Industry sector: Fintech
Jurisdictions involved: Czech republic
Client's business objective: Connecting SWIFT payment option.
FAS finance company s.r.o. (“FAS”) is a Czech Financial Institution (SPI) that had only SEPA connectivity while being unable to send funds through SWIFT rails. SWIFT connection is a very key factor to expand the activity and to attract new clients. Moreover different schemes were involved to serve rare non SEPA transfers through partners at the very high cost.
We studied FAS money flow and client’s needs. Then we found a SWIFT partner who was ready to work with an SPI and whose risk appetite fitted the risk level of FAS clients. The case was difficult because Czech SPI is non a pan-European license, but the main difficulty was because FAS had clients that worked with places like Kraken. This crypto component made the case not easy to solve since many banks stopped communication once word crypto had been pronounced.
At the next stage we negotiated the preliminary pricing for the clients because it was one of the deal breakers. At the final stage (from our point of view) we continued communication with both sides to make sure that all the problematic issues were resolved. Eventually FAS started to provide SWIFT payment options to its clients.
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