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Is this proposal for a full suite of Neo Banking or just Remittance?

The question in full

Is this proposal for a full suite of Neo Banking or just Remittance? is a common fork in the road for fintech founders. While the two terms are often used interchangeably in marketing, they are governed by entirely different licensing and banking Rails. A Remittance-as-a-Service (RaaS) proposal typically focuses on outbound cross-border payments, while a Neo Banking suite includes FBO accounts for users, physical/virtual debit cards, and P2P domestic transfers.

Answer

The proposal focuses only on the remittance part. Banking as a Service (BaaS) providers, to the best of current knowledge, do not offer international remittances or agent coverage for Kiosks. Therefore, a Remittance-as-a-Service Provider is needed to obtain agent status and facilitate international money movement. It's important to be aware of certain advisories regarding sponsorship versus authorized agents and domain naming for authorized agents under US Money Transmitter Licenses in online businesses.

Faisal KhanAnswered 07/Aug/2026
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Page Last Updated: 07/Aug/2026 (5051664)