Offshore brokers: Advanced Markets to host free webinar on FX payments
FX brokers from St. Vincent, Marshall Islands, Hong Kong, and other low-cost jurisdictions are quite limited in the ways they can process incoming and outgoing payments deposits, and withdrawals, but this doesn’t have to hamper their business.
Ever stricter banking rules around the world and continuous global efforts to stop money laundering have presented a specific challenge to offshore FX brokers: the lack of access to FX payment solutions.
Advanced Markets, a leader in DMA liquidity, credit, and technology solutions to the FX market, has announced an upcoming free webinar to cover just that.
The most common ways to process incoming and outgoing wires are via banking, but offshore brokers have no access to tier 1 or tier 2 banks. They have to settle with tier 3 banks from countries with underdeveloped banking systems. These have poor customer suppoert and require in-person interviews. Rejections are very common.
A better option would be an Electronic Money Institution (EMI). They usually have good KYC standards and are generally accepted by other financial institutions.
The webinar will also cover Payment Services Providers (PSPs), or e-wallets. These are very popular (eBay, Neteller, Skrill, etc). They charge a lot of fees but are still more affordable than a bank account.
Crypto deposits can be made to PSPs, banks, EMIs. The amount of crypto deposits has significantly increased but they are more expensive than regular wires. However, there are no fees.
Anya Aratovskaya, VP of Institutional Sales, Advanced Markets, will present in detail all these options and will offer tips to engage with payment solutions providers.
In a nutshell, Ms. Aratovskaya recommends brokers prepare their paperwork, passports, proof of residence, and such. Then, create a list of all possible solution providers for clients and talk with a few in order to pick and choose.
A general rule of thumb is not to settle with a few providers. Instead, brokers should aim toward a wide range of payment options to better serve their clients.
Last but not least, brokers should never apply to all at once. This way, they become aware of requirements and adjust as they go.
FX brokers from St. Vincent, Marshall Islands, Hong Kong, and other low-cost jurisdictions are quite limited in the ways they can process incoming and outgoing payments deposits, and withdrawals, but this doesn’t have to hamper their business.
“How brokers can overcome FX payment solution challenges” will be presented by Anya Aratovskaya, VP of Institutional Sales, Advanced Markets. The 14-year industry veteran provides a valuable leadership and direction to staff and outside counsel.
The webinar will cover the most common payment solutions available for offshore FX Brokers as well as shed some light on what can be expected. Save the date: 9AM EST, Wed, Mar 17, 2020. You can register here.
