Equiti Group increases its deposit approval ratios

Darren Sinden

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.

Read this next

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

Institutional FX

Finalto launches Prime of Prime offering on LSEG’s FX Matching venue

“By combining our expertise in Prime of Prime services with LSEG’s robust trading platform, we aim to empower clients with the tools and resources needed to navigate the FX market with confidence.”

Digital Assets

Tether’s USDT stablecoin nears 100 billion in circulating supply

USDT, the world’s largest stablecoin, has reached close to 100 billion in circulating supply, currently sitting at around 99.5 billion. Its market capitalization, which reached over $100 billion at one point, is calculated by multiplying the supply by the price.

Market News

5 Hot Stocks For March 2024

Entering March 2024 marks the beginning of the final stretch of the first quarter of the year, seemingly passing swiftly amidst market anticipation and global economic factors.

<