Virginia-Licensed Money Transfer Operator Seeking U.S. Banking Partner

Summary

A Virginia-licensed money transmitter, operating since 1999, is looking for a U.S. banking partner for client funds and international money transfers. Expected volume is about US$3 million a month with an average transaction of about US$350. Needs include a checking account, FedWire, SWIFT and card processing with an FDIC-insured bank.

Description

A U.S.-registered and Virginia-licensed Money Service Business / Money Transfer Operator is seeking a banking partner to support client funds and international money transfer activity.

The company has been operating since 1999 and expects to process approximately USD 3 million per month, with an average transaction value of around USD 350.

Business Profile:

SFB Capital Systems LLC is a U.S.-registered money service business licensed in Virginia as a money transmitter. The business provides money transfer services and requires banking support for client fund activity.

The company does handle cash but does not engage in check-cashing, lending, cryptocurrency, prepaid/loadable card services, or fintech activity.

Required Banking Services:

The client is seeking access to: Checking account; FedWire; SWIFT; Card processing; FDIC-insured banking relationship.

Use of Account:

The account will be used for client funds related to licensed money transmission activity.

International Corridors:

The client expects to send international payments to: Ghana; Sierra Leone.

The client does not expect to receive international payments.

Transaction Profile: Expected monthly volume: USD 3 million; Average transaction value: USD 350; Transaction type: B2C; Aggregation: No.

Compliance Notes:

The client confirms: Full-time compliance officer in place; Full OFAC screening on incoming and outgoing payments; No regulatory warnings, citations, suspensions, or license cancellations; No personal bankruptcy filings in the past 10 years; No current PSP; No use of another party’s bank account; No FBO requirement; No omnibus account requirement; No nesting of funds; No correspondent banking services; No sanctioned or prohibited country activity; No fraud or chargeback issues reported.

Timeline:

The client is ready to move forward immediately, ideally within the next 10 days.

Deal-Breakers:

None listed.