Geo swift, a provider of cross-border payment solutions, announced today that its UK entity, Geo swift UK, has received authorization as a Payment Institution from the Financial Conduct Authority (FCA), allowing the company to conduct more efficient end to end cross-border collection and settlement services to and from China.
Geo swift, which partners with major global banks, financial service providers, payment solutions providers and merchants, is the first China cross-border collection and settlement service to have received FCA approval.
With FCA approval, Geo swift UK will be able to deepen its direct relationship with partners across the banking sector while strengthening its role in enhancing the accessibility, efficiency, transparency and security of cross-border transactions between the UK and China.
Robert Miskin, Managing Director of Geo swift EMEA, said: “We are delighted to receive the FCA approval for our operations in the United Kingdom. In a market landscape that is vastly robust and continually evolving, it is important to ensure our operations are fully-regulated, transparent and secure to meet international standards and to provide assurance to our partners and merchants.”
He added: “The FCA regulatory approval will enable us to meet the growing demands of our global partners and clients who require accessibility to efficient fund flows and secure cross-border payments between the UK and China. We are also preparifuture proofeproof our European expansion plans in due course and embrace the growing demand for China, throughout Europe. We hold a positive outlook for the B2B cross-border potential between Europe and China in 2017 and look forward to establishing deeper partnerships with the FCA license.”
The FCA is the conduct regulator for 56,000 financial services firms and financial markets in the UK with far-reaching responsibilities which includes overseeing the activities of financial services firms while investigating and punishing those who contravene its rules and regulations.