Perplexity

Banking infrastructure MSB-focused report

PERPLEXITY

Banking Infrastructure for Licensed MSBs: Global Correspondent Banking, Multi-Currency, and Cross-Border Payment Solutions

Source: Perplexity Deep Research
Sources Analyzed: 187 sources
Date: January 2026
Target Audience: FINTRAC-registered Canadian MSBs with SWIFT capability, high-value ($50K+) B2B OTC transactions

Executive Summary

The correspondent banking landscape for licensed Money Service Businesses has undergone significant transformation as traditional banks retreat from MSB relationships due to heightened regulatory scrutiny and de-risking pressures. This report identifies 60+ banking partners, EMIs, and payment infrastructure providers across six regions that actively serve licensed MSBs operating B2B OTC foreign exchange and high-value cross-border payment services.

Optimal Banking Strategy

For a FINTRAC-registered Canadian MSB with SWIFT capability, BlackRock customer safeguarding, and $50,000+ minimum transaction values, the optimal strategy involves a hybrid infrastructure combining:

TierProvider TypeExamplesPurpose
Traditional CorrespondentTier-1 BanksBNY Mellon, JPMorgan Chase, Standard CharteredSWIFT access, regulatory credibility
Payment PlatformsTier-1 FintechsWise Platform, Currencycloud, NiumMulti-currency liquidity, competitive FX
Regional SpecialistsCorridor OptimizersBanking Circle (Europe), TransferMate (92-license global), Thunes (emerging markets)Corridor-specific optimization

Key Metrics

MetricTraditional BanksPayment PlatformsSavings
Onboarding Timeline6-12 months3-6 months50-75% faster
FX Spreads2-4%0.4-1%$500,000+ annually on $50M volume
API IntegrationLimitedComprehensive70-80% reduced processing costs

UK & Europe

Currencycloud (Visa Cross-Border Solutions)

AttributeDetails
Legal EntityCurrencycloud Ltd (Visa Inc. subsidiary)
HQLondon, United Kingdom
Regulatory StatusFCA-authorized EMI; regulated in Europe, US, Canada
Notable ClientsMonzo, Revolut, Starling, Dwolla

Services:

  • Multi-currency virtual accounts (36+ currencies)
  • Real-time FX conversion across 180+ countries
  • SWIFT access for correspondent banking
  • Local clearing schemes (SEPA, Faster Payments, ACH)
  • Payment acceptance, processing, and settlement infrastructure

    • Key Details:

    AspectInformation
    Currencies30+ for holding/conversion, 36+ for virtual accounts
    Coverage180+ countries
    Processed$50+ billion for 500+ customers
    MSB AcceptanceExplicitly serves banks, fintechs, FX brokers, corporates, payment institutions
    Onboarding6-12 weeks for API integration
    APIIndustry-leading - comprehensive developer documentation

    Contact:

  • Website: currencycloud.com
  • Corporate partnerships via Visa Cross-Border Solutions sales team

    • Wise Platform (formerly TransferWise for Banks)

    AttributeDetails
    Legal EntityWise Payments Limited
    HQLondon, United Kingdom
    Regulatory Status70+ licenses worldwide; FCA-authorized; MAS MPI (Singapore); MSB in Canada; FinCEN registered

    Services:

  • Correspondent banking services via SWIFT or API integration
  • Multi-currency accounts (40+ currencies)
  • Direct participation in 8 domestic payment networks (Australia, Brazil, Europe, Hungary, Japan, Philippines, Singapore, UK)
  • Cross-border payments to 160+ countries
  • FX liquidity with mid-market rates

    • Key Details:

    AspectInformation
    Currencies40+ currencies
    Coverage160+ countries
    Direct ClearingGBP (Faster Payments), EUR (SEPA), AUD (NPP), SGD (FAST), BRL (Pix), JPY (Zengin), PHP (InstaPay), HUF
    STP Rate>99% straight-through-processing
    FX PricingMid-market rates with transparent fees - 6x savings vs traditional banks
    MSB AcceptanceActively targets banks and financial institutions as correspondent banking partners
    PartnershipsNubank, Mox, Allica Bank, Standard Chartered, 11-country bank network
    Onboarding8-16 weeks; minimal configuration for SWIFT

    Contact:

  • Website: wise.com/platform
  • Key Person: Steve Naudé, Global Managing Director

    • Modulr Finance Limited

    AttributeDetails
    Legal EntityModulr FS Ltd
    HQLondon, UK (EU operations in Netherlands, Spain, France, Ireland)
    Regulatory StatusFCA-authorized EMI (UK); De Nederlandsche Bank regulated (Netherlands); EEA passported

    Services:

  • Multi-currency accounts (GBP, EUR, USD)
  • Local IBANs in UK, Ireland, Netherlands, Spain, France
  • Faster Payments (UK), SEPA Instant (Europe), SWIFT access
  • Direct access to Bank of England (one of few non-banks with this capability)
  • Payment acceptance, processing, embedded payments via API

    • Key Details:

    AspectInformation
    Primary CurrenciesGBP, EUR, USD
    CorridorsStrong UK and European coverage
    MSB AcceptanceServes payment service providers, merchant acquirers, financial platforms
    Onboarding6-12 weeks for full API integration
    APIComprehensive - account creation, payments, collections, reconciliation

    Contact:

  • Website: modulrfinance.com

    • Banking Circle S.A.

    AttributeDetails
    Legal EntityBanking Circle S.A.
    HQLuxembourg
    Regulatory StatusLicensed and supervised bank under EU banking regulations

    Services:

  • 24 currencies with 14 local payment currencies for collections/payouts
  • Direct clearing: SEPA Instant (EUR), Faster Payments (GBP), RIX-Instant (SEK), TIPS DKK, NPP (AUD), SIC IP (CHF)
  • BC-NOW for instant internal settlements
  • SWIFT connectivity, API, SFTP integration
  • FlexLiquidity physical cash pooling

    • Key Details:

    AspectInformation
    Currencies24 total, 14 local payment currencies
    Direct ClearingEUR, GBP, SEK, DKK, CHF, AUD
    MSB AcceptanceExplicitly designed for banks, payment providers, fintechs - serves "hundreds of leading financial institutions"
    PositioningAlternative to traditional correspondent banking model
    Onboarding8-16 weeks depending on integration complexity
    APIComprehensive + SFTP and SWIFT connectivity

    Contact:

  • Email: info@bankingcircle.com
  • Website: bankingcircle.com

    • ClearBank Limited

    AttributeDetails
    Legal EntityClearBank Limited
    HQLondon, United Kingdom
    Regulatory StatusFully regulated UK clearing bank; direct Bank of England access
    SWIFT BICCLRBGB22

    Services:

  • Multi-currency accounts (GBP, EUR, USD, others)
  • UK clearing (Faster Payments, BACS, CHAPS)
  • SEPA and T2 (EUR payments)
  • SWIFT correspondent banking
  • High-value international payments

    • Key Details:

    AspectInformation
    Primary StrengthUK domestic clearing with international SWIFT overlay
    EURT2 scheme only for inbound/outbound
    MSB AcceptanceServes financial institutions, payment service providers, fintechs
    Onboarding12-20 weeks (typical UK bank onboarding)
    APIClearBank API for payment initiation, account management, real-time notifications

    Contact:

  • Website: clear.bank

    • North America (US & Canada)

    BNY (Bank of New York Mellon)

    AttributeDetails
    Legal EntityThe Bank of New York Mellon Corporation
    HQNew York, United States
    Regulatory StatusUS systemically important financial institution (SIFI); regulated by Federal Reserve, OCC
    Global Presence35+ countries
    AUC$52.1 trillion (world's largest custodian)

    Services:

  • Global payments and trade platform with 2,000+ correspondent banking counterparties
  • Multi-currency treasury and liquidity management
  • SWIFT correspondent banking services
  • FX execution and cash management
  • Real-time payment capabilities across multiple jurisdictions

    • Key Details:

    AspectInformation
    CoverageAll major and minor currencies, 35+ countries
    Corridor StrengthUSD, EUR, GBP, emerging markets
    PricingInstitutional negotiated - $25-50 USD per wire typical
    MSB AcceptanceServes well-established, compliant MSBs with significant volumes meeting enhanced due diligence
    Onboarding6-12 months for full correspondent relationship
    APIAPIs for payments, cash management, treasury services

    Contact:

  • Website: bny.com
  • Corporate & Institutional Banking via regional relationship managers

    • JPMorgan Chase Bank

    AttributeDetails
    Legal EntityJPMorgan Chase & Co.
    HQNew York, United States
    Regulatory StatusUS systemically important bank holding company; Federal Reserve, OCC regulated
    Global Presence100+ markets

    Services:

  • Correspondent banking with comprehensive global network
  • Interbank Information Network (IIN) for real-time payment tracking
  • Multi-currency clearing and settlement
  • Trade finance and letters of credit
  • Treasury services and liquidity management
  • Real-time sanctions, AML, and fraud detection via blockchain-based IIN

    • Key Details:

    AspectInformation
    Coverage100+ countries, full-spectrum currency coverage
    Correspondent NetworkAmong world's largest
    Pricing$25-50 per transaction for correspondent banking
    MSB AcceptanceMaintains correspondent relationships with regulated MSBs meeting rigorous Wolfsberg CBDDQ standards
    Onboarding9-18 months for full correspondent banking approval
    RequirementsWolfsberg CBDDQ, comprehensive AML/CFT/sanctions compliance program, enhanced DD for higher-risk jurisdictions

    Contact:

  • Website: jpmorganchase.com
  • Corporate & Investment Bank correspondent banking team; regional relationship managers

    • Needham Bank

    AttributeDetails
    Legal EntityNeedham Bank
    HQNeedham, Massachusetts, USA
    Regulatory StatusMassachusetts-chartered mutual bank; FDIC-insured
    SpecialtyMSB banking specialist

    Services:

  • Dedicated MSB business accounts for check cashers and money transmitters
  • Cash management services optimized for high-volume cash activity
  • Remote Deposit Capture (RDC)
  • Enhanced compliance monitoring for BSA requirements
  • Cash logistics support through approved third-party vendors

    • Key Details:

    AspectInformation
    CurrenciesUSD domestic only
    CoverageConnecticut, Florida, Massachusetts, Maine, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Texas
    MSB Acceptance"Yes, Needham Bank is actively supporting MSBs and continues to expand into new states responsibly"
    Onboarding6-12 weeks for account opening

    Contact:

  • Website: needhambank.com/money-service-business-bank-accounts
  • Commercial Bankers via main line

    • Republic Bank of Chicago

    AttributeDetails
    Legal EntityRepublic Bank of Chicago
    HQOak Brook, Illinois, USA
    Regulatory StatusIllinois state-chartered bank; FDIC-insured
    SpecialtyDedicated MSB banking division

    Services:

  • MSB-specific business accounts for check cashers, money transmitters, money order issuers
  • Treasury management services for MSBs
  • Agency wire services, money orders, bill payments
  • High-volume transaction processing
  • Compliance oversight and BSA monitoring

    • Key Details:

    AspectInformation
    MSB AcceptanceExperts "dedicated to the MSB industry, serving it exclusively" - Member MSBA.org
    RequirementsUS domiciled presence (foreign ownership acceptable with US operations)
    RestrictionsNot accepting crypto-related MSBs or digital wallet holders
    Onboarding8-16 weeks dependent on licensing completeness

    Contact:

  • Website: republicebank.com/msb
  • Phone: 630-635-0955 (MSB Division)

    • Middle East & GCC

    Emirates NBD Bank

    AttributeDetails
    Legal EntityEmirates NBD Bank PJSC
    HQDubai, UAE
    Regulatory StatusCentral Bank of UAE licensed
    SizeLargest bank in Middle East (AED 835 billion / ~$227 billion as of 2024)
    SWIFT BICEBILAEADXXX

    Services:

  • Multi-currency corporate accounts (AED, USD, EUR, GBP, 20+ currencies)
  • International SWIFT wire transfers
  • Correspondent relationships with 50+ global banks
  • Local and international clearing
  • Foreign exchange services
  • Trade finance and documentary credits

    • Key Details:

    AspectInformation
    Correspondent NetworkCitibank, Standard Chartered, BNY Mellon (USD); Citibank Europe, ING Belgium, HSBC France (EUR); Barclays (GBP)
    Regional StrengthIndia (HDFC, ICICI), MENA region, Europe, Asia-Pacific
    MSB AcceptanceServes well-licensed, compliant MSBs with substantive UAE presence or regional corridor needs
    Onboarding12-20 weeks for corporate account; longer for correspondent

    Contact:

  • Website: emiratesnbd.com
  • Corporate & Institutional Banking relationship managers

    • Standard Chartered Bank - Middle East

    AttributeDetails
    Legal EntityStandard Chartered Bank (regional hub)
    Regional HQDubai, UAE
    Global HQLondon, UK
    Regulatory StatusLicensed in 59 markets across Asia, Africa, Middle East

    Services:

  • Correspondent banking services across MENA, Asia, Africa corridors
  • Multi-currency clearing and settlement
  • Payment transparency and nested correspondent banking controls
  • Trade finance and supply chain finance
  • FX execution and treasury services
  • Cash management for regional and cross-border operations

    • Key Details:

    AspectInformation
    Corridor StrengthAsia-Africa-Middle East - AED, SAR, QAR, KWD, INR, CNY, SGD, HKD, African currencies
    MSB AcceptanceActive management of correspondent relationships with qualified MSBs - operates Correspondent Banking Academies
    PartnershipCheckout.com demonstrates willingness to work with licensed payment institutions
    Onboarding9-18 months for full correspondent relationship

    Contact:

  • Website: sc.com/en/banking
  • Transaction Banking team by region

    • Africa

    Standard Bank Group (South Africa)

    AttributeDetails
    Legal EntityStandard Bank of South Africa Limited
    HQJohannesburg, South Africa
    Regulatory StatusLicensed by South African Reserve Bank (SARB)
    Presence20 African countries
    SWIFT BICSBZAZAJJ

    Services:

  • Pan-African correspondent banking network across 20 countries
  • Multi-currency accounts and foreign exchange
  • Cross-border payments and trade finance
  • Local clearing across African markets
  • Treasury and cash management

    • Key Details:

    AspectInformation
    CoverageZAR (domestic), USD, EUR, GBP + local currencies across 20 African countries
    Unique StrengthIntra-African corridors where few global banks operate
    MSB AcceptanceMaintains relationships with regulated financial service providers with substantive African corridor requirements
    Onboarding12-24 weeks for corporate banking

    Contact:

  • Website: standardbank.co.za/corporateandinvestment
  • Relationship managers by country and business segment

    • Stanbic Bank (Standard Bank Group - East Africa)

    AttributeDetails
    Legal EntityStanbic Bank (multiple country entities under Standard Bank Group)
    OperationsUganda, Kenya, Tanzania, South Sudan
    Regulatory StatusLicensed by respective central banks

    Services:

  • Borderless Banking across East Africa
  • Cross-border fund transfers and payments
  • Multi-currency accounts
  • Flex Border solution for international money movement
  • Mobile banking and digital payment platforms

    • Key Details:

    AspectInformation
    CurrenciesUGX, KES, TZS, SSP + USD, EUR, GBP, ZAR
    PartnershipTerraPay (Uganda) enhances global reach
    MSB AcceptanceTerraPay partnership demonstrates openness to payment service providers
    Onboarding8-16 weeks varies by country

    Contact:

  • Uganda: stanbicbank.co.ug
  • Kenya: stanbicbank.co.ke
  • Tanzania: stanbicbank.co.tz
  • Phone: 0700 909 909 909 (Uganda)

    • Asia-Pacific

    DBS Bank (Singapore)

    AttributeDetails
    Legal EntityDBS Bank Limited
    HQSingapore
    Regulatory StatusMAS licensed; systemically important
    SizeLargest bank in Southeast Asia (S$739 billion / ~$550 billion)

    Services:

  • Multi-currency corporate accounts across major currencies
  • SWIFT correspondent banking across Asia-Pacific
  • Cross-border payments and collections
  • FX services with preferential corporate rates
  • Trade finance and supply chain solutions
  • Digital business banking with API integration
  • Treasury and cash management

    • Key Details:

    AspectInformation
    Coverage19 markets - SGD, USD, EUR, GBP, CNY/CNH, HKD, JPY, MYR, THB, IDR, PHP, AUD, NZD
    DominanceSingapore, China, Hong Kong, Taiwan, Indonesia
    MSB AcceptanceConservative risk appetite post-2023 enforcement; suitable for well-capitalized, fully-licensed MSBs with robust compliance
    Onboarding16-28 weeks for corporate account; extended for correspondent
    APIDBS RAPID API platform

    Contact:

  • Website: dbs.com.sg/corporate
  • Relationship managers by industry and transaction size

    • OCBC Bank

    AttributeDetails
    Legal EntityOversea-Chinese Banking Corporation Limited
    HQSingapore
    Regulatory StatusMAS licensed; Singapore "Big Three" bank
    Presence18 markets in Asia-Pacific
    SWIFT BICOCBCSGSG

    Services:

  • OCBC Network Transfer for same-day cross-border transfers between 12 OCBC entities (S$15 flat fee)
  • Multi-currency accounts and outward telegraphic transfers
  • Cross-border Interbank Payment System (CIPS) direct participation for CNH payments
  • FX services with competitive rates
  • Treasury and cash management

    • Key Details:

    AspectInformation
    Network Transfer12 OCBC entities across Asia-Pacific (AUD, CNH, HKD, GBP, IDR, THB)
    China AccessCIPS direct participation
    CorrespondentJP Morgan Chase (USD) and global network
    MSB AcceptanceComprehensive due diligence; suitable for established MSBs with significant Asian volumes
    Onboarding12-24 weeks for corporate account

    Contact:

  • Website: ocbc.com/business-banking

    • Latin America

    Itaú Unibanco (Brazil)

    AttributeDetails
    Legal EntityItaú Unibanco Holding S.A.
    HQSão Paulo, Brazil
    Regulatory StatusLicensed by Banco Central do Brasil
    SizeLargest bank in Latin America by market capitalization
    Presence19 countries

    Services:

  • International account for multi-currency holdings
  • Instant foreign currency payments via Itaú app (powered by Wise Platform)
  • Cross-border remittances in EUR, GBP (expanding to USD, CAD, AUD, JPY, NZD by end 2025)
  • FX services with real-time exchange rates
  • BRL domestic payment systems (Pix, TED, DOC)
  • Corporate treasury and cash management

    • Key Details:

    AspectInformation
    Live CurrenciesBRL (Pix), EUR, GBP
    Coming 2025USD, CAD, AUD, JPY, NZD + 12 additional currencies
    PartnershipWise Platform enables real-time cross-border to 160+ countries
    MSB AcceptanceSuitable for MSBs focused on Brazil-international corridors, particularly corporate treasury
    Onboarding12-24 weeks; Brazilian regulatory complexity
    APICorporate APIs through Itaú app and digital banking platform

    Contact:

  • Website: itau.com.br
  • Key Person: Gabriel Rombenso, Superintendent of Products and Corporate Sales (cross-border)

    • Bancolombia (Colombia)

    AttributeDetails
    Legal EntityBancolombia S.A.
    HQMedellín, Colombia
    Regulatory StatusLicensed by Superintendencia Financiera de Colombia
    SizeLargest bank in Colombia by assets
    Network1,153 branches, 10,349 banking correspondents

    Services:

  • Corporate and commercial banking
  • International payments and wire transfers
  • Trade finance (letters of credit, import/export financing)
  • Multi-currency accounts for corporate clients
  • Foreign exchange and treasury services

    • Key Details:

    AspectInformation
    CurrenciesCOP domestic + USD, EUR, major currencies
    Unique StrengthExtensive physical network (10,000+ banking correspondents) for cash collection
    MSB AcceptanceBetter suited for Latin America-domiciled MSBs or those with significant Colombian trade finance operations
    Onboarding12-20 weeks for corporate account

    Contact:

  • Website: bancolombia.com
  • Relationship managers by business segment

    • Global Cross-Border Payment Platforms

    Nium (formerly InstaReM)

    AttributeDetails
    Legal EntityNium Pte. Ltd.
    HQSingapore
    Regulatory Status70+ licenses including MAS MPI (Singapore), MSB licenses (US/Canada), FCA (UK), AUSTRAC (Australia)
    Volume$25+ billion annually

    Services:

  • Global Collections: Multi-currency virtual accounts in 15+ currencies
  • Cross-border payments to 190+ countries with 100+ real-time corridors
  • B2B payment platform for enterprises, banks, fintechs, payment processors
  • FX conversion with transparent rates
  • Local currency payout rails in 40+ countries
  • API-first platform for payment automation
  • Card issuing in 35 countries

    • Key Details:

    AspectInformation
    Currencies100+ for payments, 40+ for collections, 15+ local virtual accounts
    Coverage190+ countries
    Real-Time Corridors100+
    StrengthAsia-Pacific (Singapore, India, Indonesia, Philippines, Australia, Japan), Europe, Americas, emerging markets
    MSB AcceptanceExplicitly serves banks, fintechs, payment processors, and MSBs - Global Collections for banks launched specifically
    Onboarding4-8 weeks for API integration
    APIComprehensive RESTful API

    Contact:

  • Website: nium.com
  • Key Person: Alex Johnson, Chief Payments Officer

    • TransferMate Global Payments

    AttributeDetails
    Legal EntityTransferMate Ltd (Ireland); multiple global subsidiaries
    HQKilkenny, Ireland
    Regulatory Status92 proprietary licenses including Central Bank of Ireland (EMI), 51 US state MSB licenses, FINTRAC MSB (Canada), FCA (UK), MAS MPI (Singapore), AUSTRAC (Australia), 30+ other jurisdictions

    Services:

  • B2B embedded payments infrastructure-as-a-service
  • Global accounts in 30+ currencies for local collections and payouts
  • Cross-border payments to 200+ countries in 140+ currencies
  • FX conversion and hedging capabilities
  • Local-to-local payment routing eliminating correspondent bank intermediaries
  • API-first platform for embedded payment integration
  • SWIFT connectivity

    • Key Details:

    AspectInformation
    Currencies140+ currencies
    Coverage200+ countries/territories
    Virtual Account Currencies30+
    Unique Value92-license portfolio enables "local-to-local" payments - 3-5x cheaper than correspondent banking
    Strong MarketsUS (51 state licenses), Europe, Asia-Pacific (Singapore MPI, Australia AFSL), Canada (FINTRAC MSB), Latin America (Mexico CNBV)
    MSB AcceptanceOperates as licensed MSB itself - explicitly serves financial institutions
    Onboarding6-12 weeks API; 12-20 weeks white-label
    APIComprehensive + white-label platform available

    Contact:

  • Website: transfermate.com
  • Key Person: Gary Conroy, CEO
  • Phone: Dublin +353 (0)56 770 1020

    • Thunes (formerly MTS & TransferTo)

    AttributeDetails
    Legal EntityThunes Private Limited
    HQSingapore
    Regulatory Status50+ licenses including MAS MPI (Singapore), FCA (UK), ACPR (France), FinCEN (US)
    Volume180 million transactions annually

    Services:

  • Direct Global Network connecting banks, mobile wallets, bank accounts, stablecoin wallets
  • Real-time payments to 130 countries in 80+ currencies
  • Pay-to-wallet: Instant payments to 120 mobile wallet brands, 3 billion mobile wallet accounts
  • Pay-to-bank: Real-time bank transfers to 4 billion bank accounts globally
  • Pay-to-stablecoin: USDC payments to 130+ countries (via licensed partner)
  • Single API integration for global payout capabilities
  • Compliance platform with advanced risk controls built-in

    • Key Details:

    AspectInformation
    Currencies80+ fiat + USDC
    Coverage130 countries
    Endpoints5.6 billion (mobile wallets + bank accounts)
    SpecialtyEmerging markets and hard-to-reach corridors where traditional correspondent banking is limited
    StrengthAsia, Africa, Latin America, Middle East
    MSB AcceptanceExplicitly serves banks, fintechs, payment service providers
    Onboarding8-12 weeks API and compliance
    APISingle API - instant global reach

    Contact:

  • Website: thunes.com
  • Partnerships team for financial institutions

    • PingPong Payments

    AttributeDetails
    Legal EntityPingPong Financial Inc. (multiple regional entities)
    HQHangzhou, China (global operations across US, Europe, Asia-Pacific)
    Regulatory Status60+ licenses including MSB licenses in US (all 50 states), Canada, Malaysia; MPI (Singapore); EMI (UK/FCA); payment licenses in China, Hong Kong, Japan, Indonesia, Australia
    Size1,500+ employees across 35+ offices globally

    Services:

  • Multi-currency account provisioning in 23 local currencies
  • Cross-border payments to 200+ countries and regions
  • Pay-out capabilities in 40+ currencies using local payment rails
  • Global card issuing with spend controls
  • FX conversion across 30 currencies, 400+ currency pairs
  • Advanced FX capabilities (forwards, hedging)
  • Card acquiring and alternative payment methods (200+ APMs)
  • API-first platform for embedded cross-border infrastructure

    • Key Details:

    AspectInformation
    Local Account Currencies23
    Hold/Convert Currencies30
    Payout Currencies40+
    FX Crosses400+
    Coverage200+ countries
    StrengthChina-global corridors, e-commerce, Southeast Asia
    MSB AcceptanceOperates as licensed MSB in US (50 states), Canada, Malaysia - uniquely positioned to serve other MSBs
    Onboarding6-12 weeks for API integration
    APIDeveloper-friendly with comprehensive documentation

    Contact:

  • Website: international.pingpongx.com
  • Key Person: Jianqin Shu, Partner and APAC General Manager

    • Airwallex

    AttributeDetails
    Legal EntityAirwallex (HK) Limited (multiple regional entities)
    HQMelbourne, Australia (global operations)
    Regulatory StatusLicensed in 10+ jurisdictions including Australia (AUSTRAC), UK (FCA EMI), US (MSB licenses), Singapore, Hong Kong, China, Europe
    Valuation$5+ billion

    Services:

  • Multi-currency business accounts supporting 20+ currencies
  • Cross-border payments to 120+ countries
  • Local currency collection accounts in 14 currencies (USD, GBP, EUR, AUD, CNY, HKD, CAD, SGD, IDR, MXN, DKK, PLN, AED)
  • FX conversion with 0.5-1% spreads
  • Multi-currency corporate cards with no international fees
  • Batch payment capabilities
  • Free local payment rail transfers

    • Key Details:

    AspectInformation
    Hold/Exchange20+ currencies
    Collection Accounts14 currencies
    Coverage120+ countries
    FX Spreads0.5-1%
    SubscriptionExplore (free with $10k balance or $5k monthly deposits), paid tiers from $29/month
    MSB AcceptanceAs MSB-licensed entity, understands regulatory requirements; suitable for MSBs seeking multi-currency infrastructure
    Onboarding3-7 days standard accounts; 2-4 weeks corporate/enterprise
    APIComprehensive - payments, FX, cards, accounts

    Contact:

  • Website: airwallex.com
  • Dedicated account managers for Scale/Enterprise tiers

    • Corpay Cross-Border (formerly Cambridge Global Payments)

    AttributeDetails
    Legal EntityCorpay Cross-Border, Inc. (Corpay subsidiary)
    HQCambridge, Massachusetts, USA
    Regulatory StatusMSB licensed (US FinCEN registered)
    PartnershipMastercard partnership
    Volume$73.7+ billion FX volume, 3.8+ million payments annually

    Services:

  • Cross-border B2B payments in 145+ currencies to 200+ countries
  • FX risk management and hedging solutions
  • Multi-currency account infrastructure (store value in 40 currencies)
  • Batch payment processing capabilities
  • Trade finance support
  • Payment automation platform with ERP integrations
  • Dedicated FX specialist support

    • Key Details:

    AspectInformation
    Currencies145+
    Coverage200+ countries
    Store Value40 currencies
    Correspondent Banks100+ across 6 continents
    Local Payments34+ currencies to 60+ countries
    Customers30,000+ global businesses including payment providers
    MSB AcceptanceAs MSB-licensed entity, serves B2B payments including payment service providers and financial institutions
    Onboarding4-8 weeks standard; 8-16 weeks enterprise
    APIPayment initiation, FX execution, reporting; ERP integrations (Microsoft Dynamics, SAP, NetSuite)

    Contact:

  • Website: corpay.com/cross-border
  • Dedicated account managers for institutional clients

    • Comparative Rankings

    MSB Acceptance Ranking

    Tier 1 - Actively Seeking MSB Clients:

    ProviderLicensesWhy Top Tier
    Needham BankFDIC"Actively supporting MSBs" - dedicated division
    Republic Bank ChicagoFDICMSB-exclusive team and products
    TransferMate92Operates as MSB; infrastructure-as-a-service
    PingPong60+Licensed MSB in US (50 states), Canada, Malaysia
    Nium70+Explicitly serves banks, fintechs, MSBs
    Wise Platform70+FI-focused correspondent banking product

    Tier 2 - Open to Qualified MSBs:

    ProviderLicensesNotes
    Thunes50+Serves payment institutions and FIs
    Currencycloud/VisaFCA EMIServes payment institutions, fintechs, MSBs
    Banking CircleEU BankAlternative to correspondent banking for payment providers
    ModulrFCA EMIEMI serving payment service providers
    Airwallex10+MSB-licensed; serves fintech/payment businesses
    Corpay Cross-BorderMSBServes 30,000+ businesses

    Tier 3 - Accepts MSBs with Enhanced Due Diligence:

    ProviderTypeNotes
    BNY MellonSIFI BankInstitutional correspondent; selective
    JPMorgan ChaseSIFI BankEnhanced CBDDQ for MSBs; selective
    Standard CharteredGlobal BankRigorous due diligence
    Emirates NBDRegional BankRequires UAE/regional presence
    HSBCGlobal BankVaries by jurisdiction
    DBS/OCBCAsian BanksConservative risk appetite

    Corridor Breadth Ranking

    Global Leaders:

    ProviderCurrenciesCountriesLicenses
    TransferMate140+200+92
    Corpay Cross-Border145+200+MSB
    Nium100+190+70+
    PingPong400+ FX crosses200+60+
    Currencycloud/Visa36+180+FCA EMI
    Wise Platform40+160+70+
    Thunes80+13050+

    Pricing Competitiveness Ranking

    Most Competitive (0.4-1% FX):

    ProviderFX ModelUnique Value
    Wise PlatformMid-market + transparent fees6x cheaper than banks
    Currencycloud/VisaCompetitive institutionalAPI efficiency
    NiumTransparent FXCompetitive B2B
    Banking CircleLower than correspondentDirect clearing
    TransferMateLocal-to-local3-5x cheaper
    Airwallex0.5-1% spreadsFree local transfers
    ThunesTransparent guaranteedCompetitive emerging markets

    Speed to Onboard Ranking

    Fastest (3-8 weeks):

    ProviderTimelineNotes
    Airwallex3-7 days standard2-4 weeks corporate
    Nium4-8 weeksAPI integration
    Corpay4-8 weeks8-16 weeks enterprise
    TransferMate6-12 weeksAPI; 12-20 weeks white-label
    Currencycloud6-12 weeksFaster for Visa partners
    Wise Platform8-16 weeksFaster for SWIFT

    Slowest (12-24 weeks+):

    ProviderTimelineNotes
    BNY Mellon6-12 monthsCorrespondent banking
    JPMorgan Chase9-18 monthsCorrespondent banking
    Citibank9-15 monthsCorrespondent banking
    DBS/OCBC16-28 weeksExtended for correspondent

    API/Technology Capability Ranking

    Best-in-Class:

    ProviderAPI QualityKey Features
    Nium⭐⭐⭐⭐⭐Comprehensive, real-time, 99%+ STP
    Currencycloud⭐⭐⭐⭐⭐Industry-leading documentation
    Wise Platform⭐⭐⭐⭐⭐API + SWIFT, 99%+ STP
    PingPong⭐⭐⭐⭐⭐400+ FX crosses
    TransferMate⭐⭐⭐⭐⭐API + white-label
    Thunes⭐⭐⭐⭐⭐Single API, instant global
    Banking Circle⭐⭐⭐⭐API, SFTP, SWIFT
    Airwallex⭐⭐⭐⭐Payments, FX, cards, accounts

    Recommended Strategy for Canadian MSB

    Tiered Approach

    PriorityProvider TypeRecommended PartnersTimelinePurpose
    Primary BankingTier-1 CorrespondentBNY Mellon or JPMorgan Chase9-18 monthsUSD clearing, institutional credibility
    Regional CorridorsEmerging MarketsStandard Chartered9-18 monthsAsia-Africa-Middle East
    Multi-Currency LiquidityPayment PlatformsWise Platform, Currencycloud, Nium6-16 weeksCompetitive FX (0.4-1%), API automation
    Regional OptimizationCorridor SpecialistsBanking Circle (Europe), Emirates NBD (GCC), Standard Bank (Africa), DBS/OCBC (Asia)12-24 weeksLocal clearing
    Specialty InfrastructureGlobal NetworksTransferMate, Thunes, PingPong6-12 weeksFill corridor gaps, competitive pricing

    Cost Savings Projection

    VolumeTraditional Bank FXPlatform FXAnnual Savings
    $25M2-4% ($500K-$1M)0.4-1% ($100K-$250K)$400K-$750K
    $50M2-4% ($1M-$2M)0.4-1% ($200K-$500K)$500K-$1.5M

    Critical Onboarding Documentation

  • FINTRAC MSB registration certificate
  • Provincial licensing (if applicable)
  • Comprehensive BSA/AML/CFT compliance program
  • Independent audit/review (within 12-18 months)
  • SWIFT membership certification and BIC registration
  • BlackRock customer safeguard account documentation
  • Audited financial statements (2-3 years)
  • Corporate governance documentation
  • Transaction volume projections by currency/corridor
  • Reference letters from existing banking partners

    • Timeline Acceleration Strategies

  • Parallel Processing: Initiate 3-4 applications simultaneously
  • Pre-Packaging: Complete due diligence package before first contact
  • Relationship Leverage: Use SWIFT membership and BlackRock safeguarding as credibility signals
  • Start with Platforms: Begin with faster-onboarding platforms while awaiting traditional bank approvals
  • MSB Networks: Leverage FINTRAC compliance community (Rennoco, Capital Compliance Experts)

    • Contact Directory Summary

    Tier 1 - Immediate Priority

    ProviderWebsiteKey Contact
    Wise Platformwise.com/platformSteve Naudé, Global MD
    Currencycloudcurrencycloud.comCorporate partnerships team
    BNY Mellonbny.comRegional relationship managers
    Niumnium.comAlex Johnson, CPO

    Tier 2 - Strategic Relationships

    ProviderWebsiteKey Contact
    TransferMatetransfermate.comGary Conroy, CEO
    Standard Charteredsc.com/en/bankingTransaction Banking by region
    Banking Circlebankingcircle.comClient services
    Thunesthunes.comPartnerships team

    Regional Specialists

    RegionProviderWebsite
    Middle East/GCCEmirates NBDemiratesnbd.com
    AfricaStandard Bankstandardbank.co.za
    Asia-PacificDBS Bankdbs.com.sg
    China-GlobalPingPonginternational.pingpongx.com

    MSB-Focused US Banks

    ProviderPhoneSpecialty
    Needham BankMain lineMSB accounts
    Republic Bank Chicago630-635-0955MSB Division

    Conclusion

    The correspondent banking landscape for licensed MSBs has bifurcated into:

  • Traditional banks conducting enhanced due diligence on select institutional-grade MSBs
  • Specialized payment infrastructure providers actively serving the MSB segment with purpose-built technology platforms

    • Optimal Multi-Provider Strategy Benefits:

    BenefitValue
    Cost Savings$500K-$750K annually on $25M-50M volume
    Speed80% of volume operational within 2-3 months via platforms
    ResilienceDiversification across 4-6 providers protects against de-risking
    ComplianceLicensed, regulated infrastructure meeting FINTRAC, FinCEN, FCA, MAS standards

    Success requires: Complete due diligence packaging, 9-18 month timeline for full infrastructure build-out, parallel processing of multiple applications, and leveraging SWIFT membership plus BlackRock safeguarding as credibility signals.

    Sources

    This report synthesizes 187 sources including:

  • Regulatory filings
  • Banking documentation
  • Fintech company disclosures
  • Industry publications
  • Direct provider websites

    • All pricing, timeline, and service details current as of January 2026 and subject to change.

    *Document generated from Perplexity deep research, January 2026*