Dr. Evgeny Kunts, head of Transaction Banking

The London-based business of BCS Global Markets (BCS GM) has obtained a transaction banking licence complementing its plans to develop an advanced global payments service.

The transaction banking licence will be able to provide BCS GM clients with an integrated investment banking and payment services solution.

BCS has appointed Dr Evgeny Kunts to lead the firm’s expansion plans, who joined the company last year to develop the new payments service. As the leading financial group from Russia, BCS is known for customizable high and low touch trading solutions. The envisioned platform is said to offer an innovative payments interface and enhanced fraud protection, supported by various new technologies.

Dr. Evgeny Kunts, head of Transaction Banking says, “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.”

The firm states that transaction banking was seen as a potential area to capitalize on, as there was a growing interest from its clients in payments. The core functionality of the service that will allow clients to pay and accept payments from third-parties using several currencies, is expected to be launched next year.

The integrated solution will be developed in synergy with BCS’ existing prime brokerage/custody products.

The new offering will be able to offer services to certain eligible High Net Worth Individuals plus institutional and corporate clients.

Dr. Evgeny Kunts, says: “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 STP, this solution is based on new technologies which successfully combine an innovative payment interface a with global payment network and advanced fraud protection.”

To support its global expansion plans, BCS unveiled its US office, BCS Americas earlier this year. It also formed a partnership with US investment bank Tigress Financial Partners and geographically diversified its research offering to cover new markets including Central Asia and the Caucasus.

by Sumit Vengurlekar
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