Here's the 2nd part. Enjoy !
Bruno Joanides :What were the most important points for the Irish Financial Regulator?
Currency Fair:The key elements of the application were compliance with the Anti money laundering and counter financing of terrorism legislation, segregation of client and company funds and the ability to maintain capital requirements. Equally important
was the security of client data.
BJ :Now that the first step is achieved, if you look back what’s the
thing you've done that you're proudest of?
CF:I think we all look at the website, our internal systems and the fact that we are now “live” and think none of this existed a year ago, we built it from scratch and we delivered on what we set out to do.
BJ :If you had to go through this process again, what would you do in different ways?
CF:I think every business would do things slightly differently with the benefit of hindsight. We are happy with how things have gone. I think we underestimated the time some parts of the project would take to complete, so knowing that now we may
have organized those elements differently.
BJ: To run your business, a strong partnership with a big bank was needed, could you tell what’s the path which leads you to Bank of America.
CF:We needed a banking provider with global coverage. We looked at a few alternatives and Bank of America were able to deliver a complete package within the right timeframes and cost structure.
BJ: Can you describe the relationship between Bank Of America and Currency Fair ? What are the services they provide you? Do you consider Bank of America as a partner and provider?
CF:Bank of America are our banking services provider, they provide bank accounts and services that give us access to international payment systems as well as foreign exchange services. We are not partnered with them in any way.
BJ: You certainly meet several Bankers, how did they react when you introduced your company as a future payment institution?
CF:On the whole they are interested in the product and generally look to see if there are any services they can offer us. Banking is a highly competitive industry, especially in regards foreign exchange so they are used to new comers, though this
may change as more non banking payment institutions start to erode some of their profit base.