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 integrated solution will be developed alongside BCS’s existing prime brokerage and custody products. Transaction banking services will be rolled out gradually as new technology partnerships are formed.
The payment interface and enhanced fraud protection programmes will be led by Evgeny Kunts, head of transaction banking.
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 announcement comes after BCS opened its US office—BCS Americas. It also became a registered member of the New York stock exchange this year.
Commenting on the obtainment of the licence, Kunts said: “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.”
He added: “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 straight through processing, this solution is based on new technologies which successfully combine an innovative payment interface a with global payment network and advanced fraud protection.”
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