No you do not have to have a license to use the Remittance as a Service offering for the origination of funds from Canada. Our Solution provider will provide you with licensing coverage as they are licensed with Fintrac for all provinces in Canada as well as Quebec.
If I am licensed as an MSB can I take custody of funds?
No. Even if you are licensed as an MSB with Fintrac in Canada you cannot take custody of funds under our Remittance as a Service offering as it is a White Label offering the processing and compliance are handled by the principal license holder (PLH) that is sponsoring you. You will be working under our solution provider’s license. You will in essence be working as an Independent Sales Organisation (ISO). Legally the solution provider will own the client.
Yes, you can bring your own licensed payout partner, however, due diligence needs to be conducted and a correspondent tie-up would be necessary.
The payout partner.
Yes, provided the correspondent in the tie-up country is able to show proof of delivery of funds. We can then send money to an account anywhere in the world, but it MUST be in the correspondent’s name.
You can, but we doubt if they will reduce their fees. The fees have been designed to make the offering very competitive.
We have different pricing for both web and mobile apps (both set up and monthly platform maintenance fees. If you bring your own platform the Solution Provider will provide the APIs.
Initially, you can make payouts in 5 countries. More countries can be added after 90 days for no additional cost subject to the approval of the Solution Provider
Please see this link to see your monthly cost and One-time Set up cost
The Minimum Monthly Commitment Fee is US$1,000 ( consider this the minimum business you are guaranteeing the Solution provider in terms of transaction cost)
The Solution Provider we work with requires at least a one-year contract. If you decide to cancel the contract before the year, you would still be responsible for the monthly commitment fee for the remaining months.
- The Signup Process for RaaS Canada
- Frequently Answered Questions (FAQs) – RaaS Canada
- RaaS Canada Pricing
- Payment Schedule for Canada RAAS
- Payout Countries for RaaS Canada
- RaaS Canada Cheatsheet
- Sample Calculations Where $250 is being remitted – RaaS Canada
- Sample Calculations Where $500 is being remitted – RaaS Canada
- Sample Calculations Where $1,000 is being remitted – RaaS Canada