Equiti Group increases its deposit approval ratios
Finding deposit and payments processing solutions that can increase the success rates will go some way to help brokers and service providers in the non-bank sector close the gap with their peers who can offer bank accounts.
Multi-asset broker Equiti Group announced a thirty per cent increase in global deposit approvals year to date, a figure that it believes sets them apart from some industry rivals.
Equiti Group believes that this higher deposit approval ratio, which has benefited clients in periods of heightened market volatility seen in recent months, is due to its adoption of BridgerPay’s Retry technology.
Specifically, BridgerPay’s Retry solution which automatically re-requests payment approval from a wide range of payment providers.
Bridgerpay, based in Cyprus, offers a number of software solutions to speed up payments, deposits and processing helping to remove roadblocks from the same.
Bridgerpay claims that its USP is that its systems use artificial intelligence IAI) to create a dynamic payments processing and authorisation environment.
The technology has allowed Equiti Group to integrate local payments providers into their systems, and to introduce a number of alternative payment methods such as E-wallets as well as debit and card payments via mobile devices and Equiti Branded pre-payment cards.
Brokers need to be able to offer flexibility and choice across all the services they offer to their end clients. Payment and deposit processing can be a particular source of angst between the two groups, therefore there is merit in the use of solutions which can reduce friction in this key area and trim the number of failed transactions will no doubt prove popular with brokers and their end customers.
Providers who can offer their customers banking and payments solution alongside financial markets trading have a head start in this area.
That may help to explain why Fineco enjoys its position as the number one broker in Italy and is rolling out its combined offering across Europe and the UK.
Whilst most brokers won’t be seeking banking licenses anytime soon, finding deposit and payments processing solutions that can increase their success rates will go some way to help close the gap with their peers who can offer bank accounts.
Brokers will continue to look for ways to leverage their customer base and diversify their income streams away from traditional revenue sources.
However, at the same time, they need to make their existing operations as efficient as possible to increase business and client retention.
After all, if clients are able to pay they are able to play and may be more likely to stay.