Expand compliant financial operations in the U.S.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, maintains a database of registered Money Services Businesses (MSBs) here.

Alviere's roots go back to a company called Mezu and Mezu (NA), Inc. dba Alviere is a registered MSB with FinCEN and licensed money transmitter throughout the United States. A list of all U.S. jurisdictions where Alviere is licensed can be found here.

In the context of regulatory compliance in the United States, both Money Services Businesses (MSBs) and licensed money transmitters fall under the regulatory scope of FinCen. The Money Services Business Association (MSBA) notes that MSBs could be categorized as Non-Bank Financial Institutions (“NBFIs”) and thus broadly defined as “financial institutions other than banks that offer financial services.” According to FinCEN, MSBs include currency dealers or exchangers, check cashers, issuers of traveler's checks or money orders, sellers or redeemers of traveler's checks, money orders, or stored value cards, money transmitters, and, in some contexts, even the U.S. Postal Service. It’s a broad category covering various financial functions.

Money transmitters are a specific type of MSB in the business of transmitting money or monetary value from one person or company to another, often across borders. This can include businesses facilitating payments, sending remittances, or providing virtual currency exchange services. In addition to registering with FinCEN as a Money Services Business, money transmitters must obtain licenses in the states where they conduct business. There is no federal money transmitter license (MTL) in the United States. Instead, money transmitters must seek licensing state by state.

In the United States, securing money transmitter licenses (MTLs) is a state-by-state process that can take years to complete. It typically involves creating a business plan, registering with FinCEN, and undergoing background checks. Additional obligations include developing Anti-Money Laundering (AML) programs and meeting financial criteria like surety bonds and net worth minimums, with costs ranging from thousands to millions of dollars. For more detail, see this article.

To maintain the MTLs, companies must comply with state and federal regulations, maintain surety bonds, and submit to regular audits. Operational integrity requires cybersecurity measures, business continuity plans, and effective change management. Acquiring and maintaining MTLs demand significant time, resources, and capital.

Financial institutions and financial technology companies operating in the European Union as electronic money institutions (EMIs) or payment services providers will be familiar with the concept of “passporting” financial licenses to operate across the entire region. After securing licensing from the regulatory authority in one country, this centralized model allows the company to operate across the entire EU and European Economic Area (EEA). The United States, however, does not have a standardized regulatory framework, with requirements and applications for securing money transmission licenses (MTLs) varying state-by-state.

The costs (application fees, surety bonds, legal and consulting fees) and time required to obtain MTLs vary widely depending on the number of states and their individual requirements. For licensing in all geographies, the process is likely to take years. For more on how the process varies in the EU vs. U.S., see here.

Alviere works exclusively with large enterprises. 

The modular Alviere HIVE platform, together with our money transmission licenses (MTLs) and team expertise, ensures reliability, flexibility, and long-term success. 

Much of the success of any program hinges on the ability to partner with a provider that can deliver flexible technology, coupled with a complete compliance and risk management framework. Alviere is a licensed, regulated financial institution, which assures a direct relationship with state and federal regulators. This mitigates the risks associated with fintechs that are merely agents of third-party banks, a practice that has recently drawn scrutiny from the U.S. Office of the Comptroller of the Currency (OCC).