Challenger BFC Bank readies for UK launch
BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as it finalises its launch as a UK bank.
For its technology, BFC will be using an outsourced “bank in a box” version of ERI’s Olympic core banking system. The system is hosted by Blue Chip. BFC is the first and only taker of ERI’s “bank in a box” offering to the UK’s banking sector.
The new entity will focus on international payments and cash management services, as well as UK domestic payments. Its suite of products is designed to “complement” existing banking arrangements for SMEs.
BFC Bank’s CEO, Nic Martin, says it will also “play an important role in the remittance sector at a time when PSPs [payment service providers] may find it difficult to access bank services”.
The bank says the BFC Group has a history of nearly 100 years, and owns a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia. It has also been operating in the UK as BFC Exchange since 2003 and will continue to provide a retail remittance service under this brand name.
Make room! Make room!
BFC Bank joins a lively UK banking arena.
There’s more! Many more… Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.