Plans to develop an advanced global payments service will complement the firm’s growing international expansion.
The London-based business of BCS Global Markets (BCS GM) has obtained a transaction banking license to provide clients with an integrated investment banking and payment services solution. The platform will combine various new technologies with an innovative payment interface and enhanced fraud protection and will be led by Dr Evgeny Kunts.
BCS GM is entering transaction banking in response to clients’ growing interest in streamlined, efficient payments and the increasingly global footprint of BCS. Core functionality will be rolled out next year, so clients can pay and accept payments from third parties across several currencies.
Dr Kunts joined BCS last year to develop the new payments service. He is experienced in the leadership of financial services organisations including managing the setup of new business offerings.
The integrated solution will be developed in synergy with BCS’ existing prime brokerage/custody products. As the leading independent financial group in Russia, BCS has always been technologically focused and is known for its customizable high and low touch trading solutions. Transaction Banking services will be rolled out gradually as new technological partnerships are formed.
High Net Worth Individuals plus institutional and corporate clients who satisfy certain eligibility criteria will be able to conduct international business via the new offering. Earlier this year BCS opened its US office – BCS Americas and became a registered member of the New York stock exchange. A partnership with US investment bank Tigress Financial Partners allows BCS’ clients access to research in US equity markets and it recently further geographically diversified its award-winning research offering to cover new markets including Central Asia and the Caucasus.
Dr. Evgeny Kunts, Head of Transaction Banking says:
This is a major milestone in the development of BCS Global Payments and we are very proud of being a trusted and fully authorised payment institution in Europe.
As an Authorised Payment Institution, we will offer a new cash management and payment service solutions to our clients. Our payment services will enable our clients to make secure online transactions directly from their accounts with BCS Prime Brokerage.
Being digital and STP, this solution is based on new technologies which successfully combine an innovative payment interface a with global payment network and advanced fraud protection.
A message from management of BCS Global Markets
The continuously evolving nature of the global coronavirus situation has meant we at BCS Global Markets (BCS) are taking all necessary steps to keep business disruption to an absolute minimum.
Effective from today (Wednesday 18th March) employees from all divisions of the business based in our Russia, UK, USA and Cyprus offices who can work from home without creating any even minor possible risk for business continuity of the Group will be working remotely. It is very much business as usual at BCS. Our employees are equipped with secure access to our systems and will follow their normal working hours, keeping in regular contact with their colleagues and clients.
Despite ongoing disruption caused by COVID-19, we want to also assure you that following a sustained period of positive performance, our capital and liquidity position remains very strong. The business is well-placed to meet any subsequent financial challenges and will continue to go above and beyond for our clients.