We live in a fast-moving and interconnected business world. Business can now be conducted from our own home, selling goods and services to buyers residing in every corner of the world.
But what about fast and efficient facilitation of payments? Clients are less frequently visiting their local bank to do transactions. All can now be done via e-banking and mobile applications. The emergence of Fintechs, with a more flexible and adoptive tech infrastructure offer faster account opening and faster execution of payments using a wide range of payment methods, wrapped into a high-tech e-banking environment and mobile applications, yet consumer friendly. Having said that, Banks still can offer a broader ray of banking facilities as well as deposit guarantee protection (most of the cases).
On the other side of the spectrum, we have the ever-increasing Regulatory framework against Money Laundering, with enhanced procedures related to Know Your Customer (KYC), and Know Your Customer’s Customer (KYCC), which inevitably impact the fast and smooth operation of the businesses.
Worth to note that Banks and Electronic Money Institutions (EMIs), heavily depend on their correspondent banks to perform transactions in various currencies. Correspondent bank’s role is no longer passive as used to be few years ago. Instead they can conduct compliance audit to their respective client/banks the result of which may have some adverse consequences to the banks if serious compliance issues are identified.
In light of the above, banks define their own risk appetite and construe relevant internal policies regarding onboarding of new business clients and transaction monitoring taking into consideration parameters such as country of incorporation, line of business activities, countries involved into the transactions, nationality of the owners, currencies required, annual turnover etc.
Whereas the business client considers that the bank’s role is merely a place to safekeep his funds and to transfer them wherever he instructs them to do the reality is far from true as funds held within the Financial System are abided by certain rules and regulations.
Therefore the opening of a business bank account is not a straight-forward procedure but rather a dynamic one, whereby the financial institution, using either a tick-box approach or a risk-based approach, will have to be satisfied that client’s risk profile is accepted and all the due diligence has successfully been conducted prior to the opening and to the operation of the business account.
For the last years, we have been building cooperations with banks from all over the world, which can cater a wide range of client profiles. We are familiar with their account opening procedures and preliminary requirements, therefore our applications always gets higher success rate. This network of banks is now available to you via our website to explore saving you valuable time on unsuccessful bank applications or to bank accounts that simply do not operate.
Our mission at YMBB is to provide to the modern businesses a reliable banking portal with an increasing number of associated financial institutions that can meet their banking needs at its best.
Your MegaBusiness to Banking PORTAL.