The world’s local bank, HSBC is unable to make International Payments on the weekend. Does this strike anyone else as business practice that may be more likely to be from the 1980’s than today? But they are in good company most of the other larger players on the UK’s banking scene are also unable to facilitate international bank to bank payments on the weekend. I was told by a HSBC associate over a call that the ‘process is not manual but the departments were closed over the weekend’ in other words it is still manual!
Did I also mention that the international payments service is only available at present until 3 PM every working day as clearly that is when the entire United Kingdom works until! In case the sarcasm has missed its mark I just want to make clear that there is not a single Small Business or Startup that I am aware of that has teams that work till 3 PM. Even Scandinavia that is famous for its 4 PM and I am heading home lifestyle has workers that go beyond that ridiculous international payments cut off.
Finally the amount of time that large banks are using to complete their business account set up and payments verification and processing certainly provide an opportunity to disrupt the market also. This needs to be tempered with a small note on risk also given the need for greater vigilance on the flow of funds which are being used to finance illegal activity the Anti-Money Laundering processes are more important than ever.
Insight: Any Fintech startups looking to work a little harder and come up with clever ways to complete the Know Your Customer or Know Your Business processes online may have an opportunity to trump the establishment by providing 24/7, weekends inclusive service.