Frost secures FCA authorisation

Thursday 2 December 2021 09:34 CET | News

UK-based e-money institution Frost has received full authorisation from the Financial Conduct Authority (FCA) to provide financial services to customers in the UK. 

The approval allows the company to move its mobile application from the sandbox stage to a production environment and enables the creation of account numbers and sort codes, the issuance of payment cards, and processing of transactions for eager clients.

Frost offers customers a new way to automate their finances. The forward-thinking platform feature an Artificial Intelligence engine called ‘Save Assist’, which automatically compares utility companies in order to find customers the best prices and deals in their area. As a result, the company’s e-money account can help customers to generate significant time savings when making important financial decisions.

The platform reportedly helps to make financial transactions and payments easy, providing customers with a UK account number, sort code, and IBAN in a matter of minutes. By using Frost, customers have access to detailed spending insights and can receive instant notifications to alert them when they’re overspending. Similarly, the mobile application allows users to set simple saving goals, supposedly helping to foster greater financial responsibility amongst those who use it. The application also allows customers to exchange foreign currency at the inter-bank rate, plus a small fee, the official press release states.

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Keywords: FCA, e-money, digital banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech