Yes, aggregators have to be approved. They would go through the same due diligence as a correspondent tie-up would and they too would need to sign a correspondent tie-up contract with the Principal License Holder. The approval times depend on the complexity of the tie-up and the organizational setup of the payout partner (banks are much slower than money transfer operators). Assume it would take 1-3 months.
-  Difference between an Aggregator and a Super API
-  What is a Tri-Party Correspondent Tie-Up Agreement
-  What is a Correspondent Tie up? & Why is it necessary?
This page was last updated on February 27, 2023.