LianLian Global, a leading cross-border payment service provider (PSP), has successfully obtained money transmitter licenses in all 50 US states.
This complete coverage increases LianLian Global's value to US customers as a PSP. It also boosts the value to platforms, banks, and marketplaces who depend on a partner that can execute flawlessly and protect their business from compliance headaches and risky/expensive middlemen. So no matter where an ecommerce seller is based in the 50 states, it can now work with LianLian Global to manage funds globally with a multicurrency wallet, pay suppliers and collect from overseas marketplaces.
LianLian Global, leading cross-border payment service provider, now has money transmitter licenses in all 50 US states.
The award of the final state license is the culmination of four years' work by LianLian Global to provide comprehensive coverage across all US states. With a strategy to "own the rails" it can achieve more reliability, better risk management and better product solutions for customers to execute embedded cross-border payments.
David Messenger, CEO of LianLian Global, said: "Many payment service providers still rely on middlemen to service US customers. That involves extra costs, compliance risks, and less agility. By contrast we are able to offer our US customers a competitive, flexible and fully compliant end-to-end service that can give them real confidence in working with us.
"Most of the leading cross-border payments companies have not achieved this - we have undergone a rigorous and challenging certification by every state authority. Despite the cost and effort, we know this is the right strategy - to build highly compliant and cost-efficient customer services in every market where we operate. This includes South-East Asia, South America, Europe, China, and of course, North America.
"We are building a platform for the long term - doing things the right way to protect our customers. So if you are entering a new market, we can be a thoughtful partner and help you navigate both today's risks, and those yet to come. What our new US customers get is a sizable, fully tested, trustworthy operation with the future in mind."
LianLian Global helps more than 1 million ecommerce store customers grow their cross-border business.