First of all, I want to thank you for your continued patience. To update this, my colleagues and I literally reached out to over 100 money transfer operators around the world and asked what their top five weaknesses are. The response has been impressive and we have been working hard in recent weeks to meet these needs.
Based on our various agreement and correlation of results, it turns out that the following items are the most popular among almost all money transfer operators in the world.
In no particular order they are:
1. Access to banking activities.
Having a bank account in your name that is beneficial for financial services includes money transfers and the ability to send money abroad. All this at a relatively low cost for MSB / MTO.
2. Local payment processing, mainly ACH payments (for the US).
Looking for bankers or payment institutions that offer low-cost ACH processing for US-based MTOs.
3. Card acquisition and payment processing.
Being able to accept debit cards (credit cards were few in the required list) and process them at a relatively lower discount rate (MDR).
4. Foreign / non-territorial banking relationship.
Manage linked bank accounts outside of your authorized area that neighboring / pseudo correspondent banking services and money transfer operators can provide. Turkey and Europe are favorite places.
5. Expand the payment network.
Improvement and expansion of the local network of local correspondents, the slight decrease in back office times and effort, and decrease in capital pre-financing. High demand and need for liquidity on demand and pre-financing.
6. Web-based online system.
Most money transfer operators have a great need to expand their online business without investing heavily in developing their own solutions, without expanding their IT staff, and without worrying about the complexity of owning and maintaining a complex code base for the software product. The system should cover all aspects of online transactions, eKYC, user registration, transaction tracking system, fraud management, payment processing, etc. Deck. Covered area. Covered area. Covered area. Covered area. Covered area.
7. Extensive License Options (Collaboration).
Increase your license footprint without cooperating with competitors? The way it should be structured is such that there is no competition and that the architecture of the association created with the original MLS is used (multi-budget service, not to be confused with NMLS).
8. More vertical product offering.
Customers offer more than just money transfers. You want to be able to issue tickets, invoices, commissions, and other vertically integrated services without having to invest upfront.
9. Severity due to transfers to Neo Bank.
Take advantage of your existing customer base and move to a more revenue-generating base that offers your customers advanced financial services (wallets, debit cards, credit-based products, etc.) that allow you to increase your earnings.
10. Small value transfers and real-time micropayments.
The world is slowly shifting in real-time to small international money transfers and micropayments. How can you participate and participate in transportation?
11. Increase in business.
If you expand your service offering with B2B, B2C, and other types of payments and you have a physical network, how can you use that part of a global network of physical locations for joint transfers?
12. Introduction to Cryptocurrency.
How can I start working with cryptocurrency without processing existing business relationships, especially banks, processing payments, and maintaining things with the kosher regulator?
Our company has worked on these challenges for the past four years and we are proud to say that we have finally overcome all of the above obstacles and provided a pragmatic solution to existing money transfer operators, money transfer service providers, and money services providers. companies, etc.
I encourage you to share and discuss this with your senior management. This is your wish list. This is our delivery list. This is not a dream. Today we offer all these services. You may not be ready for all services on day one, but rest assured – this is the result of partnering with over 100 money transfer operators and over 1000 fintechs we have spoken to over the years.
You can take one of two positions.
Draw what has been said above and prepare your business for a future inventory, otherwise, you will fall into the present, which means you will eventually grow old.