Claude (Anthropic)

Comprehensive banking partners strategic guide

CLAUDE

Global Banking Partners for Licensed MSBs: A Strategic Infrastructure Guide

Research Date: January 2026
Sources: 792 sources gathered across 6 regional research streams
Target Audience: FINTRAC-registered Canadian MSBs seeking global payment infrastructure

Executive Summary

The Canadian MSB seeking to build global payment rails from scratch has multiple viable pathways, but success requires a tiered partnership strategy combining fintech payment infrastructure providers for corridor reach with traditional correspondent banks for settlement credibility.

Most MSB-Friendly Provider Categories:

  • Purpose-built fintech infrastructure platforms: Banking Circle, Nium, Thunes
  • Regulated EMIs explicitly targeting payment companies: Clear Junction, Currencycloud, AZA Finance
  • Traditional banks maintaining active MSB programs: Cross River Bank, Corpay Cross-Border, LHV Bank

    • Key Market Insight

    The research reveals a bifurcated global landscape:

    Market TypeAccessibilityNotes
    Established markets (US, GCC)ChallengingUS BaaS banks under regulatory pressure; GCC requires local entity
    Emerging markets (Africa, SE Asia, LATAM)Increasingly accessibleFintech providers have built direct connections to local payment rails, mobile money, domestic clearing

    UK & Europe: Deepest Bench of MSB-Focused Providers

    The UK and European market presents the strongest ecosystem for MSB banking relationships.

    Banking Circle (Luxembourg) - TOP RECOMMENDATION

    AttributeDetails
    LicenseLuxembourg-licensed bank
    FocusExplicit focus on payment companies
    Currencies24+ currencies, local clearing in 11 currencies
    Payment RailsSWIFT, SEPA/SEPA Instant, UK Faster Payments
    Key FeaturesMulti-currency settlement accounts, FX trading, POBO (Payments On Behalf Of), collections
    MSB Acceptance5/5
    API QualityExcellent
    BackingEQT-backed
    Best ForPrimary correspondent
    Contactinfo@bankingcircle.com

    Clear Junction (UK) - CANADIAN MSB ALIGNED

    AttributeDetails
    Regulatory StatusFCA-authorized EMI, FINTRAC-registered Canadian entity
    Clients400+ clients across 5 continents
    ServicesCorrespondent accounts, SWIFT clearing (11 currencies), virtual IBANs
    Special FeatureSupports crypto/stablecoin payment services
    Rail ApproachHybrid (traditional SWIFT + local clearing)
    MSB Acceptance5/5
    API QualityExcellent
    Best ForCanadian MSB alignment

    LHV Bank (Estonia/UK) - "Preferred Banking Partner for Fintechs"

    AttributeDetails
    LicensesFull banking licenses in Estonia (ECB-supervised) and UK (PRA/FCA)
    Track RecordFirst to onboard Wise and Coinbase (2014)
    Currencies15+ currencies
    Payment RailsSEPA Instant + UK Faster Payments (first bank offering both)
    Stability€10B+ assets, publicly listed on Nasdaq Baltic
    MSB Acceptance5/5
    API QualityExcellent
    Best ForEstablished fintech banking

    Additional UK/Europe Providers

    Ebury (Santander-owned)

  • Currencies: 130+ currencies, payments to 160 countries
  • Strength: Hedging products (forwards, options) for high-value B2B
  • MSB Acceptance: 3/5
  • Best For: FX hedging

    • Currencycloud (Visa-owned)

  • Clients: Powers Revolut, Monzo, Starling
  • Currencies: 38+ currencies
  • Strength: Industry-leading APIs, developer-focused
  • MSB Acceptance: 4/5
  • Best For: FX infrastructure

    • ClearBank (UK)

  • License: Full UK banking license
  • Access: Direct participant in Bacs, CHAPS, Faster Payments
  • Backing: PPF-backed
  • MSB Acceptance: 5/5
  • Best For: GBP clearing

    • UK/Europe Provider Comparison Matrix

    ProviderMSB AcceptanceCorridorsAPIStabilityBest For
    Banking Circle5/524+ currenciesExcellentEQT-backedPrimary correspondent
    Clear Junction5/5Global via SWIFTExcellentGrowingCanadian MSB alignment
    LHV Bank5/5EU/UK focusExcellentPublic companyEstablished fintech banking
    ClearBank5/5UK primaryExcellentPPF-backedGBP clearing
    Currencycloud4/5180 countriesIndustry-leadingVisa-ownedFX infrastructure
    Ebury3/5130+ currenciesGoodSantander-ownedFX hedging

    North America: Bifurcated Landscape of Opportunity and Regulatory Risk

    US Market Warning: Significant Turbulence

    Multiple banks have exited or are under pressure:

    BankStatusDetails
    Blue Ridge BankEXITEDFully exited BaaS by December 2024 (OCC consent order)
    Metropolitan Commercial BankEXITINGExit from all BaaS in 2025 ($14.5M Federal Reserve fines)
    Evolve Bank & TrustUnder PressureLost Mercury partnership, ongoing regulatory pressure

    Cross River Bank (US)

    AttributeDetails
    MSB ProgramExplicit MSB partnership (announced with Payment Approved, 2021)
    Payment RailsACH, RTP, FedNow, Same-Day ACH, SWIFT
    InfrastructureProprietary banking core, direct Federal Reserve connections
    Risk FactorFDIC cease-and-desist order (April 2023) - requires monitoring

    Column (Column N.A.)

    AttributeDetails
    CharterNationally chartered bank
    FocusBuilt specifically for fintech/developer use
    ConnectionsDirect Fed and Clearing House connections
    ClientsPowers Mercury and Brex
    StrengthUnified banking stack, eliminates middleware

    Corpay Cross-Border (Canada) - PREMIER FX EXECUTION PARTNER

    AttributeDetails
    FormerlyCambridge Global Payments / AFEX
    Canadian RegistrationFINTRAC, Autorité des marchés financiers
    Currencies140+ currencies to 180 countries
    Network100+ correspondent banks on 6 continents
    MSB ProgramExplicit - CurrencyBird (Chilean MSB) is a customer
    API FeaturesWhite-label payments, live exchange rates, beneficiary validation, forward booking
    Parent CompanyCorpay Inc. (NYSE: CPAY, Fortune 1000)
    Contactcorpay.com/cross-border

    US Domestic Banking Specialists

    BankFocusContact
    Republic Bank of ChicagoDedicated MSB programrepublicebank.com/msb
    First American BankMSB programEstablished retail operations focus

    Middle East & GCC: Local Entity Required for Serious Banking

    Key Insight

    Foreign MSBs face significant hurdles without local presence. Traditional banks (Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Commercial Bank) require local incorporation or licensing.

    Recommended Pathway: Free Zone Entity

    ADGM (Abu Dhabi Global Market)

    AttributeDetails
    Ownership100% foreign ownership permitted
    License TypeCategory 3C Money Services Business
    Activities CoveredMoney transmission, payment initiation, stored value issuance, payment account operations
    Capital RequirementUSD 250,000 base

    DIFC (Dubai International Financial Centre)

    AttributeDetails
    Ownership100% foreign ownership permitted
    License TypeMoney Services Business
    Capital RequirementUSD 200,000-500,000 (activity dependent)
    Timeline4-6 month application

    Zand Bank (UAE) - MOST PROMISING GCC PARTNER

    AttributeDetails
    StatusUAE's first fully licensed digital corporate bank
    LicenseCBUAE licensed (July 2022)
    TargetExplicitly targeting fintech and payment companies
    LeadershipChaired by Mohammed Alabbar (Emaar founder)
    BackingAl Hail Holding, Emaar
    ProfitabilityAchieved within 22 months
    Expansion PlansGCC and Africa within 3 years
    Digital AssetsVARA license for digital asset custody
    OnboardingDigital, significantly faster than traditional banks

    Mashreq Bank NEO Platform

    AttributeDetails
    PositionMost fintech-forward traditional UAE bank
    PartnershipsMultiBank Group (crypto-adjacent instant payments)
    InvestmentNeoVentures corporate venture capital arm
    Contactthomasb@mashreq.com (VP Digital Product Lead)

    Bank ABC (Bahrain)

    AttributeDetails
    InnovationFirst Middle East bank to implement blockchain cross-border payments (J.P. Morgan Coin Systems)
    PositionWholesale bank
    Africa PresenceArab Financial Services subsidiary (75+ clients, 20 countries)

    First Abu Dhabi Bank

    AttributeDetails
    Correspondent NetworkStrongest globally
    China AccessUnique CIPS Direct Participant status (first MENA bank) - critical for RMB corridors
    Mobile WalletsThunes partnership (130+ countries)
    Onboarding6-12 weeks for qualified applicants
    NoteInstitutional focus, extensive compliance requirements

    Africa: Fintech-First Strategy with Correspondent Banking Backstop

    Strategic Approach

    African corridors require fundamentally different infrastructure. Traditional correspondent banking (Standard Bank, Mauritius Commercial Bank) provides settlement credibility and SWIFT access, but real operational capability comes from fintech infrastructure providers with direct connections to:

  • Mobile money networks
  • Local RTGS systems
  • Domestic banks across fragmented markets

    • AZA Finance (formerly BitPesa/TransferZero) - OPTIMAL MSB FIT

    AttributeDetails
    Target MarketExplicitly serves MSBs and remittance providers
    LicensesUK FCA, Bank of Spain, Bank of Uganda, Central Bank of Nigeria, South African Reserve Bank
    APITransferZero API
    Currencies30+ currencies, 115 countries
    Corridor StrengthNGN, KES, GHS, UGX, ZAR
    Documentationdocs.azafinance.com (sandbox available)
    Contactengineers@azafinance.com

    Thunes - Pan-African Infrastructure Leader

    AttributeDetails
    Landmark IntegrationEcobank (operational October 2025) - single API access to 32 African countries
    Settlement Rate98% same-day
    Mobile WalletsDirect connections to 92 mobile wallets
    HQSingapore with 14 global offices (Beijing, Shanghai, Manila, Hong Kong)
    Best CorridorsAfrica-Asia, Africa-Europe, intra-African

    TerraPay

    AttributeDetails
    BackingIFC/World Bank
    Key PartnershipsSafaricom M-PESA (Kenya), Wave (Mali/Francophone West Africa), PayPal (ME-Africa expansion)
    Reach144 receive countries, 7.5B+ bank accounts

    Traditional Correspondent Banking

    Mauritius Commercial Bank

    AttributeDetails
    RatingOnly investment-grade rated bank in Sub-Saharan Africa (Moody's Baa3)
    Network1,200+ correspondent banks globally (200+ in Africa)
    PositionGateway between Africa, Asia, Europe
    Best ForInstitutional treasury operations

    Standard Bank

    AttributeDetails
    SizeLargest balance sheet
    AccessDirect CLS membership for ZAR
    Presence20 African countries

    Equity Bank JengaAPI - East African Corridors

    AttributeDetails
    CoverageMost comprehensive payment gateway API in the region
    Mobile MoneyAll telcos
    Bank TransfersAll EAC banks
    CardsFull card payment support
    InternationalRemittances via Mastercard Cross-Border Services (30 countries)
    Contactjengaapi.io

    Pan-African Payment and Settlement System (PAPSS) - Transformational Infrastructure

    AttributeDetails
    Connected Countries19 countries across 4 regions (as of November 2025)
    Participants150+ commercial banks, 14 payment switches
    Currency MarketplacePAPSS African Currency Marketplace (PACM) launched July 2025
    Key BenefitDirect currency exchange without USD/EUR intermediary
    Savings Potential$5B annually in FX costs continent-wide

    Asia-Pacific: Singapore Hub with Emerging Market Connectivity

    Strategic Hub: Singapore

    MAS Major Payment Institution licenses provide regulatory credibility. Critical capability gap: Emerging market connectivity (India, Indonesia, Philippines, Vietnam, Thailand) where traditional banks have limited direct payment rails.

    Nium - Most Comprehensive Enterprise Infrastructure

    AttributeDetails
    Licensing11+ jurisdictions
    Payouts190+ countries (100+ real-time)
    Direct ConnectionsFAST (Singapore), FPS (Hong Kong), multiple RTGS systems
    Corridor StrengthIndia, Philippines, Indonesia, Vietnam, Thailand remittance flows
    RegulatoryMAS Major Payment Institution license
    Valuation$8B (Series G, 2024)
    Contactnium.com

    Thunes - Mobile Wallet Connectivity Leader

    AttributeDetails
    HQSingapore
    Offices14 globally (Beijing, Shanghai, Manila, Hong Kong)
    Mobile Wallet AccessGCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay HK
    B2B ServiceBusiness Payments (launched April 2025) - 50+ countries

    Airwallex - Most Transparent Pricing

    AttributeDetails
    Valuation$8B+ ($1.2B raised)
    FX PricingInterbank rates + 0.5-1% markup, no hidden charges
    Local AccountsUS, Canada, UK, Europe, Hong Kong, Japan, Australia, New Zealand
    LicensesMAS Major Payment Institution, Indonesian PJP Category 1

    Tranglo - Ripple Partnership

    AttributeDetails
    Ripple Stake40%
    Ripple IntegrationRipple Payments/ODL - eliminates pre-funding in 20+ countries
    China AccessDirect AliPay and WeChat Pay partnerships
    Reach80+ payout countries, 5,000+ partners

    Currenxie (Hong Kong) - CNY/CNH Alternative

    AttributeDetails
    FX RatesMid-market (saving up to 8x vs banks)
    Virtual Accounts40+ countries
    PricingTransparent transaction-based

    Asia-Pacific Provider Comparison Matrix

    ProviderMSB FocusCountriesMobile Wallet AccessAPI Quality
    NiumEnterprise190+StrongExcellent
    ThunesExplicit130+Industry-leadingExcellent
    AirwallexGood100+ModerateExcellent
    TrangloExplicit80+AliPay/WeChatGood
    CurrenxieGood120+LimitedModerate

    Latin America: Hybrid Fintech and Correspondent Banking

    Market Characteristics

  • Complex FX regulations (especially Brazil, Argentina)
  • Critical domestic real-time rails (PIX, SPEI)
  • Significant variation in banking accessibility by country

    • dLocal (NASDAQ: DLO, Uruguay) - Single-API LATAM Access

    AttributeDetails
    Payment Methods300+ alternative payment methods
    CurrenciesBRL, MXN, COP, CLP, ARS, PEN + 40 global markets
    RegulatoryUK FCA authorization (2024), EU licensing via Malta
    SettlementUSD and local currencies
    Best ForHigh-value B2B flows
    Contactbusiness@dlocal.com

    EBANX (Brazil) - PIX Integration Essential

    AttributeDetails
    Key FeaturePIX integration (175M+ users, 24/7 instant settlement)
    B2B ProcessingHigh Order Value up to $3M per transaction
    TreasuryStable FX rates
    Success Rate97%+ payout

    Bladex (Banco Latinoamericano de Comercio Exterior) - Trade Finance

    AttributeDetails
    Founded ByLatin American central banks
    Coverage23 countries
    ServicesPre-export/post-export financing, letters of credit
    ListingNYSE: BLX
    Best ForHigh-value corporate cross-border transactions

    Panama: Regional Banking Hub

    BankNotesOnboarding
    Banistmo (Bancolombia subsidiary)Accepts international corporate clients2-8 weeks
    Banco GeneralAccepts international corporate clients2-8 weeks

    *Note: Panama uses USD currency with more accessible account opening vs. 3-6 months for Brazilian/Mexican banks*

    Pomelo (Argentina) - Card Infrastructure

    AttributeDetails
    Funding$100M+ raised
    ServiceBIN sponsorship (Visa/Mastercard licenses)
    CountriesArgentina, Brazil, Mexico, Chile, Colombia, Peru
    SpeedCard program launch in 4 weeks vs 12+ months traditionally

    Implementation Recommendations

    Three-Tier Partnership Architecture

    For a FINTRAC-registered Canadian MSB seeking global coverage:

    Tier 1: Primary Correspondent Banking

    *Core banking infrastructure - regulatory credibility for institutional clients*

    ProviderRegionKey Value
    Banking CircleEuropePrimary correspondent, 24+ currencies
    Corpay Cross-BorderAmericas/Global FXCanadian regulatory alignment, 140+ currencies
    LHV BankEU/UKEstablished fintech banking, stability

    Tier 2: Fintech Payment Infrastructure

    *Emerging market corridors where traditional banks have limited capabilities*

    ProviderRegionKey Value
    ThunesGlobal92 mobile wallets, pan-African access
    NiumAsia-Pacific190+ countries, real-time settlement
    AZA FinanceAfricaExplicit MSB focus, 30+ African currencies

    Tier 3: Regional Specialists

    *Specific corridor gaps*

    ProviderRegionKey Value
    dLocal/EBANXLatin AmericaPIX, local payment methods
    Clear JunctionCrypto-adjacentFINTRAC-registered, stablecoin support
    Zand Bank + ADGM entityMiddle EastDigital-first, GCC access

    Onboarding Timeline Expectations

    Provider TypeTypical Timeline
    Fintech providers2-8 weeks
    Traditional correspondent banks3-6 months

    Recommendation: Sequence partnerships - establish fintech infrastructure first for operational capability while pursuing longer-lead correspondent relationships for settlement accounts.

    Critical Risk Management

    Counterparty Concentration Warning

    The US BaaS sector's regulatory turbulence demonstrates that banking partnerships require redundancy:

    No single provider should represent more than 30-40% of operational volume in any corridor.

    Recommended Risk Distribution

    The three-tier architecture distributes risk across multiple providers while maintaining operational efficiency through API standardization.

    Banks to Monitor/Avoid

    BankStatusRisk
    Blue Ridge BankExited BaaSN/A - no longer available
    Metropolitan Commercial BankExiting 2025Wind-down risk
    Evolve Bank & TrustUnder pressureRegulatory uncertainty
    Cross River BankActive but monitoredFDIC consent order (April 2023)

    Contact Directory

    Tier 1 Partners

    ProviderContact
    Banking Circleinfo@bankingcircle.com
    Corpay Cross-Bordercorpay.com/cross-border
    LHV Banklhv.ee

    Tier 2 Partners

    ProviderContact
    Thunesthunes.com
    Niumnium.com
    AZA Financeengineers@azafinance.com

    Regional Specialists

    ProviderContact
    dLocalbusiness@dlocal.com
    Clear Junctionclearjunction.com
    Zand Bankzand.ae
    Mashreq NEOthomasb@mashreq.com

    Documentation & APIs

    ProviderDocumentation
    AZA Financedocs.azafinance.com
    Equity Bank JengaAPIjengaapi.io
    Republic Bank MSBrepublicebank.com/msb

    Research Methodology

  • Sources Gathered: 792 sources
  • Research Streams: 6 parallel regional subagents
  • Regions Covered: UK/Europe, North America, Middle East/GCC, Africa, Asia-Pacific, Latin America
  • Query Type: Breadth-first research across multiple geographic regions and provider categories

    • *Document generated from deep research conducted January 2026*