Continuing with the earlier video on what a Program Manager is, this is a slightly more detailed explanation of the same.
Hello. My name is Faisal Khan. I am a banking and a payment consultant.
This is a slightly, I guess enhanced explanation of what a program manager is. I’ve received a lot of comments on my previous videos through my contact form. I have disabled comments on YouTube, just too many trolls over here. And most of the questions are relating to those not quite familiar with what a program manager does. And a program manager basically is someone who is putting together the entire structure for you. A deal for you. A deal floor for you, whereby you can then go and subscribe to it. Part of their deal flow is getting license coverage to you, money transmitter license or, you know, payment institutional license, whatever it may be, handling funds for you, doing all the compliance on their behalf, taking, doing all the identity checks etc. KYC on behalf of the financial institution and putting it together in such a way so that you can run it as a white label service using an API or white label app, what have you. But at the same time not be able to look at the data that by law you’re not allowed to look at, making sure that the privacy concerns of the customers are maintained.
Making sure that you don’t have access to the funds, you don’t have access to the, in the flow of funds you can’t touch the money. A program manager can be thought often as, as an intermediary that you are trying to be but you not afford to be right now or you don’t have the time to be right now or you may not have the licensing patience right now to go and apply for a license.
So, in a simple way of looking at a program manager, they are the financial intermediary, whilst you are your friend and marketing arm. You do marketing, sales and support and you bring the capital required for for prefunding. So, everything else is handled by the Program Manager and the financial institutions that they work with. You simply get the white label in a box solution delivered to yourself. So, you don’t have to worry about compliance. You don’t have to worry about anti money laundering, counter terrorist financing. You don’t have to worry about KYC or enhanced due diligence or flow of funds, or how it were, that is taken care of by the program manager. You simply have to provide a Ui/UX experience to your customers, so that you can interact with the system.
I hope I was able to answer the question. If you have any more, there is a link below in the comment section where you can fill out a form and ask for more information or a question you may have. Till next time, have a good one.
This page was last updated on September 1, 2022.