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
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
Number of FinCEN registered MSBs in the United States
Size of the MSB market in the United States with a CAGR of 5.4%
Number of independent ATM businesses in the United States
Size of the independent ATM market in the United States with a CAGR of 8.0%
Common MSB and ATM Industry Participants
Check Cashers & Money Transmitters
Money Order Providers
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.
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.
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.
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.
Request Free Advisory Session or Demo
We love to talk new markets and compliance. Contact us for a free advisory session or demo.