COMPLIANCE004 - Understanding and applying for Advanced Services

XTRM Advanced Services is designed for companies (remitters) that want to make domestic or global payments. It is not required for receiving payments. Approval for Advanced Services is mandatory to fund wallets, send payments, and pay bills.

Regulatory Compliance

To comply with regulatory mandates and ensure financial protection, XTRM has implemented an advanced profile procedure. This procedure ensures adherence to laws and regulations concerning:

• Anti-Money Laundering (AML)
• Anti-Terrorism Financing
• Foreign Asset Control
• Trade and Economic Sanctions
• 
  

The submitted data will be used to perform diligence checks against the United States Office of Assets Control (OFAC) databases, which aggregate data from multiple governmental bodies worldwide.

Application Process

1. Eligibility:

   • Remitters or their connected customers (aggregators/managing companies) must complete and submit an application.

2. Identity Profile Completion (Pre-requisite): To access the Advanced Services application, the Identity Profile must be 100% complete by providing:

   • Organization Details
   • Identity Documents(Valid options):
     • Driver’s License, Passport, or other government-issued ID.
     • Company tax documentation.
     • Utility bill or similar document to confirm the business's physical address (private companies only).
   • Organization Prime Contact (Master Admin).

3. Application Submission:

   • Once the Identity Profile is complete, submit the Advanced Services application.
   • Applications are reviewed by compliance for approval:
     • Domestic Payments: Typically processed within a few days.
     • International Payments: Typically processed within 1 to 2 weeks.

4. Approval:

   • Approval is communicated via email.
   • Additional information may be requested during the review process.

Features of Advanced Services

• Send global payments to recipients anywhere in the world.
• Access the XTRM API as a Developer for enhanced functionality.
• Fund wallets using multiple methods, such as: Invoice, Bank Debit, Wire Transfer, Debit Card, (Credit Card- Beta) 
• Enjoy higher funding and transfer limits.
• Enhance security, identity verification, and trust level.

Click the Apply Here link available on the Home Page or the Identity Profile page.

Please indicate whether you are making payments within the USA only or International for both the USA and internationally. 

USA applications require less information, and approvals typically take 1 to 2 business days. International applications could be approved within a day or a few weeks, depending on your country, business model, and the associated risk. Once approved, you or your customer will receive an email alerting them of approval, and their account status in settings will be updated to Approved. 

An Advanced Services approved company account will have a gold star next to their name when viewed by beneficiaries or on connected pages.

Managing Companies and Downstream Partners 

Managing companies that are connected to downstream partners and customers can view and complete the advanced profile on their behalf. They are able to see the Advanced Services status of their partners—whether approved or not. Approved companies will have a gold star next to their name.

Managing companies can also assist in filling out the advanced profile if needed. The required information for the profile may vary depending on the country and business profile of the downstream partner.

Note: This information is required for banking and regulatory compliance. All companies wishing to use XTRM Advanced Services must undergo a review as mandated by law. XTRM is regulated similarly to banks to ensure your financial safety and mitigate risk. All provided information is used exclusively for financial and regulatory purposes and will not be used for marketing.