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Midpoint in talks to offer virtual bank accounts
2018-07-10 15:03 ET - News Release
Mr. David Wong reports
MIDPOINT PROVIDES PROGRESS UPDATE
Midpoint Holdings Ltd. has provided a progress update, including the achievement of key milestones in automation and service levels. In parallel, the company is in advanced discussion with several banks and global financial institutions to offer virtual bank accounts, including international bank account numbers (IBANs). This is subject to the required regulatory approval by the United Kingdom FCA (Financial Conduct Authority).
Highlights
Virtual accounts and banking
Midpoint is in advanced discussion with several banks and global financial institutions to offer virtual bank accounts, including IBANs, subject to the necessary regulatory approval.
"This approval would elevate Midpoint to a higher level of supervision; since we will be holding customer funds, it has required us to conduct a thorough review and upgrading of our operational processes. Key areas being addressed are: safeguarding of client funds, upgrade of security and handling of sensitive data, capital adequacy, governance and internal controls, and business continuity planning. We anticipate the regulatory lead time to approval will be six to nine months and, if successful, should result in a significant rerate of the business," David Wong, chief executive officer of Midpoint commented.
"There are multiple benefits of direct banking relationships to the company. It would afford us greater control over our operational flows resulting in vastly improved customer service, lower per-transaction costs, and allow us to develop new products and services for our clients," added Brad Lemkus, Midpoint's operations director.
On-boarding and KYC (know your client)
Midpoint has partnered with GBG, the global specialist in identity data intelligence. GBG's ID3global allows Midpoint to on-board and verify new clients in seconds through an automated electronic process. This removes the need for manual intervention or paper-based verification methods and provides real-time automated sanction checks for all transactions. "It is essential that we are able to quickly, efficiently and accurately identify our clients and comply with all applicable payments and wire transfer regulations," said Mr. Lemkus.
Data privacy
On May 25, 2018, the General Data Protection Regulations (GDPR) came into force. "Europe is now covered by the world's strongest data protection rules, and, by extension, all our international clients, including those residing outside of the EU (European Union), are also protected," added Mr. Wong.
Acceleration of software development cycles
Midpoint's development and engineering team continues to shorten its development cycles, focusing on rapid iterations of its platform. For the past two months, the company has been releasing updates on a weekly cycle.
"The impact of closing the frequency gap with our competitors' release cycles is that we exponentially improve both our user experience and our learning through faster, more rigorous testing and user feedback cycles," concluded Mr. Lemkus.
The company aims to progress from a weekly to a daily release cycle in the near future.
About Midpoint Holdings Ltd.
Headquartered in London, Midpoint is an FCA-authorized payments institution specializing in cross-border payments and foreign exchange. SMEs (small and medium-sized enterprises), overseas professionals, property owners, foreign students, individuals and anyone involved in international payments use Midpoint's U.S.-patent-protected platform for transparent, multiparty, multicurrency services.
Midpoint is currently handling transactions in 23 currencies with the ability to collect and transfer across 72 countries. This highly secure platform provides customers with the most cost-effective FX (foreign exchange) at the midpoint of the interbank buy/sell rate, therefore removing the spread as well as hidden costs and fees.
We seek Safe Harbor.
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