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MSB & ATM Businesses

The changing financial industry is creating growth opportunities for Money Services Businesses (MSBs) and independent ATMs, with financial institutions able to earn fee income and increase deposits due to their unique banking needs and significant role in underbanked markets.

Why serve MSB and ATM Businesses?

In underbanked communities, MSBs and ATMs are often the sole financial service providers. By serving these businesses, banks and credit unions can not only promote financial access and equity for all, but also benefit from the opportunities these sectors offer.

Access New Revenue Streams

Unlock new sources of non-interest fee income in your own backyard

Serve Underbanked Markets

Drive financial inclusion by helping serve the 55 million unbanked or underbanked individuals in the US

Stable Deposits from Reserve Accounts

Increase deposit stability with sticky deposits from reserve accounts held by MSB and ATM businesses

Cross-Selling Opportunities

Unlock lending and merchant services opportunities through your increased reach

Gain a Competitive Edge

Differentiate from other financial institutions to stay ahead of the competition

Increase Brand Awareness

Establish a strong local presence by reaching a wider audience

Industry Stats

Common MSB and ATM Industry Participants

A smiling woman standing behind a check cashing counter
Check Cashers & Money Transmitters
A bearded man interacting with an ATM
Non-Bank
Owned ATMs
A local convenience store
Money Order Providers
One person handing another person a prepaid gift card
Prepaid Card Providers

The Tools You Need to Make Compliance Easy

MSB and ATM businesses require a higher level of BSA/AML oversight, often making it challenging for financial institutions to easily comply with regulatory expectations.

 

Our solutions help you navigate these complexities while saving you time, resources, and countless headaches.

A screenshot of the RiskScout product showing insights from a potential customer's onboarding application

Applicant Insights

Complex business models require robust information. RiskScout's MSB and ATM applications deliver the insights you need to ensure the applicant is an ideal fit for your institution in a way you can easily understand.

Automate Your First Look

Take the guesswork out of vetting with our due diligence FirstPass reports. RiskScout verifies business claims, ensures compliance, and detects red flags to help you make streamlined and informed risk-based decisions.

A screenshot of the FirstPass software showing verified data and red flag that need review
A calendar with automated reminders from the Checkpoint feature in RiskScout's software

Automate Recurring Due Diligence Collections

Get rid of the hassle of collecting recurring due diligence information manually. RiskScout's Checkpoints enable you to gather information directly from your MSB and ATM clients, simplifying the process and saving you time.

Effortless Review Tracking

Eliminate reliance on calendar reminders and spreadsheets with RiskScout's EDD review scheduling tool. Streamline your processes by documenting reviews directly within the platform using pre-built MSB and ATM specific review templates.

A screenshot of a review template for MSBs and ATMs to demonstrate ease of use
An image of an alert notifying the user that their customer has gone bankrupt so they can respond accordingly

Ongoing Monitoring

RiskScout's continuous monitoring gives you peace of mind by keeping a watchful eye on key business details and beneficial owners, including adverse media, bankruptcies, watchlist hits, SOS issues, licensing, and more. With RiskScout, you'll be the first to know if anything changes with your customers.

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Request Free Advisory Session or Demo

We love to talk new markets and compliance. Contact us for a free advisory session or demo.

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