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Money Remitter: Instant Intelligence

Break down bulk deposits into sender and receiver specific information

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Market Dynamics

The global money transfer market is huge and growing. Globally, it is estimated to be $575 billion annually, with the US market accounting for an estimated $61.4 billion dollars. The money remitter industry has consistently enjoyed double digit growth for the past 20 years.

Current State: Risk Exceeds Reward

The Financial Services industry is under tremendous pressure to keep up with modern day anti-money laundering laws. Post September 11 regulations have caused many banks to leave the business of servicing LMT's because of their inability to properly service these clients while meeting the current standards of Federal and State governments.

However, the events of September 11, 2001 significantly increased regulations under which licensed remitters must operate and have made it increasingly more difficult to avoid fines and operate safely within the industry. This is particularly true regarding cash transactions as banks are expected to know their customers' activity, as well as their customer's customers' activity when only limited information is available.

Over the last decade, many banks have found it preferable to close remitter's accounts rather than service their bulk cash deposits and risk consequences.

DepositSlips Solution: Reward Exceeds Risk

DepositSlips clears hurdles for banks maintaining or reentering the profitable cash remittance business by providing access to source of funds information on the individual items in a bulk cash deposit. This allows banks to be fully compliant with Bank Secrecy Act/Anti-money Laundering (BSA/AML) State and Federal laws.

This enables banks to open and maintain new and large depository relationships without the risk and cost of heavy regulatory fines.

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