MSBs stand for Money Services Businesses. These are businesses that provide financial services such as money transfers, currency exchange, check cashing, and other similar services. MSBs can include traditional financial institutions like banks, as well as non-bank entities such as money transfer operators, payment processors, and other financial service providers.
MSBs often need cross-border payment SaaS providers for MSBs to facilitate their money transfer services. Many MSBs offer international money transfer services, which involve moving money across borders and converting it into different currencies. To do this, MSBs need access to cross-border payment services that can help them process these transactions quickly, efficiently, and securely.
Cross-border payment services can also help MSBs manage the risks associated with international money transfers, such as fraud, money laundering, and other illicit activities. Many cross-border payment providers offer compliance tools and fraud detection systems that can help MSBs detect and prevent fraudulent activities.
MSBs need cross-border payment services to:
-Facilitate international money transfers
-Convert currencies
-Process transactions quickly, efficiently, and securely
-Manage risks associated with international money transfers, such as fraud and money laundering.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog