview of your vIBAN details.

When you top up or transfer on the platform you'll also see your details shown.

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Question 3

How are Freemarket regulated?

Accepted Answer

FreemarketFX Limited is an Authorised Payment Institution (API), authorised and regulated by the Financial Conduct Authority (FCA reference number is 585093). FreemarketFX Ireland Limited is a Payment Institution, authorised and regulated by the Central Bank of Ireland (Firm No. C456818).

APIs can provide customers with a range of regulated payment services. The activities which APIs can undertake are based on their FCA permissions (which can be found in the FCA’s Financial Services Register.)

The Central Bank of Ireland granted Freemarket a license as a Payment Institution pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018 (you can find more here).

Freemarket’s permissions enable it to carry on payment services activities; this includes receiving bank transfers, processing withdrawals and conducting foreign exchange.

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

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 6

What security procedures will you require when I instruct you to send money from my account?

Accepted Answer

For each transaction we will ask you the destination of the funds i.e. where the funds are going, the beneficiary details, and to pass all the necessary compliance checks and transaction monitoring. Once approved, we will proceed with authorising your instruction and making the payment.

Question 7

I am entering the correct OTP but it still says incorrect OTP?

Accepted Answer

Freemarket sends a one-time password (or OTP) to authenticate customers, which you can receive OTP on mobile or email based on your preference. OTP is used to add extra layer of security during the sign in process or during delivery of certain orders. OTPs are unique and should not be shared with anyone.

If you have tried to access your login page multiple times, every new click on “Resend an OTP” will generate a new OTP. You should enter the latest OTP that you have received based on your preferences.

If you are still having trouble with the code, contact your Relationship Manager or email support@wearefreemarket.com.

Question 8

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 9

Can I turn off notifications?

Accepted Answer

All clients are currently set to receive notifications as their default setting.

If you message your Relationship Manager or support@wearefreemarket.com, we can switch this for you.

Question 10

What is One Time Password (OTP)?

Accepted Answer

A one-time password (OTP) is a randomly generated string of letters, numbers, and/or symbols that is delivered to a user to be used for just one login or transaction. An OTP is more secure than a static password, particularly one that was established by the user and may be insecure or used on several accounts.

What are the benefits of OTPs?

OTPs reduce the risk around passwords.

Multi-factor authentication: OTPs can add an additional layer of authentication. Using security tokens, OTPs can be generated for users to provide as an additional form of authentication, which increases security and reduces the risk of a breach.
Time-based OTP (TOTP): this type of OTP is time-based, in that it provides a window of time within which the OTP code will be valid. In general, timesteps are 30-60 seconds in length. If the user does not enter the OTP code within the specified timestep, they must request a new one.

Read more on Twilio, Transmit Security, and Entrust.