New research shows banks are falling out of favour with London SMEs.

According to Growth Lending, 31% of London SMEs are less likely to use a bank than they were previously. Instead, they’re exploring non-traditional alternatives to protect and grow their businesses.

Nicola Sawyer, our Head of Settlements, explains why SMEs favour Privalgo over high-street banks: “Reliability is one of our clients’ main concerns, and one of the primary reasons why banks have always been popular. However, traditional providers can be slower, more costly and less reachable than FinTech alternatives.”

“At Privalgo, we focus on moving our clients’ funds quickly and safely. Through our network of Tier-1 counterparties, we’re able to utilise branches all over the world, allowing our clients to make both SWIFT and local payments.”

“They’re also free to pick up the phone and contact us directly if they experience any issues. Whenever they call, they’ll speak to the same person who understands their requirements and payment goals.”

“By offering both means of payment and a direct line of communication, our clients receive a fast, reliable and cost-effective service.”

Here’s how we utilise our Tier-1 counterparty network and dedicated personal service to deliver an exceptional client experience.

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