A journey across oceans: Becoming a banking-as-a-service provider for immigrant

More than a million people from all over the world migrate to the USA every year to chase their dreams. But upon their arrival, reality throws a wrench at their ‘pursuit of happiness and success'. From opening a bank account to building a credit score to renting a place - immigrants face obstacles in accessing financial services, which hinder their agency and success in the land of dreams.

Revolutionizing Cross-Border Payments for Immigrants

Drawing from firsthand and secondhand experiences with the challenges faced by immigrants, Machnet Technologies Inc. is on a mission to enhance immigrants' access to financial services. Our clients provide catered and accessible cross-border payment services to the many immigrants in the US through our API. We're revolutionizing cross-border payments by making them more accessible and meeting immigrants exactly where they are, eliminating the need for them to adapt to us.

The journey has not been easy thus far and there are still miles to go. Our vision extends beyond facilitating cross-border payment. We are evolving towards a banking-as-a-service platform, with a keen focus on the cross-border ecosystem. 

Our Progress and Vision in Cross-Border Financial Services

We started by focusing on helping small and medium businesses launch their remittance applications in the U.S. Our unique model took us a few years to build, alongside setting up the regulatory, compliance, and banking infrastructure. 

In 2015, we celebrated a milestone when our first client launched their money transfer service targeting the Nepali diaspora. They were already facilitating the sending of gifts back to Nepal, but now they were adding an additional money transfer service vertical. Since then, Machnet's API has been adopted by clients to build hyperlocalised remittance services to countries including the Philippines, Kenya, Nigeria, Ghana, Liberia, Armenia, the E.U., Mexico, and many other countries, significantly expanding our global footprint.

Beyond Payments: Envisioning a Cross-Border Banking Ecosystem

Our journey has not been without multiple regulatory challenges, but each obstacle served to strengthen and refine our resolve and dedication. Alongside navigating these hurdles, we forged multiple partnerships with forward-thinking financial institutions, technology service providers, and last-mile payout networks, expanding our global reach and impact.

Machnet has proudly achieved its first goal of providing a singular programmable API that allows our clients to build user-friendly remittance applications for their end-users. Now, we set our sights on a grander ambition: to empower clients to provide digital banking services in the US, facilitating smoother integration into the global financial system.

A Unified API for Cross-Border Financial Services

Machnet presents a unified API  solution encompassing banking, compliance, fraud/risk assessment and cross-border payment rails. If you are looking to launch your cross-border payment services in/from the U.S. with minimal investment, Machnet is the best choice, offering a blend of efficiency, affordability, and expertise.  

Get started with Machnet: Contact us

If you would like to understand how the Machnet Platform works get in touch with us.