Sterling Payment Services, which provides money transfers, money exchange, and account opening services, has added a new correspondent bank this year. The new system went live in January and has been functioning without any delays since then. In an interview with The Bitcoin News, Stanislav Sokolovsky, General Counsel of Sterling Payment Services Limited discussed the results of the past year and the company’s plans for the future.
Currently, the company is operating as usual and money is being processed in a timely manner, after it encountered certain issues last year after Lucayas Bank, their primary correspondent bank, failed to notify Sterling Payment Services about issues that led to administration being installed at the bank. This led to several problems associated with money transfers. However, Stanislav clarified that the situation is now under control and they are focused on resolving the problems encountered by their clients due to this situation.
“We started working with new correspondent banks that ensure uninterrupted SWIFT and SEPA transfers,” he added. He is optimistic that the company would soon expand its list of available currencies and launch a new card project.
In order to ensure that the uncompleted transfers from the previous year are fulfilled, the team is proactively handling them in addition to crafting an internal schedule to address payment requests from the correspondent bank.
When asked as to what sets Sterling apart from other payment systems, Stanislav explained that their payment solutions are comprehensive in nature- affordable, practical and convenient. In addition, they render high customer service and eliminate the clients’ need to visit a brick-and-mortar office. By adhering to international compliance standards, Sterling makes setting up a business bank account easier. Sterling is particularly proud of its commitment to speedy account opening and its highly qualified internal compliance team.
Understanding the importance of keeping its clients informed, the company also launched the Sterling Payment Alert Telegram channel, where they post updates pertaining to payment statuses, including SWIFT, which has been a source of problems for many people. Stanislav emphasizes that this channel extends beyond merely notifying their clients by providing access to their Telegram support bot, wherein people’s queries are addressed and resolved by a support specialist. Therefore, in addition to informing clients about available payment methods and status, this resource is also being leveraged to enhance client experience.
Addressing the complaints surrounding SWIFT, Stanislav delved into the intricacies underlying such transfers. “Although delayed transfers are possible, it’s not a rule and usually happens because of a reason. Typically, a correspondent bank raises concerns regarding the source of the funds,” he explained. In such cases, the delay typically ranges between three and six months.
Sterling proactively assesses compliance to mitigate these instances but nobody is completely safe from such situations. Typically, such issues arise when a correspondent bank suspends a transfer, not from their end.
Stanislav further emphasized that such situations can certainly be avoided. Since a correspondent bank focuses on transaction history as it works with payment systems, the amount of money remaining in the account is taken into consideration. Questions arise when money is transferred as soon as it hits the account, which creates problems for all of its clients.
If the account retains some money, payments are made in a timely manner without any interventional queries from the bank. “Instead of coercing our clients to save money in their account, we comply with a deposit policy that ensures that there is an appropriate schedule of money that is both incoming and outgoing.” This facilitates quicker transfers, which are easily comprehensible by both the correspondent bank and the client. Sterling establishes these schedules in close collaboration with its clients.
Speaking of the previous financial year, Stanislav recollected that it was a difficult year, but they still managed to “stay on top.” They enhanced the app and introduced new compliance procedures to comply with changing regulations, along with expanding correspondent relationships and supporting currencies.
In 2023, the company is looking forward to a bigger and better year after resolving compliance issues and transfer-based delays.
“For new clients, we are transferring funds from new incomes as usual, and for existing clients, we are formulating transfer schedules : these are our priorities in the first half of the year,” he concluded.
About company
Sterling Payment Services provides services such as money transfers, money exchanges, and account openings. Local and international financial laws govern the company, which is headquartered in Hong Kong. With over ten years of banking and finance experience, its management team is highly qualified.
As part of its efforts to ensure uninterrupted SWIFT and SEPA payments, the company has recently started working with a new correspondent bank.
