BCB Group has upgraded its USD services through the launch of named accounts, enabling clients to transact under their own brand.
Named accounts, developed with BCB US banking partners, mean that payments made by clients will appear in payee accounts with the client’s name. Their customers will also be able to direct payments to a named account.
Existing USD account clients will be able to migrate to a named account at their own pace and at no extra cost over the coming months, while new client USD accounts will be automatically named.
BCB’s Chief Product Officer, Valentin Vincendon, has said: “The launch of named USD accounts will make for a more intuitive experience for our clients and for their customers, reducing errors and increasing security.”
Previously, USD accounts operated with reference numbers, and payments appeared in statements under the BCB name. “Ironically, launching named accounts means the BCB brand will become less visible,” joked Vincendon, “but improving the service comes first.”
Many BCB fiat currency services are already available through named accounts, and the objective is for this to become standard across the board. “Offering named accounts depends on banking partners developing their capabilities and of course working with regulations in different markets, so there are some constraints on how fast we can move,” Vincendon explained, “but we know clients really value named accounts, and it is one of our top priorities as a product-led technology company.”