Money-Transfer-as-a-Service (or MTaaS) is essentially no different than Remittance as a Service (RaaS) except it is not restricted to remittances, i.e. person-to-person transfers.
Money Transfer-as-a-Service is a white-labeled solution that is offered to would-be startups who would like to engage in the business of typically cross-border money transfer solutions. Strictly speaking, Money Transfer-as-a-Service can also be applied to the transmission of money across state lines (as in the United States for example).
Is Money Transfer-As-A-Service Like Creating a Western Union?
It can be, but it is not limited to, being a business related to person-to-person remittances only. Money Transfer-as-a-Service can easily be used by companies engaged in the Business-to-Business (B2B) or Business-to-Consumer (B2C) space. Even a combination of these two, like B2B2C.
No matter what your focus, if you are looking to enter into the licensed and highly regulated world of money transfer, then money transfer-as-a-service might just be the right thing for you.
Much of the offering has already been explained in Remittance-as-a-Service. If you would like to learn more on how money transfer-as-a-service can be beneficial to your business and how it can enable you to go to market faster, please fill out the form below.
This page was last updated on May 26, 2023.