BFC Bank and the Faster Payments system

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Client background

BFC Bank, part of the Bahrain-owned BFC Group, was launched in the UK in March 2018. The Group has been operating in the UK for 20 years, developing a business focused on global remittance transmissions. It decided to apply for a full UK banking licence when it perceived a gap in the market for more complete support for small and medium enterprises that were focused on providing FX and international money transmission services to their clients.