Are FinTech companies disrupting the way established financial institutions operate today?
In an age of rapid advances in technology coupled with innovation across many industries, FinTech companies have also increased the rate of change in terms of processes, technology and the levels of customer service provided. For example, there are many “challenger banks” which have entered the UK market but they are often a secondary banking provider to customers offering alternative mobile technology like Starling or Monzo. At TransferMate we believe partnerships are the way forward, working with banks around the world.
Many banks still have very archaic IT infrastructure in place and focus solely on a domestic market. This leaves money on the table! TransferMate has opened up a new revenue stream for banking partners, allowing them to focus on collecting funds from exporting clients, not just sending funds on behalf of importing clients. In turn, banks can provide a complete 360 solution, streamlining their service for their clients and providing access to global markets.
What are the implications of Brexit on FinTech companies in both Ireland and the UK?
Brexit will hold many challenges for both UK and Irish businesses with UK based FinTech companies having a lack of transparency on their ability to secure access to the single market where they currently have access via a passport. What does the future look like?
Many FinTech companies will need to select a country within the European single market, which will effectively become the home of their primary regulator and therefore be required to go through the whole regulatory application process from start to finish. This potentially means, having to shift their management team out of the UK, which can cause a huge burden for any FinTech company currently registered in the UK.
TransferMate has a UK subsidiary and has regulatory licenses all over the world, including full State By State License regulation in the US, avoiding any risk of service interruption when it comes to signing any new partnership agreement. Other Irish FinTech companies will now also be introduced to that added burden, trying to operate 2 licenses which are a costly burdensome process and a significant change for any company when it comes to reporting to two different regulators.
How can TransferMate help?
Interesting times lie ahead for FinTech companies. Due to TransferMate’s Global Regulation and extensive banking network, we can help your company overcome the Brexit barrier by partnering with us.
Speak with one of our Strategic Partnerships Managers to find out more information or get your free corporate account today!
Mathew Gunning: +353 (0) 87 172 8064
Ireland: 01 635 3700 | UK: 0207 659 9185 | USA: 312 924 3737 | Aus: 02 9037 2735 | NZ: 09 984 9400