Frequently Asked Questions on ISO / Correspondent Relationship for a Licensed Money Transmitter
How can I rent a Money Transmitter License?
You cannot. This has been made abundantly clear. Principal License holders do not rent out or lease their money transmitter licenses.
So if I cannot get a Money Transmitter License, how can I go live?
You could go live possibly with an ISO &/or Correspondent program with the principal license holder. A more expensive way to go live is to become an Authorized Delegate.
What is the difference between an ISO and a Correspondent?
The difference between the two can be subtle, but an important one. An ISO, for lack of a better word, is an affiliate (reseller). One has to be careful when using the word reseller here, as a principal license holder cannot allow others to resell their services without becoming an Authorized Delegate.
So what exactly does an ISO and a Correspondent do?
An ISO (Independent Sales Organization) basically drives traffic (potential customers) to the principal license holder’s website for sign-up and transactions. An ISO is guaranteed commission on every sale, as long as the client remains with the money transmitter license holder.
A Correspondent is a licensed MTO/MSB that is outside the US and would like to contribute towards the marketing effort of driving traffic to the principal license holder’s website for sign-up and transactions. The correspondent is guaranteed to be the designated payout partner of choice for the license holder for a particular remittance corridor(s).
Is an ISO and/or a Correspondent given wholesale rates?
An ISO/Correspondent can be provided with wholesales rates while the published (or rack) rates – that the consumers would see – can be jointly set by the License Holder and the ISO/Correspondent.
The difference between the published rates and the wholesale rate is the margin for the ISO/Correspondent.
Does a Correspondent have to be an ISO as well?
A Correspondent does not have to be an ISO as well. It would only be an ISO if it is somehow contributing funds to the License Holder, who will then utilize the funds themselves and market their product/service in the US (or elsewhere) to drive traffic (customer sign-ups).
If a correspondent decides to be an ISO, then what it is essentially committing itself to is, that it will aid in the marketing of the principal license holder’s websites (products and services) such that all traffic, sign-ups and transactions go through the principal license holder’s main website.
At NO point in an ISO / Correspondent relationship are either one of the parties allowed to promote their own branded pages and/or products/services. Only the principal licensee’s products and services may be promoted.
Why would I promote a license holder’s products and services? Why not mine?
The reason you are promoting the principal license holder’s products & services is because they own the license. Not you. If you want to promote your own products &/or services you would need to get your own licenses or become an Authorized Delegate, which is expensive. The most economical and sure shot method of validating your business is to become an affiliate and see how well you fair at bringing traffic and earning from it. You lose nothing in comparison to an Authorized Delegate.
Can one become an ISO without becoming a Correspondent?
Yes. Most certainly. An ISO is an affiliate marketer with wholesale rates. You can rely on your principal license holder’s arrangement with existing correspondents in various payout countries to ensure that you will have a cost-effective remittance pay-through for a particular remittance corridor. A correspondent means you are actually a licensed money transfer operator, operating in some defined territory.
Does the ISO have to be in the US or can an ISO be outside the US?
The ISO can be anywhere. Unlike the restriction on the Correspondent who has to be outside the US as a licensed Money Services Business / Money Transfer Operator or a Bank, the ISO has no such restrictions.
What are some of the things an ISO can/cannot do?
The ISO is just a marketing arm so to speak of the principal license holder. The ISO cannot have their own website where they sign-up people, or in any way mimic a website where they are signing up, or use iFrames to sign-up. They must clearly transport the potential user to the principal license holder’s website for signup.
As with any marketing arm, you are not directly selling anything. You are promoting the product &/or service. If it sells, you are guaranteed income (the different between the published rate and the wholesale rate).
As an ISO, you cannot have access to any confidential data of the user, the transaction or of the system itself. You cannot hold funds, receive funds, or be a funds intermediary on behalf of the user or the principal license holder.
You market, you create your own marketing persona and drive traffic.
Why would I want to be an ISO?
The reasons can vary, but I can summarize the answer with the following examples:
- You are a person/company in the US.
- You would like to get into the remittance space.
- You have no money transmitter licenses.
- You have no knowledge of how money transmission works.
- You don’t have the software or solution in play/place.
- You might have a Correspondent payout partner with whom you want to work.
- You might NOT have a Correspondent payout partner.
- You have developed your own website or app for promoting remittances.
- You do not have a full-time compliance officer.
- You have limited capital.
- You know some kind of a diaspora in the US to whom you can market.
- You don’t want to gamble too much for your own wealth in an experiment that might or might not work.
- You want to take baby steps before you decide to run.
- You want to enter a short term contract.
- You don’t want your monthly spend to be too high.
- You’re good at selling.
- You have access to a large user base that might be interested in the remittance services you have to offer.
- You are interesting in working with the Principal License Holder and getting a wholesale rate for pricing and working on the margins.
Can I create multiple websites as an ISO to drive traffic to Principal License Holder’s Website?
Yes, you can. Provided none of the restrictions about privacy, sign-up and the transaction are eased, you are free to accurately promote the product on the internet (online) and offline as much as you desire. You cannot, at any time, obfuscate the redirection or the principal license holder’s identity.
What if I would like to have a Co-branded Website as an ISO? Can I have a Co-Branded Website by Myself?
No. As an ISO you cannot have a co-branded website. The principal license holder can, however, have as many websites as they want, provided they have regulatory clearance from the State’s Financial Regulators.
A principal license holder can offer you a semi-co-branded page on their website, provided, the sign-up, transaction and everything in-between is done on the principal license holder’s domain/page.
How would a semi Co-Branded website work?
The branding can vary depending on the principal license holder who agrees to work with you. You have two ways of marketing it:
Let us take an example of an ISO that wants to promote remittances from the US to India.
(a). The first case is you get a domain something like www.SendMoneyToIndia.com which is owned by you (the ISO). You market this domain in your community (online and offline).
When a person is ready to make a remittance, they would be transported (redirected) to say www.MoneyTransferCompany.com/SendMoneyToIndia
The www.MoneyTransferCompany.com domain is owned by the principal license holder and it would/should very clearly be obvious from visiting this domain. Here, under a semi co-branded scheme, you will have the branding of the principal license holder in America AND the payout correspondent (MTO) in India who will tie-up directly with the MTO in the US.
Because of your ISO agreement, you would be guaranteed the income, as per the pricing you set in place.
(b). The second option is to market, www.MoneyTransferCompany.com/SendMoneyToIndia directly.
Same conditions / restrictions as above would apply.
How will the same relationship work if I want to be an ISO and a Correspondent?
Another way of understanding a dual-relationship:
The way you would go ahead with this is as follows:
- We would have to find you a licensed money transfer company (principal license holder) that is willing to work with you, and the corridor that you are interested in.
- You would then sign up as an ISO & as a Correspondent with them. The marketing rights would be jointly conducted with yourself and the license holder.
- The end decision on how you can/cannot market is determined by the principal license holder solely.
- You can buy your own domain name(s), as many as you want and market them and redirect traffic the subdomain name of the license holder. The condition on how marketing is done would be controlled by the marketing guidelines the principal license holder would provide to you.
- The principal license holder would provide you with a base price, you can add whatever you want on top of that and quote that to your correspondent bank/MTO. If you are already the correspondent, then that mark-up is also yours.
- Depending on how the deal is structured, the license holder can provide you with their standard correspondents or you are more than welcome to bring one in. If you bring one in, they will signup directly with the license holder as a correspondent payout agent. You will still be protected through your ISO agent.
- You would be required to complete the co-branding and setup and do trial/test transactions.
- If you try to disturb the status quo, chances are the principal license holder will seek approval or clarification from various State DFIs. So keeping it simple and trying not to be aggressive in working out the best bang for your buck will ensure you will have a system that is live, rather than a pipe-dream.
- Once everything is in place, and based on the guidelines for marketing (to which you have to adhere), you can go live.
We own/run a duly licensed Calling Card Business here in the United States, what sort of business can I do within the remittance space?
You are in luck. If you run your own calling card business, you can easily use that to transfer the value from the calling card minutes to remittances. All whilst still being legal. You would still need to work with a licensed money transmitter. Having a calling card business is not a handicap but an advantage as you essentially leverage the power of your distribution network to extend the space.
We hear there are companies like PreCash, etc. that rent licenses? Is it true?
PreCash does not rent license. They work with companies they believe will add value to their existing business (i.e. increase sales) and then partner up with them by making them an Authorized Delegate.
How much does PreCash charge?
PreCash’s prices are, needless to say, negotiable. They don’t just provide pricing to anyone, lest they be tagged by the state regulators as renting their licenses.
The supposed pricing is as follows:
Money Transmission Processing Pricing
0-100,000, each transaction will be 25 cents
100,001-200,000, each transaction will be 20 cents
200,001 & above, each transaction will be 15 cents.
So their minimum revenue guarantee that they would like is $15,000 monthly. This equates to about 60,000 transactions per month.
One time implementation fee varies, between US$ 50,000 to US$ 25,000 – more so on the 25k side.
They expect you to sign a tight 3 year contract.
Why should I opt for an ISO / Correspondent relationship when I can just go to the likes of PreCash?
No one is stopping you. As explained on how I perceive a company should start out with here, you can opt for the solution you feel best works for you. PreCash is a great company to work with. Just expensive. As of March 2015, they are not really onboarding any new Authorized Delegates per se.
What are the commercials of such a relationship? Let us say we are interested, What sort of commercials are we looking at?
Here are some realistic commercial figures you would be expected to pay as an ISO &/or Correspondent:
The Monthly Minimum Guaranteed Revenue is proposed as follows:
- Enterprise Level MTOs (multi-country): US$ 5,000/month
- Large: US$ 2,,500/month
- Medium MTOs: US$ 1,500/month
- Small MTOs: US$ 750/month
Ancillary Charges (as per actuals)
- KYC: IDology
- AML (Identity Mind Global)
- Credit-Debit Transfers
- Chargeback Charges
The definition of the different types of MTOs are as follows:
- Enterprise: Multi-Country Corridors in one go and processing capability of US$ 1 Billion or more (Ex: Vimplecom, Telenor, Vodaphone, Oxigen, etc.)
- Large: Single/Multi-Country Corridor Eg: Large Banks, Axis, BDO, etc.
- Medium: Thamel Remit
- Small: Startups in the Remittance space.
Per Transaction Charges
The proposed charges on a per transaction basis are:
- 0.50% of the total value of the transaction
- $1.99 per transaction.
Integration Fees outside the scope would be capped on US$ 2,500. One-time setup fees for small time players is capped at US$ 1,000.
As cited above, this is a real-life example, however it does not imply as finalized commercials.
What sort of Payment Methods would be available to Users for paying for remittances?
To start out with, eCheck (or Electronic ACH), is the preferred payment method of choice. Some license holders have additional payment instruments like POS/Barcode sales, Phone Calling Cards and some even offer Debit & Credit Card transactions.
Most providers that I work with, do NOT offer Debit & Credit card processing to first time users. They would like them to build their business over the course of 6 months to 1 year before offering Debit/Credit card processing.
What sort of AML/KYC is required from the Correspondent?
Because the principal license holder will only work with licensed MTOs and/or Banks, chances are you would already have a pretty thorough AML/KYC compliance program in play. If you do not, then this would raise some serious eyebrows and is a potential red-flag.
Are you able to send us an old sample (s) of KYC/ AML policies say from some of your old work (no confidential information of course) – so that our compliance guys know that we are on the right track?
AML/KYC documents are paid-for work. Each is unique to the company for which the work has been done.
What are other requirements that the partner will want from us? What we are seeing with others is when you start off they send a list of requirements. If we are able to get such a list, or know the requirements that will be great for our confidence moving forward.
- You be legally licensed
- Have a solid AML/KYC program at your end
- Understand what it means to be an ISO
- Understand the branding restrictions/guidelines you will be required to follow
- Understand the flow of funds and funds settlement
Other than this, there isn’t really much. It’s a straight forward process.
Barring the unique circumstances that you are on some list or are a company or country with which they cannot do business, you should be good to go,
Would we be able to request Due Diligence Documents from the Principal License Holder?
Absolutely. Due Diligence documentation packets would always be available from the Principal License Holder.
Our financial regulator / partner / partner bank / administration in <insert-country-of-choice? requires us to show some documentation; since we will be operating under the licensed holder, are they able to provide these to us after we sign an agreement? We have extracted the following as items (questions) we will need from them: (a) Copy of regulator license (b) AML and KYC policies (c) etc.
Of course. You would be provided with a Due Diligence packet, and vice versa, one would be expected of you.
Does the Principal License Holder search customer surveillance databases for known terrorist names, bad debtors and other generally undesirable customers? If Yes, indicate what recognized lists of known terrorists, etc. are used e.g. OFAC, etc) UN1267, OFAC List, Specific Country sanction list
Yes. There is no compromise on the AML/KYC aspects. Every Principal License Holder implements a very comprehensive AML/KYC compliance program. It is expected that Correspondents will meet and/or exceed the laid out guidelines. Likewise, the Principal License Holder will also be adhering to the same.
Why is the ACH fees so high?
Getting ACH (Pull) is essentially underwriting, where a bank has to agree to work with a money transmitter company (license holder) for purposes of doing direct debit. Because of the prolonged risk associated with an ACH pull (180 days), ACH providers are reluctant to work with money transfer companies. Hence, the higher ACH fees.
Besides the ACH and MT fees, are there any other fees that we are looking at? Transactional/ monthly or otherwise?
All the charges are on the commercial section above. If nothing new or more is added, those are the only charges one is expected to pay. Nothing other than that. Bank charges for pushing money to your Nostro account would apply, but they would be nominal, depending on what type of a push you take. If it is a feeder, whatever the bank charges, is what you would be expected to pay.
Our understanding is that IDology process happens one time, and that the License Holder already has the process in place so we will link up onto their infrastructure for KYC. Is this part of the deal or are we paying extra for this? If we are, how much?
IDology checks are one-time indeed. It is part of the license holder’s infrastructure. The charges vary according to provider and are usually $1 per verification/registration.
Our team have been researching and we are seeing much lower ACH fees out there. Are you in a position to get us a better ACH rate than $ 1.99? Could we get a better rate in terms of a Tiered Approach?
0 – 10,000 .25 cents
100,001 – 200,000 .20 cents
200,001 $ above .5 cents
ACH is indeed very low. You can traditionally get ACH services for 10-25 cents. But these are Push services. The minute you cite the following, you will be hard-pressed to find an ACH provider:
- You are a money transfer company and have a money transmitter license.
- The ACH needs to be pulled from the User’s Account (not push)
- The ACH transaction is part of a international transfer / transaction.
Do this exercise and then you will find, almost no one is willing to work with you.
Whilst everyone wants to get a better rate, you have to really put yourselves in the license holder’s shoes. They take all the risk, they provide licenses which cost in excess of US$ 600,000 to maintain, they pay surety bonding in excess of US$ 10 Million per year, they are legally responsible for any or all bad transactions that go through you. They find an ACH under writer, they find, all the solution pieces and put them together. Above all, they are willing to work with you. Not to be blunt, but this is what it is.
You would be very hard-pressed to find better rates for someone to work with you. IF you do find someone to even work with you that is.
Can we see a draft of what we will be signing up as an ISO, it will give us a clear picture.
My job here is intro. You get the intro, you are then responsible for negotiating an agreement and signing it. Unless you are on a blacklist somewhere, or unless you are trading with a country that is barred from the US perspective, the license holder will work with you. In the event you cannot work with the License holder because you don’t agree to price, etc. then that would be your own calling. I charge for an introduction and that is where my work starts and ends. I’ve never had a case where a party that was introduced was not able to work.
How do you (Faisal Khan) work with us?
I provide an introduction, based on certain due diligence done on you, including background checks. Then I see which of the Principal License Holders are willing to work with you. If they are, I share your information with them. If they agree, then I arrange for a referral fee (to be paid up front by the ISO/Correspondent). Once funds are cleared, I make the introduction.
How can we trust you? You are asking for money up-front, what if you take our money and do not deliver?
My reputation is very important for me. I invite you to read the testimonials from people I have worked with. I have (literally) hundreds of people who can vouch for me. I offer solutions – on my terms. Though this may seem unfair or harsh to others, but it is what it is.
How much do you charge?
This I will let you know once I have had a talk with you, discussed your case, studied your requirements and looked at the overall complexity of finding a partner to work with.
What payment method do you accept for referral?
I only accept international wire transfers into an account in my name.
We wanted to find out, if we get to an agreement and we want to move forward, how do we proceed?
I don’t raise any agreements for intros. I invoice you. You pay the amount upfront, once the amount has been received in my bank I then do the introduction, and then I hand-hold you for the meet-up, arrange a conference call, and transition you over to the license holder and their partners.
You mentioned due diligence that the license holder does on a potential ISO – is there anything ‘special’ that we may need to know/ prepare for?
Nothing really. Due Diligence is just to ensure you are saying what you are saying, i.e. you are who you are, your licenses check out. There is some form of an org chart given, you have an AML/KYC manual, you have an AML program in place. Your bank provides a reference letter, etc.
You mentioned the reserve amount. Is this money used for the transactions, e.g. the license holder has the money, that we keep with him but it is the same money used to transact, so that at any point we are maintaining that amount with them? or is it money that just sits with them and we still have to provide money to transact? Maybe just expound more on this ‘reserve’ concept.’
The reserve amount is to cover any returns or chargebacks, etc. that your customers might initiate. This usually is negotiable. If in the first say 60 days you will be doing US$ 250,000 in transactions, your reserve amount may be US$ 5,000 or less, depending on how the experience and payments/payout are. It is nothing rigid, but just something to cover in case of a chargeback on the US side.
On the AML officer required on board, does the office need any special kind of certification/ education? We currently have someone designated for this on our team, but they do not necessarily have specialized training for this.
A CAMS (Certified Anti-Money Laundering Specialist) certification helps. If you don’t have that, you WILL have to show some course you and your team have taken in understanding AML, etc. There are quite a few providers who provide an online course, you can take the test online and pass, all within a span of 1 day. But you will need to demonstrate that you and your team have been trained in some capacity in anti-money laundering.
What are the exact US states that the agreement will cover. (I will get my team to keep pursuing the other places that this agreement will not be covering.)
That depends which licensed money transmitter is willing to work with you. Some have all 50 States, some 1 State. Some 15 States. It all depends.
Transaction fees – is that negotiable? changes with volumes e.t.c.
Possibly. You would need to discuss this with the Principal License Holder.
Can we pay you the referral fees after the introduction has been made and agreement has been signed.
No. I don’t work that way.
Is the introduction guaranteed to provide a successful agreement with the Principal License Holder?
Yes. Pretty much. As long as you understand the caveats of your limitations and also that you do no deviate from the information that was shared, the sign-up is pretty much guaranteed.
What happens when an introduction does not work out? Will we get our money back?
No. This is the risk you take. I introduce you to a bona fide license holder, who has seen exactly what you offer, and you are pretty confident on what they offer and what limitations are at play.
What are the marketing guidelines that you talked about? Can you cite an example?
Here is a sample guidelines pasted below:
Marketing & Advertising Guidelines
The purpose of this document is to set and parameterize the advertising and marketing guidelines for correspondents.
Legally speaking, if you are a non-US entity, and do not hold authorized delegate status or do not hold money transmitter licenses you cannot market directly or solicit directly customers from the US.
However, because you have a correspondent tie-up with a licensed money transmitter, the Principal License Holder (PLH) can market on your behalf.
This document will tell you some of the Do’s and Don’ts of the business.
All marketing &/or sales efforts must be approved in writing prior to going live by the Principal License Holder.
All marketing material should be co-branded so as to look 70% or more with the branding of the Principal License Holder. This means the predominant banding and logo usage, etc. should be that of the Principal License Holder.
Google Adwords or Other Online Text Advertising
All Google Adwords campaigns and/or other forms of online text advertising, would be run under a separate account by the Principal License Holder. Prior approval must be gained from the PLH before your ads would go live. You would not be allowed to run your own independent campaigns.
The campaign cost would be as-per-actuals, i.e. there is no markup and/or any other charges that are levied in the marketing.
You would be required to pre-fund an account with the PLH for your advertising campaign. There is no mandatory requirement for you to engage in Google Adwords or other online text advertising campaigns. This is purely optional.
As a correspondent, you can engage in banner advertising, which again must be approved by the PLH. If the ads are being serviced directly or via a lesser known advertising platform/network, then you may do so directly, however, you would agree to adhere to the advertising and sales guidelines at all times. If the campaign is being run of Google’s network, then again, the prefunding option would come into play.
You can direct market to clients, but it must be structured as such that it is either a referral (to the URL provided to you by the PHL) or to refer to a website that you own, which in turn does a redirect to the URL provided by PHL.
Unsolicited / Cold-Calling
You can run your own cold-calling campaign, provided you adhere to the Do-Not-Call list and maintain extensive (read: detailed) records of the numbers called, date/time of the call, agent name, etc. If you provide recording of the calls, they would be beneficial should a claim come up. Under no circumstances are you to by-pass the do-not-call list that is prevalent in the US or market to consumers who are either on the list or have explicitly told you not to call them.
You can engage in referral traffic, provided you at all point in time, make the user aware that they are being re-directed to PHL’s authorized website, and that you are not providing any sort of indicative advertising as such that the service is 100% yours. The name of PHL has to be mentioned.
Depending on the PLH that would agree to work with you, the branding can vary, you have two ways of marketing it:
(a). The first case is you get a domain something like www.SendMoneyToIndia.com this is owned by you. You market this domain in your community.
When a person is ready to make a remittance, they would be transported (redirected) to say www.MoneyTransferCompany.com/SendMoneyToIndia
The www.MoneyTransferCompany.com domain is owned by the PLH that would be willing to work with you. Here, under a co-branded scheme, you will have the branding of the PLH in America AND the MTO in India who will tie-up directly with the PLH in the US.
(b). The second option is to market, www.MoneyTransferCompany.com/SendMoneyToIndia directly.
Same conditions as above apply.
Domain Exclusivity &/or Vanity URLs
The Principal License Holder has to maintain dominance of their domain name at all times. This is the only method by which you as a correspondent can have access to the US market.
In some instances, the PLH may allow you to have a sub-domain policy, i.e. yourbrandname.plh_domain.com and the PLH may opt to keep the countryname.plh_domain.com to themselves.
How long does it take to sign an agreement with the Principal License Holder?
Between 2-3 weeks to sign. Between 1-6 weeks to go live, depending on the integration and readiness of both parties.
What other restrictions might be placed on us if we work as an ISO/Correspondent?
The restrictions (if any) are defined and notified to you by the Principal License Holder. Not I.
How does Online Money Remittance Work?
Remittance solutions nowadays are most SaaS (Software-as-a-Service) models, that is self-hosted and turnkey. It a 100% online white-labeled remittance product (service) that is specifically marketed to banks for inward remittances into their countries. As an ISO/Correspondent, you do not have to invest in the complex software.
The white-labeled service allows ISOs to have an established mechanism to receive electronic payments via the Internet for purposes of inward remittances.
Some highlighted features of the product are:
- 100% White-labeled
- Currently being offered from US to any country
- Directly tied-in with an authorized/licensed Automated Clearing House (ACH) processor in the US
- All monetary transactions are routed and handled by the ACH
- Day 0 File acceptance, Day 1 debit to client accounts and Day 2 credit via electronic funds transfer into nostro account of the correspondent bank in New York
- If you do not have a correspondent bank in New York, we can assist you with finding the right bank to have your local NYC account.
Settlement and Processing of the accounts are done at end-of day.
Ability to currently process:
- VISA payments (Credit Card & Debit Card)
- Mastercard payments (Credit Card & Debit Card)
- Direct Account Debit (also know as Internet Check or eCheck)
- Calling Card Value Transfer
- In-store Location (Physical) Cash Pay in.
- Store Value Cards sold at nationwide chains
- POS Terminal.
What markets & opportunities exist for potential ISOs?
The market is huge for remittances. Currently the companies we work with have setups for US, Canada, UK and EU as the country of origin for remittance. We are actively working with our partners to include the following origin for remittance countries/territories:
- United Kingdom
- Scandinavian Countries
- Middle East (UAE, Saudi Arabia and Kuwait)
For beneficiary markets, we are currently open for business to the following countries/territories:
- Sri Lanka
- Various countries in Africa, especially Kenya, Ghana, Nigeria, Egypt, South Africa.
- Various counties in South America, especially Brazil, Argentina, Chile.
What Rates & Fees are applicable
As already explained in the commercials section above, our partner fees are the lowest in the industry for a hosted, white-labeled home-remittance product.
- Low acquiring fees (or Interchange fees) for credit/debit cards, averaging between 3.0% and 4.0%. Fees can be lowered down to 2.9% based on a healthy account activity
- Zero interchange fees for Internet checks (only network / association handling fees are charged)
- No limit on remittance amount of the number of transaction that can be performed on the system (albeit, risk limits are defined by each customer)
- ACH holds on to a rolling-reserve for up to 180 days for charge backs, etc. (holding tenure and reserve requirements can be lowered and worked upon)
- Low completion fees
Handling & Processing
For money transfer / home remittances solution handling and processing features are as below:
- Ability to check for AVS or (US region only) and CVV on credit/debit cards
- Ability to process/block transactions based on Qualified and Non Qualified cards
- Ability to process based on IP Address location, Country Location and/or US Issued Credit Cards only
- Vanity URL for banks allowed
- Full Copy Requests/Transactions Request facility for charge back investigations
- CNP (Card Note Presentment) also provided for (First Presentment)
- SaaS (Software-as-a-Service) model, no up-front heavy investment in expensive hardware &/or software required by your bank
The partners we work with, their system does the following checks before a financial transaction can be approved for onward settlement:
- KYC (Know Your Customer)
- AML (Anti Money Laundering)
- OFAC (Office of Foreign Assets Control)
- SAR (Suspicious Activity Report)
- CTR (Currency Transaction Report)
- In addition, the system has additional risk and fraud parameters that can accurately gauge the levels of risk exposure a client’s transaction will pose.
In addition to the above, it also provides
- provides detailed transaction level for automatic screening for fraudulent transactions
- sophisticated algorithms for fraud modeling, which uses transactions history, geographic location and IP information
- transaction size and velocity limits can be customized by the bank at the user level
The system also provides…
- 128-Bil SSL encryption used for all transactions
- Backend processing equipment is Triple DES Encryption certified
- Server and Equipment are hosted in a Tier IV datacenter (East Cost) that is SAS 70 Type II Compliant
- Business Continuity -2nd datacenter on the West Cost
- Automatic failover and Revert back
- 99.99% Uptime Provided
- Daily continuous real-time backups with offsite backup