If you want to start a money transfer service geared for person-to-person transfers across borders (cross-border payments), then remittance-as-a-service (or RaaS) might be the best starting point for you.
Remittance-as-a-Service or RaaS is a term that was coined by Faisal Khan (our CEO & Co-founder) in 2013. The quest was to find a legal method to offer white-label remittance services to startups and incumbents alike for the US market (which is fiercely guarded, complex, and expensive to operate in). Like Software as a Service (or SaaS), remittance-as-a-service refers to the whole money transfer business offered as a monthly payable service.
Definition
The following is the brief business definition of the service:
Remittance-as-a-Service is an all-encompassing solution that allows ISOs (Independent Sales Organizations) and Incumbent MTOs (Money Transfer Operators) alike to offer a managed services to their clients under a white-label offering where all aspects of the regulatory aspects, such as licenses and compliance are covered by the PLH (Principal License Holder) that is sponsoring you for the program.
Disclaimer: Not a legal definition.
Who is this for?
Startups who would like to start a money transfer (remittance) business but do not have the necessary bandwidth (capital & time) to get licenses and would like to be able to get a fully white-label solution under their brand name.
Also, for incumbents in the same territory or from outside the United States, who would like access to the US money transmitter licensing market, but do not have the capital and time to invest in obtaining the additional money transmitter licenses in all the other states.
Offered in the following countries:
 United States |  Canada |
 Europe |  United Kingdom |
Program Details
Please go through the following program pages that highlight more information on the given subject.
- What is Money-Transfer-as-a-Service (MTaaS)
- What is Remittance-as-a-Service (RaaS)?
- Backstory on Remittance-as-a-Service
- API, Mobile or Web
- Pre-Requisites
- Crypto or Not
- Sample Correspondent Agreements
- Understanding Custody of Funds
- How to submit a detailed Flow of Funds (FoF)?
- Frequently Asked Questions for Remittance-as-a-Service
- Due Diligence (DD) Documents Requirement
- Payment Schedule for Remittance-as-a-Service
- Draft Referral Agreement
- Shall We Test Your Knowledge On Money Transfer?
- Detailed Pictorial FAQ (Frequently Asked Questions) About Our Remittance-In-A-Box Solution (Outdated)
- Your own Money Transmitter Licenses versus Remittance-as-a-Service
Ready to sign-up for RaaS?
Restrictions
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Prerequisites
Having a reasonable understanding of the money transfer market. The program assumed you know the nomenclature, business vernacular, and the intricacies of the business. You can test your general knowledge about the money transfer/remittance industry by taking this Quiz.
See Also:
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Forms
The following forms are applicable to RaaS:
- Choose a package: Client Interest Form: RaaS (Remittance-as-a-Service) Pricing Packages Form
- Fill out the List of US must-have states and payout countries
- Fill out the License Regulatory Coverage Questionnaire
Ready to sign-up for RaaS?
Sign up for RAAS below!
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This page was last updated on August 12, 2022.