Let us help you get an MSB Bank Account
If you’re an MSB (Money Services Business) or a MTO (Money Transfer Operator) chances are that access to banking is a huge challenge if not a threat to you. Payments related businesses around the world have been experiencing the pain of getting derisked – i.e. losing their bank account(s).
Many banks will sign you up (because legally many of them cannot say no to you). Only once you have signed up, they de-risk your business after a couple of months. You’re on your own!
If you are a licensed payments company, we can help you get access to banking. We provide payment bank accounts world over. Payment accounts are like regular bank accounts, except they are on a revenue-share basis with the organization providing it to you. They are in your name, you have access to all electronic banking services only. This means a Payment Account cannot do any of the following:
- Deal in any form of cash
- Deal in any form of paper deposits (cheques/checks, money order, certified bank drafts, etc.)
They do provide the following:
- Forward facing bank account number and routing number
- Multi-currency accounts including all the major currencies like the US Dollars, Euro, British Pound, Canadian Dollar, etc.
- Ability to send or receive money electronically.
- Access to internet banking.
If you are non-check cashing, non-cash based business that would like to get an online (electronic payments only) bank account, we can help.
Please fill out the necessary MSB Bank Account Application and we will revert back to you.
This page was last updated on February 8, 2017.