So you want to start a money transfer business. Well, I have a complete playlist for it, over 70+ videos that explain all the nuances of the money transfer / cross border payments business. So why make this video?
Well, this video discusses the top 10 things you should know before you start your own money transfer business.
So here is the list:
1. Understand how it works, understanding the language and the rules of the game.
Playlist: How to setup a money transfer business.
2. Find out the licensing requirements and options in your area.
3. Market research, make a business plan and feasibility study.
Architecting a mobile wallet that customers want. (A long article that tells you how to field research your idea and how to write a lean canvas business template)
4. Lockdown the markets you will service.
5. Price and spec your product offering.
6. Funding, how much money will you need.
7. Take basic AML training, there a plenty of resources on YouTube that will teach you the basically and then take some basic level certificate of attendance.
8. Lockdown your solution provisioning which includes vendor/app, banking, compliance, the flow of funds, etc.
9. Get your correspondent tie-ups established.
What is a Correspondent Tie up? & Why is it necessary?
What is a Tri-Party Correspondent Tie-Up Agreement?
10. Marketing and execution plan. Try to convert 25 people whom you know and 25 people whom you don’t know to use your system, work with their feedback and improve your marketing and sales pitch.
Are you in need of licensing coverage for your MSB? Or looking for a banking solution? Talk to us and see how we can help. Schedule a call by clicking below.