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Adding a new product or service can significantly increase revenue for an MSB. Whether it is money transmission, ATM services, or another offering, early coordination with the bank helps ensure your new service launches smoothly and begins generating income as quickly as possible.
Many service-related delays occur when new offerings are added without notifying the bank in advance.
Each product or service comes with specific monitoring, reporting, and account requirements. The bank must be able to review activity accurately and ensure it aligns with regulatory expectations.
When a new service is launched without notice, activity may flow into the wrong account or lack required reporting. Fixing these issues after the service is live often causes delays or temporary interruptions.
ATM Services
If you are adding an ATM, the bank typically requires:
ATM activity cannot be combined with other MSB transactions due to reconciliation and compliance requirements.
Money Transmission Services
This includes services such as Western Union or other money transfer providers.
While these services may not require a separate account, they do require monthly reporting. At a minimum, reports must include:
These reports allow the bank to identify patterns, monitor risk, and meet regulatory obligations.
Even if a third-party provider has its own compliance program, the bank is still responsible for monitoring the activity flowing through your accounts.
Some MSBs assume that because a vendor manages compliance on their side, the bank does not need reporting. This is a common misconception. Ultimately, the funds flow through the bank, and the bank must conduct its own review.
Failing to provide required reporting can delay approvals, reviews, and future expansion plans.
Adding services often requires:
When these steps are completed in advance, services can go live quickly. When handled after launch, they often result in delays, holds, or additional review.
Growth is a positive step for any MSB. Whether you are adding a new product, service, or location, early communication with the bank helps ensure the process is efficient and compliant.
Starting the conversation early allows the bank to guide you, prepare properly, and help you move forward with fewer obstacles and less frustration.
If expansion is even a possibility, reaching out now can save significant time later.
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