You’ve probably heard the term “Program Manager”, but what exactly does it mean? Who is a program manager and what do they do? Watch this quick video to learn more.
Hello my name is Faisal Khan I’m a banking and a payment consultant. And the question I am answering today is what is a program manager. You’ve seen me ask and mention, well, you’ve not asked, you’ve seen me mention it or say it so many times the program manager, the program manager, program manager – What is it?
Well, the program manager is a nonbanking financial institution that may or may not have a license. Typically it does not have a license but what it does is it’s engaged in a financial services realm. So as a program manager. I can go to a bank. I can sign up with them. I let the bank handle the funds I let the bank handle everything. I let the bank handle the compliance etc. but I take those templates…The responsibility of how compliance is to be done the responsibility how AML and KYC will be done. The responsibility of identity verification of source of funds etc. I will work with the banks APIs and my technology stack, I will work with the sales point, the margins, the clearing, the forwarding, the agreements. I would put all of these things together and I will manage them.
So when you as a client come to me and say hey I want money transfer as a service or remittance as a service. I am the program manager. I am handling your case. I will provide you access to the API. I will work with you on the, on the compliance. I will tell you what the bank told me with respect to KYC and ID is concerned. I will work with you for settlements and finding you settlement partners, providing you bank accounts, providing you processing, providing you legal coverage, regulatory coverage, all that is being managed by me and the company that manages it, is called a program manager. So that is what a program manager is.
Sometimes, you know, next time you get on a call and someone says hey you know what we are the program manager etc etc, you know exactly what they’re talking about. Now I hope I was able to answer that. If you have any other questions or comments, feel free to ask in the comments section below I’ll be happy to answer. Till next time, take care.