Our system also benefits from the global sanction list, meaning senders/payees are always scanned against the list.
- Currency or foreign exchange dealer
- Cheque casher
- Issuer of traveller’s cheques, money orders, or stored value
- Seller or redeemer of traveller’s checks, money orders, or stored value
- Money transmitter
- e-Wallet/e-Money/m-Wallet issuer, remitter or transmitter.
On top of that you need to put in place good operational, record-keeping and accounting systems and be able to report clearly on all your transactions.
MTA is a reliable money transfer system that will help you to set up properly and securely, complying with the necessary regulations.
This is one of the more technical and tricky things to put in place when setting up your MSB and failure to do it correctly can lead to big fines and legal action. By using MTA, you can rest assured that you’ll set up properly, as you’re in expert and experienced hands.
For example, it could mean setting up banks accounts solely online, with security clearance features being presented via mobile phone or chip and PIN device. Or it could mean attending a meeting for a business loan with a bank staff member via Skype and signing the documents via tablet.
MTA provides the technology, security and infrastructure to allow for branchless banking services.
m-Wallets work much like prepaid credit cards and top up cards. They need to be loaded with money prior to use and then funds held on the m-Wallet are securely accessed directly from the mobile phone.
This makes it incredibly quick and convenient to use as a method of payment, typically using your mobile phone, through a simple SMS text or via Near Field Communication (NFC).
It is highly secure and requires either a PIN number or fingerprint identification to access on your smartphone so you don’t have to worry about compromised financial information if you lose your phone.
- Fast – the ‘velocity’ of money
- Weighs nothing and you don’t have to carry it around
- International and borderless
- Allows for easy accounting
- Cheap – no government issuance and protection etc,
- No fees for use of technology – uses open source code
- Fuel for permissionless innovation – no need to ask to use it.
- No cash, only access to ledger units, as a blockchain
- Truly public, no privacy at all.
- Still an infant currency and is relatively easy to steal and is unstable