BitRail, a fintech platform that creates, manages and houses bespoke digital payments for merchants, is excited to announce that it has secured it’s 51st and final Money Transmitter License (MTL) or state exception. This milestone allows BitRail to offer merchants less expensive alternatives to traditional money transmission.
A money transmitter license is required for any business that transfers funds, regardless of the amount, unless an exception applies. These licenses ensure the safety of the payment system and protect consumers and businesses.
BitRail is now one of a very small number of companies to secure MTLs or exceptions in all 50 states plus Washington DC. BitRail shares this distinction with some of the largest technology companies in the United States.
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Money transmitters have become a modern necessity. As consumers increasingly rely on online platforms to pay for everything from grocery orders to clothing, digital-wallet and peer-to-peer money transfer applications have seen a surge in users.
But operating a money transmitter business requires compliance with federal, state, and local regulations. Most states have not adopted a uniform definition of money transmission, and so this can vary from state to state. The process to secure these MTLs and ensure ongoing compliance is expensive and time consuming.
BitRail can now work with merchants in all 50 states and DC to launch and manage their own branded payments. These payments can save merchants up to 3% per transaction, drive loyalty and improve branding.
“We’re thrilled to achieve this milestone,” says Jeff Siegel. “It has taken us years and untold resources to be able to process money in all 50 states and DC. It is exciting to be in the same ballpark with some of the biggest companies in the United States,” said Siegel.
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