Navro — the pioneering fintech that simplifies cross-border payments for international businesses — today announces that it has acquired a Washington D.C. Money Transmitter Licence.
The licence, which is regulated and issued by the Department of Insurance, Securities and Banking (DISB), builds on Navro’s Delaware licence, acquired earlier this year and follows the company's strategy to roll out its payment curation platform and services internationally, throughout the US, Europe, Asia and the Middle East.
Navro now operates under full regulatory governance in the district and, as the licence has been completed via the Nationwide Multistate Licensing System, where much of the due diligence (company financial records, compliance policies and officer/director information) is stored, the process of securing further state-level licences is greatly simplified.
Navro’s pioneering payments curation technology addresses the various cross-border payments challenges currently faced by businesses in the US, such as the high transaction costs and lengthy timescales associated with SWIFT. Providing access to the best payment services through one platform, one API, and one contract, Navro removes the need for businesses to deal with a complex web of service providers, payment gateways and local regulatory authorities.
Navro’s payment curation platform is particularly relevant in D.C., which is home to multiple multilateral institutions, NGOs, universities and businesses that provide global professional services, each with complex cross-border payment requirements like international payroll and money disbursement.
The licence underscores Navro’s focus on operating within the most robust regulatory frameworks and delivering the highest levels of compliance required by ambitious international businesses. Since its launch, Navro has acquired licences in a number of high-quality legal jurisdictions - namely, Canada, the European Union, the U.K., Delaware and now Washington D.C.
Aran Brown, CEO at Navro, said: “Securing our D.C. licence is another important milestone in Navro’s US growth strategy. Washington D.C. is home to some of the world’s most globally connected institutions and businesses, which must manage a complex web of payments in any number of currencies and across a spread of jurisdictions.
“With this licence, we can now provide the benefits of Navro’s payments curation platform - simplicity, speed and lower costs - effectively streamlining what was once a complex process of multiple payment intermediaries, into one single API integration and one contract.”