Frequently Asked Questions for Financial Institutions
What is PayQwick?
PayQwick is an BSA/AML and state law compliance-based electronic payment hub.
Is PayQwick licensed?
Yes. PayQwick is registered federally as a money service business and is a licensed as a money transmitter in each state in which it operates, unless state law does not require it to obtain a money transmitter license or it has received a written waiver from the applicable governmental agency overseeing financial institutions.
Does PayQwick have a BSA/AML compliance program?
Yes! PayQwick has the most robust BSA/AML Compliance Program in the U.S. custom tailored to cash intensive industries. PayQwick’s BSA/AML Compliance Program has been reviewed/approved by our partner financial institutions, government agencies who have issued our money transmitter licenses and our third-party compliance auditors
What types of compliance does PayQwick perform?
PayQwick conducts extensive Know Your Customer (KYC) due diligence during the customer on-boarding process and continuously conducts Expanded Customer Due Diligence and Expanded Transaction Due Diligence throughout the year.
What information does PayQwick share with financial institutions?
PayQwick shares all information needed by its financial institution partners to satisfy their BSA/AML and KYC obligations, including PayQwick’s on-boarding due diligence information, PayQwick’s periodic on-site inspection reports, monthly transaction volume reports, etc.
Is PayQwick insured/bonded?
Yes. PayQwick maintains money transmitter bonds in each state as well as appropriate business operations insurance.
Can PayQwick increase my financial institution’s profits?
Yes. By working with PayQwick, financial institutions enjoy increased deposits and increased non-depository income generated by a Joint Marketing Agreement that is customarily entered into between PayQwick and its partner financial institution.
Does PayQwick work with both banks and credit unions?
Yes. PayQwick works with both banks and credit unions.