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Anyone with expertise in fintech:
I've been researching P2P payment operations to bring to countries other than the US. Upon my research, a lot of the parameters and info seems to be pertinent to the US banking laws and regulations. I'm trying to figure out what the necessary pieces are to set up something like this in any country. From my understanding, it works like so (use venmo as the subject): Venmo is an intermediary between one personal bank account and another which could be within the same bank or between different banks. Venmo acts as a wallet through an escrow account they have with a strategic banking partner (I believe it to be Wells Fargo). Apparently, another alternative to a strategic banking partner is incorporating an API like one Visa offers, but don't fully understand how that works. So here are some questions:
Pay ins/Payouts to the wallet - are they wires, ACHs?
How does Venmo process transfers from one bank to another in such little time, and for free? What are the pieces that would need to come together to make the this feasible?
What are the necessary parties that need to be involved?
Is the up-front capital investment high? If so, why?
Would be very grateful for anyone with industry specific knowledge to answers theses questions. I been researching online and come across varying degrees of answers so trying to consolidate and make sense of all the info.
Thanks
I've been researching P2P payment operations to bring to countries other than the US. Upon my research, a lot of the parameters and info seems to be pertinent to the US banking laws and regulations. I'm trying to figure out what the necessary pieces are to set up something like this in any country. From my understanding, it works like so (use venmo as the subject): Venmo is an intermediary between one personal bank account and another which could be within the same bank or between different banks. Venmo acts as a wallet through an escrow account they have with a strategic banking partner (I believe it to be Wells Fargo). Apparently, another alternative to a strategic banking partner is incorporating an API like one Visa offers, but don't fully understand how that works. So here are some questions:
Pay ins/Payouts to the wallet - are they wires, ACHs?
How does Venmo process transfers from one bank to another in such little time, and for free? What are the pieces that would need to come together to make the this feasible?
What are the necessary parties that need to be involved?
Is the up-front capital investment high? If so, why?
Would be very grateful for anyone with industry specific knowledge to answers theses questions. I been researching online and come across varying degrees of answers so trying to consolidate and make sense of all the info.
Thanks
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