Cybrid | Payments, USDC & Crypto On-Off Ramp Blog

Money Service Business (MSB): Catalysts of Financial Ecosystem

Written by Lee Cocking | May 18, 2023 5:48:54 PM

In the rapidly evolving financial landscape, Money Services Businesses (MSBs) are making a significant impact. They are non-bank financial institutions that facilitate a variety of transactions and services such as ACH payments, P2P payments, EFT payments, and even crypto payments. MSBs are proving indispensable in our day-to-day lives.

What exactly is a Money Services Business

MSBs are legal entities recognized by financial regulators. These businesses transmit or convert money and often hold a money transmitter license that enables them to legally operate. This broad term encompasses businesses such as currency exchanges, money transmitters, issuers of money orders, and payment processors.

MSBs serve a crucial role by providing financial services to communities that have limited access to traditional banking services. This lack of access can be due to a multitude of reasons ranging from personal circumstances to geographical limitations. By providing alternative financial services, MSBs fill the gap between traditional banking and the needs of these communities.

Now, let's explore how Cybrid fits into this ecosystem.

Cybrid proudly stands as a registered MSB in both the United States and Canada. This registration empowers us to offer a suite of financial services that address diverse needs – from facilitating money transfers to providing access to innovative financial technologies like blockchain and bitcoin payments.

Being an MSB aligns with our mission to be the complete set of building blocks for virtual currency banking. We combine the convenience of non-bank financial services with the robustness and trust associated with traditional banking. Cybrid utilizes advanced payment rails to ensure secure and seamless transactions for all our clients.

By leveraging our powerful platform and innovative financial solutions, we empower businesses and individuals to navigate the complexities of the modern financial landscape with confidence. From facilitating global payments to enabling access to digital currencies, we're helping our clients harness the power of finance to achieve their goals.