Through the new offering partners can leverage Obopay’s money transfer licenses and compliance expertise to facilitate bringing their own payment solutions to market (view press release). The service extends agency agreements to partners and ensures compliance with state regulations. Partners can also leverage Obopay’s connections to a range of payment networks and gain access to risk management, compliance and settlement capabilities.
“The payments market is quite complex and requires expertise in compliance and working with state and federal regulators to ensure proper licensing, oversight and controls,” said Chris Martin, EVP of operations and chief compliance officer at Obopay. “To obtain money transfer licences and maintain them in good standing takes a large investment in time, money and specialised people. By working with Obopay, our partners significantly reduce their time to market and are assured of meeting all applicable regulatory requirements.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more