Propose Own Payout Provider for Remittance Setup Guide

The question in full

Understand how to propose your own payout provider, including correspondent agreements, timelines, and compliance requirements.

Answer

Yes, you can. However, please be cognizant of two things. The solution provider may (or may not) accept your request for a correspondent tie-up. Though in most cases they will, they do have the option of saying no to you. Secondly, any pre-funding that has to be done, would have to be borne by you.

Typically a correspondent tie-up agreement takes about 3-6 weeks to be completed. Depending on the workload (on either side) this could be longer. Such timelines must be taken into account.

The correspondent tie-up is a formalized process and a contract. It is not something that can be rushed. The two videos mentioned below will help you understand how the process works.

The due diligence (DD) documents for a payout partner vary from each solution provider. You can read up more about the due diligence documents here.

Can we propose our own payout provider?

Suggested Video(s)