Okay, so you like everything about Remittance-as-a-Service (RaaS) model, but you have that question, (other than cost), how long does it take to set it up? Well, this video answers that question in under 2 minutes.
You may also want to view this video which provides information on “What is Your Business Intelligence Plan?” https://www.youtube.com/watch?v=pYIKd…
Hello. My name is Faisal Khan. I am a banking and a payment consultant. The question I am answering in how to start a money transfer youtube series is how long does it take to start something called remittance as a service or RaaS.
Well, the answer depends on how ready you are. Typically to find a program manager to work with you, it takes about 10-12 days. For the program manager to do due diligence on you, ask all the relevant questions, your marketing plan, all the, there is a video I will link to down below that requires work, all you need to provide in order to get a program manager to work with you for regulatory coverage, takes about a week to 10 days. So, we’re already talking about three weeks three and a half weeks. If all is good they will present you the term sheet and the financials, and if you accept you could be up and running literally within a week to 10 days.
So, all in all at the very minimum it can be somewhere as little as maybe 4 weeks, and if you are not ready and you know you have to get some material ready and you have to provide it to them make it available to them, it can take as long as three months even. In my experience, most of my clients who are entering the field and want to take advantage of RaaS – remittance as a service, typically sign up and have access to the APIs and are looking at going live in about six weeks.
So, the average answer I tell my clients is about six weeks is how long it takes. It can be as low as three weeks if absolutely everything is ready, but it happens maybe one in ten cases. So typical times six weeks to get ready for a RaaS.
I hope I was able to answer the question. Please do look below in the how to start a money transfer YouTube series. The link is below. It has all the relevant videos, and if you have any questions or comments feel free to ask below, I’ll be happy to help. Thank you. Till next time, take care.
This page was last updated on December 10, 2019.