Obtaining a new Money Services Business (MSB) bank account has been streamlined through the use of the Capital Compliance Experts (CCE) Bank Profile Summary (BPS) solution. BPS offers assistance to both established and new businesses in acquiring an MSB bank account, resulting in time savings, reduced fees, and personalized support.
Running a Money Services Business (MSB) presents unique challenges, with one major hurdle being the acquisition of a bank account. Due to perceived risks, many traditional banks have strict requirements and reservations about working with MSBs. BPS addresses this by providing transparency in the approval process for MSB bank accounts, eliminating the guesswork for banks.
Streamlined Process
MSBs must comply with a distinct set of rules and regulations under the Bank Secrecy Act (BSA), making the process of obtaining a bank account complex. BPS simplifies this process by understanding the requirements of banks and the unique business models of MSBs in four steps.
STEP 1 – Review
To determine your preparedness, we carefully assess your BSA/AML Program, Independent Review, Business Plan, Risk Assessment, and other relevant documents.
STEP 2 – Customer Profile
A Bank Profile Summary is crafted and tailored to your specific business model, increasing your chances of success.
STEP 3 – Bank Match
Our team will research, identify, and qualify suitable banks compatible with your business needs.
STEP 4 – Application Support
We help you navigate the bank’s application process, moving you past the gatekeepers and helping you prepare for interviews, empowering you to present yourself confidently.
MSB-Friendly Bank Partnership
A significant advantage of the BPS process is its extensive network of MSB-friendly banks. These banks are eager to collaborate with qualified MSBs. Through extensive research, suitable banks are identified and qualified based on specific MSB requirements. This partnership saves valuable time and effort in searching for banks that are open to working with MSBs.
Tailored Customer Profiles
To enhance the chances of success, a BPS clearly describes a customer’s business and defines their dedication to adhering to bank and BSA compliance requirements. These profiles present the MSB in the best possible light, emphasizing the aspects banks look for when evaluating applications. With BPS, MSBs can ensure that their applications stand out and increase the likelihood of approval.
Expert Guidance & Support
Navigating the bank application process can be overwhelming, particularly for new MSBs. The BPS solution provides valuable support by offering guidance on the bank’s application process and preparing MSBs for interviews. Knowledgeable experts provide general consulting as needed, ensuring that MSBs have the necessary information and confidence to present themselves effectively during the application process.
Benefits of BPS
Choosing BPS brings numerous benefits that enhance the banking experience for MSBs. First, it allows for savings on banking fees compared to traditional options. BPS also offers the convenience of electronic deposits through BankConnect, enabling seamless and efficient transactions. MSBs benefit from designated MSB bankers who provide a personalized banking experience tailored to their unique requirements.
The streamlined process ensures quick account approval, reducing waiting times and enabling MSBs to initiate banking operations without unnecessary delays throughout the USA, Canada, Mexico, and more. BPS also provides ongoing support from CCE, assisting MSBs with application and account maintenance whenever necessary.
Bank Account Types
BPS offers a range of bank account types catering to different MSB needs. Business Checking accounts facilitate efficient management of day-to-day transactions, while Merchant Services accounts optimize payment processing capabilities. Additionally, specialized Money Services Business (MSB) accounts are designed specifically to meet the unique requirements of MSBs.
Conclusion
Bank Profile Summary (BPS) is revolutionizing the process of obtaining bank accounts for Money Services Businesses (MSBs). Through its streamlined process, an extensive network of MSB-friendly banks, customized customer profiles, and expert guidance, BPS simplifies the journey for MSBs and increases the likelihood of bank account approval. By choosing Capital Compliance Experts to build your BPS, MSBs can save time, reduce fees, and enjoy personalized support, enabling them to focus on growing their businesses. Embrace the convenience and efficiency of BPS and bid farewell to the challenges of banking for MSBs.
The Bank Profile Summary (BPS) service is provided by Capital Compliance Experts. Please note that while we help businesses obtain a bank account, we are not a banking institution.
Tags: AML, Bank Account, Bank Secrecy Act, BSA/AML Programs, BSA/AML Risk Assessment Review, High Risk, Independent Review, MSB, MSB Account, Risk Assessment, Risk Level, Third Party Independent Reviews
