Remittance Agent Network Provider News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Published April 29, 2021, 6:00 AM
The Money Service Business (MSB) essentially covers the business of those engaged in remittances, money transfers and foreign exchange dealership involving currency and monetary instruments, including virtual assets. There are several types of entities involved in these operations and it may really be difficult for ordinary consumers to distinguish one from another. This is the reason for their simplified descriptions below.
The first group would be the Remittance and Transfer Companies (RTCs) or those entities that provide Money or Value Transfer Services (MVTS ). They accept monetary instruments for payment to a beneficiary by means of communication or message through a clearing network. Under this group would be the Remittance Direct Agents (RDAs) or those which remit in behalf of a party engaged in the remittance business, and the Remittance Sub-Agents (RSAs) or those authorized by the RDAs to do any part of the remittance business. Un ....

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