What is the compliance and regulatory structure?

Pay Lynxs works with some of the largest banks in the world and is exclusively focused on working with banks to help them develop money transfer products.

Pay Lynxs has the compliance tools to keep your bank compliant with local regulations. For the service within the U.S. your bank will have an agreement with Pay Lynxs and a separate agreement with a correspondent bank for ACH processing. Pay Lynxs will perform a Know Your Customer check on all new customers as well as validate that they are the owner of the accounts they are using for funding their payments. Furthermore, Pay Lynxs offers real-time compliance scanning for all payments (e.g. against the list maintained by the U.S. Treasury's Office of Foreign Asset Control and/or the European Union Sanction list). Your bank will have 24X7 access to on-demand reports to view and download remitter, beneficiary and transaction information at any time for additional scanning if necessary.

Other Parties Involved

For the U.S. service your bank will need to use its correspondent bank or a partner bank of Pay Lynxs to process the automated debits against an individual account. The agreement will include the ability to originate debits such an ACH agreement in the United States and/or a Merchant processing agreement for credit/debit card funding. Pay Lynxs will act as your agent to send files to the financial institution in order for them to process the electronic debits or charge the customer's card. You will have two agreements to operate the U.S. service, one with Pay Lynxs and one with a financial institution.
For the service in Australia, France, Germany, New Zealand, Singapore, and United Kingdom you will only need an agreement with Pay Lynxs. In these the Remitter will separately fund their transactions by sending a domestic funds transfer to your local correspondent account.