Remittance as a Service
Here is a brief why I decided to launch a money-transfer service called Remittance as a Service or RAAS (or a Virtual Money Transfer Operator)
Remittances are touted as the low-hanging fruit in the money transfer business. This much is true. With an estimated market size of US$ 600+ Billion per year, everyone wants a piece of this pie.
While the market size is huge, it does pale into comparison with say the B2B (Business-to-Business) money transfers, which are estimated to be US$ 23 Trillion per year.
Entrepreneurs all over the world who are interested in the money-transfer vertical, find it extremely difficult to enter the space due to the complex regulations, etc. Affiliate programs don’t work, because you end up promoting someone else’s brand. That is when I had the Eureka moment! (so to speak). What if you can take all the nice elements of an affiliate program, and marriage to your own brandname and are allowed to market a service in which you set the rates, and all the legal and financial responsibility is taken care of by someone else? And what if you can offer this as a SaaS service?
Who wouldn’t love that?
The formal launch of the service is next week, but here is a teaser of what it entails. Keep watching this space, more to come.
Principal License Holder
|Domain name & Ownership||x|
|Sales & Marketing||x|
|1st Level Customer Support||x|
|Regulatory Compliance & Reporting||x|
|Internal Compliance Program||x|
|FinCEN and other registrations||x|
|National, Federal & State licenses for Money Service Business activities||x|
|Anti-Money Laundering Program & Checks||x|
|CIP (Customer Identification Program): KYC, etc.||x|
|Funding for each Corridor||x|
|Transaction Processing & Settlement||x|
|Fraud Checks & Responsibility||x|
|Compliance Officer Required||No||x|
|Price Markups Allowed? (Set your own pricing)||Yes|
|Users can sign up from how many countries||30+|
|Users can send money to how many countries||150+|
|Investment in IT/Systems||Zero||