Telecom Lead America: Obopay, a mobile banking and
payment solutions provider, has launched Obopay Licensed Payment Services for
Partners.
The company said that it extends agency agreements to its
partners and ensures compliance with applicable state and federal regulations
with its Licensed Payment Services for Partners.
The company added that Partners can also take advantage
of its connections to a broad range of payment networks, as well as
its risk management, compliance and settlement capabilities that
enable companies to deliver additional unique services under their own brands.
The Payments market is quite complex and requires
expertise in compliance and working with state and federal regulators to ensure
proper licensing, oversight and controls. Obopay. By working with Obopay, our
partners significantly reduce their time to market and are assured of meeting
all applicable regulatory requirements,” said Chris Martin, EVP of Operations
and chief compliance officer.
Obopay Licensed Payment Services for Partners enables
partners to use Obopay’s money transfer licenses throughout the U.S.
and its expertise in abidance to accelerate bringing their own
differentiated payment solutions to market.
Money transfer licenses are regulated at the state level,
and are required in the U.S. for companies that are not financial institutions
themselves yet seek to move money between people or hold value on their behalf.
Money transfer licenses also allow companies to
process interbank payments across banks and payment networks.
Obopay is a money services business, maintaining money
transfer licenses in all required states throughout the U.S., and is registered
with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury
Department.
Obopay partners with Warid Telecom to unveil Warid Pesa in
Uganda
A few months back, Obopay tied up with Warid Telecom, to
launch mobile banking and payment service, Warid Pesa, in Uganda.
Warid Pesa provides a prepaid account that enables
customers to perform e-money transactions, pay for goods and services as well
as settle accounts.
editor@telecomlead.com