Today we are joined by Eyal Doman, Valyuz, welcome. Eyal has more than 16 years of experience in the capital markets industry. He initiated and founded the institutional global securities department at Migdal Stock exchange services through Joint Ventures with Global investment banks such as JP Morgan, Citi, Jefferies and others. Eyal has vast experience in trading global securities and managing all the operational aspects.
We would like to learn more about your company and what it offers.
- Firstly tell us about the early days of Valyuz and its establishment?
Approximately two years back our team met with difficulties when trying to open a company bank account in Europe. They realized that the traditional banks had little understanding of complicated business models or companies with stockholders in multiple countries and they couldn’t get their heads around complex company structures. The traditional banks would take one look at our profile and classify the company high risk. Of course traditional banks can only offer high risk companies elevated charges and a drawn-out account set-up process. After this disheartening experience the team knew that an alternative had to be found. This led to the birth of Valyuz which was established in 2018.
- And what is Valyuz?
Valyuz is a cutting-edge electronic money institution offering payment services, alternative solutions to regular banking and payment accounts for individuals and companies world-wide. We’re authorized by the Bank of Lithuania and regulated in the European Union. Basically we’re similar to banks – but not the same. Our private and corporate account holders have a dedicated IBAN and use of our advanced technology and comprehensive customer service. Valyuz account holders can log-on to their accounts from anywhere in the world via all online platforms – mobile phones, desktop computers and Smart phone apps.
- What advantages does Valyuz offer its clients as opposed to traditional banks?
There are several advantages but the primary ones are our technical know-how and impeccable service. In addition our account holders can:
- Use the Apple and Android mobile apps
- Make wire transfers in 35 currencies to 212 countries
- Get a prepaid MasterCard
- Exchange currency at excellent rates
- Use superior secure login technology
- Have multiple signatories for one account
- Who are Valyuz’s target customers?
Valyuz customers are primarily from Europe but Valyuz has customers around the world. We accept new accounts from many industries. Some of our account holders are low to medium risk. We evaluate potential customers and only after we have considered all the facts do we make a decision about the customer’s risk and choose them as a new client or reject their application.
- What are the main currencies used in transfers at Valyuz?
With our base in the European market Valyuz’s transfers are mainly in Euro as SEPA electronic payments. Obviously we also offer transfers in USD as most international companies use dollars. And we deal with over 35 other currencies in our other markets.
- Strict regulation has affected the financial industry recently, what, if any challenges do you see from high regulation?
Strict regulation requires us to invest more effort into compliance but in my opinion regulation is essential in today’s complex financial industry. Recently we’ve seen PSD2 and GDPR come into effect. GDPR was a vital addition to data privacy regulation and who knows what will be next.
- Can you explain why more and more people are choosing wire companies instead of traditional banks?
Businesses and private individuals want the best, fastest and easiest way to transfer their money internationally. But they also want it to be safe and risk free. Traditional banks have always been seen as the safest way to transfer money. However two factors have made people reconsider how they send and receive money – the Internet has become an integral part of our lives and financial technology has developed in leaps and bounds. These days people don’t think twice about making online purchases and transactions, so long as it is low risk. Eventually wire companies will be the first choice for almost anyone wanting to transfer funds – it’s just a question of whether you will be one of the first to catch on or one of those who waits for others to lead the way.
- What can prospective new Valyuz clients reading this interview expect?
Valyuz will always do their utmost to provide comprehensive customer service and efficient banking. We aim to always evolve and better our services, use cutting-edge technology and support our customers in all their banking needs. You can find out more about opening a new Valyuz account as a business or private individual by getting in touch with me personally.