Cornerstone FS
The champion of the smaller firms
Small and medium-sized businesses were hard hit by the pandemic. Many weathered the storm – just. Yet, as they now start to move forward, traditional banks are not always in step with their needs. Particularly in foreign exchange payments and services. Even pre-pandemic, smaller businesses had
a raw deal here. High charges, poor service and veering rates from month to month made it tricky to plan or make international payments. Now, largely thanks to new fi nancial technology – much of it emanating from London – others are stepping up with more bespoke solutions designed for the SME market. Working hard to breach this gap is Cornerstone
FS plc, a provider of foreign exchange payments and currency services to the SME market. Cornerstone’s proprietary fi ntech platform, developed entirely in- house in the UK, gives the company the freedom to tailor its off ering to SMEs’ specifi c needs, and build out integrations for SME accounting systems to create a professional and seamless service. Cornerstone’s CEO is Julian Wheatland, something of a champion of the SME cause and determined to use his fi rm’s powerful and proven
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Julian Wheatland CEO at Cornerstone
cloud-based and modular technology platform to disrupt the market and give smaller companies the chance to be part of the increasingly borderless world of trade. “If they want to be part of this exciting future, SMEs need to have their lives made simpler and the pain points removed from the complexities of international payments,” said Julian. “SMEs are seen as less valuable and more risky customers by the banks who like the stability of large corporates, which left a big open space for us to step in and develop services that start by looking at what the needs of small businesses are, what accounting systems they are using and how to make transactions simpler and more transparent.” Cornerstone is known and recognised for its high-quality and
personalised services. Customers have their own IBAN number and, because Cornerstone has recently achieved Authorised Electronic Money Institution status, funds can be left on deposit in multiple currencies, so transactions are processed smoothly and professionally. “A business needs to be seen as reliable and trustworthy by its
customers, and uncertainty over complicated fi nancial transactions can damage this,” said Julian. “Our platform off ers services such as payment tracking and long-term contracts that lock in benefi cial exchange rates, so that our clients can budget easily and know at any time where their money is going. “Without a platform like ours, in a fast-moving technological world
with increasing regulatory burdens and obligations, SMEs could easily fi nd themselves out on limb. We off er them the chance to access and exploit the value that is inherent in our highly scalable fi ntech platform.” Julian’s background in business strategy and fi nance has informed
the collaboration between the technology arm of the business and the needs of the fi nance and accounting community. His understanding of both sides, driving innovation to cater to specifi c needs, has been invaluable in the development of the vision and the platform that the company has today – one that is scalable and ready to respond to
ALL THINGS BUSINESS
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