Dublin, Ireland – In a significant move towards enhancing cross-border payment capabilities, Freemarket, a B2B fintech platform specializing in payment management and currency exchange, has been granted a Payment Institution license by the Central Bank of Ireland. This regulatory approval empowers Freemarket to expand its footprint across the entire European Economic Area (EEA) and establish partnerships with European financial institutions.
Empowering SMBs for Growth
Founded in 2010, Freemarket’s mission has remained resolute: to facilitate small and medium-sized businesses (SMBs) in accessing cross-border payment solutions that drive revenue growth and expansion. With the new Irish Payment Institution license, Freemarket is poised to accelerate this mission, making cross-border payments faster, more cost-effective, and transparent for millions of European businesses.
Stephen Fletcher, Freemarket CEO Ireland, expressed his delight at this development, stating, “Our new Irish Payment Institution license will enable us to expedite our mission to make cross-border payments faster, more affordable, and more transparent for millions of European businesses.”
Streamlining Cross-Border Payments
Freemarket simplifies cross-border payments by consolidating the required technology into a single Application Programming Interface (API) platform. This unified approach enables institutions and businesses to effortlessly execute payments and currency exchanges spanning over 100 countries.
Freemarket’s value extends to managing refund transactions in more than 40 different currencies through its vIBAN capabilities. This level of flexibility ensures that the platform can cater to a wide array of financial needs.
Serving the Gaming Industry
Within its client portfolio, Freemarket offers gambling operators and businesses access to a global network of banks and Non-Bank Financial Intermediaries (NBFIs). This service is fortified by ongoing infrastructure monitoring, rigorous compliance, and meticulous risk management.
The granting of the Payment Institution license marks an important milestone for Freemarket, propelling the company into a dynamic landscape of cross-border transactions, where they are well-equipped to drive efficiency and transparency.
In parallel news related to Ireland, the Economic & Social Research Institute (ESRI) recently published a report that provides valuable insights into gambling-related issues in the country. These reports help in fostering a deeper understanding of the gambling landscape in Ireland and guide future regulatory decisions.