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Introducing Fire-UK

As part of our growth plans, we at fire.com are pleased to announce the launch of our new entity, “Fire-UK”.

For several reasons we decided some time ago to create a UK-based legal entity. Firstly, as an authorised e-money institution we are set up to ensure the services we offer our UK-based customers will not be impacted by Brexit. Secondly, as an active payments initiation and account provider in open banking we wanted to be close to the UK payments ecosystem. Finally, we wanted to make sure that we could continue to grow our team based in Shoreditch while staying close to our customers.

We are also delighted to welcome two new board members to the fire.com team – Mike Smith and Lucy McClements.

Mike joins us with a Director level background in Financial Services, having been a UK Bank Commercial Director and on the Board of an SME Lender. Mike was also: a member of the PSR-sponsored Payment Strategy Forum; on the Link Network Members Committee; a Non Executive Director of Faster Payment Scheme Ltd; a Member of the Emerging Payments Association Advisory Board; a Payments Awards Judge.

Lucy McClements joins us with over 20 years’ leadership experience following an executive career with the FCA, FSA and Bank of England. She has held a variety of Board Advisory and Committee roles and provided governance insight and executive advice to many regulated firms. As a newly licensed entity, Lucy will support Fire-UK by providing further Governance, Compliance and Risk Management expertise.

As a provider of multiple sterling and euro payment services, fire.com helps businesses manage and automate payments with all the tech, accounts and cards needed.

On the 16 October 2019, we took the final step in our preparations and our UK customers have now been migrated from Fire-EU, our Irish company, to Fire-UK. There is no change to the way fire.com customers use their accounts as a result of this move.

With thanks to all our customers.

fire.com

 

How fire.com is helping businesses with the uncertainty of Brexit.

Time is moving on. With the deadline for the UK to leave the European Union now just 12 months away businesses need to start preparing for the possibility of a deal that falls short of preserving the status quo in trading relationships. Earlier this week, it was announced that the UK and the EU have reached a draft agreement on the terms of a transition deal, which should serve to ease business fears over a post-Brexit cliff edge.

Businesses will want to continue trading – paying and being paid for goods and services between the EU and the UK. While a transitional arrangement would give everyone time to negotiate a new trade deal, financial services may not be part of that new arrangement. So financial and payment services firms that have relied on pass-porting their licences (i.e. getting a licence in one EU country and using this to trade in other EU countries) will need to have UK and EU licences should they wish to continue trading in both regions. Will this result in businesses trading across the UK and Eurozone finding it harder to access accounts and payment services in both EUR and GBP?

Another obvious challenge for businesses is the potential fluctuations in currencies at this time of uncertainty. This can have a significant impact on businesses and many will consider holding currency in both EUR and GBP based on their upcoming cash requirements.

At fire.com, we aim to help businesses better manage their payments. When a business opens a fire.com account, it immediately gets access to a sterling and euro account with the option to add subsequent accounts in real time, enabling businesses to get paid, hold funds and pay out in both currencies. Funds can be transferred between the accounts in real time, 24×7.

In addition businesses can order any number of debit cards and link these to their different accounts, use the firework mobile app for real time notification and alerts, export data to various accounting packages and integrate their systems to their fire.com accounts.

We have thousands of businesses across the UK and Ireland who are now using fire.com to better manage their payments, while trading in sterling and euro.

You can open a fire.com business account online in as little as 48 hours. As always, we’d love to hear your .

Colm Lyon, CEO fire.com