Introducing the fastest and most cost-effective way to launch your own branded money transfer platform: Remittance-as-a-Service (RaaS). This innovative service simplifies the complex process of starting a money transfer business by handling all regulatory and compliance requirements on your behalf. With RaaS, you can bypass the lengthy and expensive processes of applying for licenses and becoming an agent. Our white-label solution, powered by advanced APIs, allows you to focus on what you do best: growing your business, enhancing customer support, and boosting sales and marketing efforts.
Discover the power of Remittance-as-a-Service and how it can transform your entry into the digital money transfer market. RaaS is designed to streamline your launch, offering a seamless, white-labeled platform that takes care of AML and regulatory compliance for you. The speed and cost-effectiveness of our program make it an ideal choice for entrepreneurs looking to make a mark in the financial sector without the usual hurdles.
For more details on the RaaS program and how to get started, look below.
RaaS Program Referral Fee Structure
- Professional Service Fee:
- One-time fee: US$ 18,000
- Application Fee:
- One-time fee: US$ 1,500
Please note…
- The fees outlined above represent the amounts payable to Faisal Khan LLC for the brokerage services provided in facilitating the RaaS deal.
- The fees detailed below are to be paid to the Remittance-as-a-Service (RaaS) Program Manager.
Program Details: Remittance-as-a-Service (RaaS)
Last Updated on: 9th February, 2024.
Please note, Remittance-as-a-Services does not include dealing with crypto &/or stablecoins.
Agreement Terms:
Initial Onboarding and Setup:
- Onboarding Fee: US$ 15,000.00
- Payment Schedule:
- 25% payable upon term sheet execution.
- Remaining 75% upon agreement execution.
- Notes: Includes standard due diligence and onboarding. Additional charges apply for enhanced due diligence.
Monthly Support and Operational Costs:
- Service Fee: US$ 3,500.00 per month.
- Coverage: Includes support for up to 5 beneficiary countries.
- Additional Costs:
- Next five countries: US$ 750.
- Each extra country: US$ 150 per corridor.
- Subscription Terms: A 30% minimum fee is applicable if no production system is deployed within 60 days of agreement.
User Onboarding and Verification:
- KYC without Documentation: US$ 0.50 per individual.
- KYC with Documentation: US$ 1.50 per individual.
- Bank Account Verification: US$ 1.84 per verification.
- Note: Fees are applicable annually for active users.
Transaction Processing Fees:
- ACH Transactions: US$ 1 per transaction.
- Debit Card Transactions: Network fee + 0.40% + US$ 0.50.
- International Cards: Additional 1% fee.
- Cross-border Processing: 0.10% of the transaction volume.
- Wire Transfers: Variable fees based on risk assessment.
- Beneficiary Payouts: Pass-through costs.
Return and Chargeback Management:
- ACH Return: US$ 25 per instance.
- Card Failure and Chargeback: US$ 25 per instance.
- Wire Return: US$ 70 per instance.
- SLA Breaches: Additional charges apply for exceeding return and chargeback thresholds as per SLAs.
Additional Operational Fees:
- Card Processing Adjustments: As per actual costs.
- Authorization Requests: US$ 10 per request.
- Reclamations: US$ 15 per case.
- International MT103 Requests: US$ 3 per request.
- 3DS Authentication: US$ 0.07 per transaction.
Financial Stability and Reserve:
- Reserve Requirement: The greater of US$ 10,000 or the daily average transaction volume, ensuring operational resilience.
Term and Conditions:
- Effective upon execution and initial fee payment.
- Expires 30 days post-issue if not executed.
- Includes provisions for termination with notice.
Termination and Refunds:
- Detailed refund policies and rights upon termination are outlined, ensuring clarity and fairness.
The Fine (Legal) Print:
- Adjustments to Pricing and Features:
- Pricing and features subject to change without notice.
- Updates may reflect market dynamics, supplier terms, or external influences.
- Service Availability by Location:
- Services, fees, and program specifics may vary by geographical location.
- Not all services or terms available in every region.
- FinCEN Registration:
- FinCEN Registration as a money services business is required.
- Preliminary Nature of Document:
- Document serves as an initial framework, not a definitive agreement.
- Final terms to be detailed in a formal contract, which may vary from this document.
- Document Purpose and Binding Nature:
- For informational purposes only; does not constitute an official offer or binding agreement.
- Confidentiality Notice:
- Information is confidential, intended for the recipient or designated entity only.
- Unauthorized sharing, distribution, or reproduction forbidden without written permission.
- Governing Law and Jurisdiction:
- Disputes or questions resolved under the legal jurisdiction of the service provider’s registration.
- Adheres to the governing laws of that jurisdiction.
- Advisory Recommendation:
- Consult with a legal or financial advisor for a comprehensive understanding of these terms.
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This page was last updated on February 13, 2024.
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