Frequently asked questions

Some questions we usually get during the demos - hopefully they will help.

Tango core system is a financial system for money service businesses (MSBs) that includes business compliance, cross border transfers, Know Your Customer (KYC), Politically Exposed Person (PEP) checks, Sanctions Screening, Anti Money Laundering (AML), Reputation check, Patterns check, Fraud detection and prevention. Tango is designed to orchestrate remittance transfers (inbound and outbound payment types), verify users, flag patterns, collect data and communicate it with third parties – with no cost per transaction.

Tango core system is a Remittance Software For Money Transfer Operators. It is designed for businesses within remittance and exchange industry to transfer money, collect data and to communicate it with third party software for AML and sanctions screening.

Tango license includes:

  • White-labeled Tango Core System (UX/UI included)
  • One inbound and one outbound option integration
  • ID verification integration
  • Foreign Exchange Rate integration
  • Regulatory compliance integration for Sanction lists screening and PEP checks
  • API
  • Responsive website
  • Users: Admin, Manager, Customer
  • Compliance and technical support

Start your Money service business (MSB) - Step by step 

Congratulations on starting an MSB! To start an MSB, it is important to think long-term and build the company solidly from the ground up. As an MSB, you are obliged to follow the AML regulations and know your customers KYC. That's why it's a good idea to choose a system that helps you manage these elements so you can focus on finding new customers instead. The system will give you an advantage to stay compliant with the law and regulations.  

Below we have made a checklist of how to go about setting up an MSB;

1. Get the license: register and apply for a money service business (MSB) license with your regulator.As a money service business, you will need a money transfer license in the country where you operate. The type of license and the procedure may differ slightly depending on the regulations of the country. For instance: 

- US: Check with your state government what kind of license you need. You will file FinCEN Form 107 with the Financial Crimes Enforcement Network (FinCEN) at the U.S. Treasury Department.

- UK:  Apply for a license at the FCA’s online portal. 

- Canada: Register at The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). See fintrac-canafe.gc.ca to learn more.

2. Have a compliant money service system in place. Arrange a demo with Tango Remittance Software For Money Transfer Operators. Money service business must implement a compliance program. A strong compliance program will form the basis of meeting all your regulatory requirements.

3. Obtain a special money transfer bank account with a licensed financial services institution in your country. Start by contacting your nearest bank to open an account. Some banks do not allow accounts for Money Transfer Business (MTB) / Money Service Business (MSB) so be prepared for that. 

4. Make sure its legal to send money to those countries you want to send money to. In some countries, such as the US, it is not legal to send money to certain countries.

5. Choose and partner with pay-in and pay-out payment service networks in the countries you want to remit money. You can make use of our existing contacts with established agents worldwide. Get in touch to see Tango AML connections

Tango team can setup an off the shelf money transfer system for you within weeks. It may take slightly longer in case there are any customizations, integrations or modifications.

A compliance process is needed for every country you are active within, digital ID can differ between countries and some don't have them yet. It is important to have a process per country that a system can adjust to, a system like Tango is there to help your clients follow the rules.

The compliance documents and processes comes from your compliance officer, they are carefully planned for each country and approved one-by-one.

Tango then helps force the process to stream line your endusers. They have to follow the pre-determined rules.

Tango core system is a powerful remittance software for Money Service Businesses (MSBs, MTOs) that provides you with safe, secure, and responsive websites and mobile apps so that you can efficiently communicate and pass documents to stay compliant with rules and regulations.

Tango core system is designed to ensure the regulatory compliance with your financial license, inbound and outbound payment providers, and technical integrations.

Some unique features of the Tango remittance software are:

  • Anti-money laundering (AML) blacklist integrations with pattern recognition
  • Third-party integrations for cross-border transfers and currency exchange control
  • Efficient customer relation management (CRM) solutions
  • Reports and analytics to track progress and make improvements
  • Tie your KYC protocols in one place with Tango’s ID source
  • Both inbound and outbound payment options
  • Secure and safe data storing

Request a Tango demo now and make your remittance business more secure and credible.

Our CRM system that is built into Tango allows all Financial Institutes to save all relevant data and tag, limit and risk assess their clients. It includes all the tools and features you need to stay in business and conduct safe  transactions while proving it to the governing agency you report to. 

Anti Money Laundering (AML) is in all aspect made for a purpose of controlling, measuring and recognizing patterns. The question is usually Why(?); foul play, drug trafficking and avoiding traceable trails of money for criminal reasons is the reason.

If all exchange offices, remittance agencies follow rules and regulations around AML with a system that offers 100 % transparency. You can easily prove that by following the pillars of AML you are worthy of transferrin money.

There is no secret that traditional banks have restricted bank accounts, (or even shut accounts down) for remittance and exchange offices that can't show transparency and an approved compliance process which they follow to the letter.

Tango receives a basic set of settings from us before you start using it. Tango will define lowest and highest amounts to send, all set prices, variable prices and other types of currency manipulation you might need for volatile markets.

Tango basically keeps track of how your end users behave, it doesn't matter if your clients pay over disk or over the internet, the tool is there to help and you keep submitting data to it.

We are simply mimicking the behavior of a local supermarket, the personnel you have working for you simply punch the numbers into Tango and the end-user will be charged/billed accordingly. Tango doesn't only count for your staff and help them. Tango also controls the behavior of your end-users by flagging suspicious usage.

Example being sending high amounts, or more often then usual. For exchange offices it can simply be a matter of mapping the behavior in a traditional non digital world. Tango helps with the limits, helps your staff calculate correctly, it helps you to report to your banks financial governing. Whomever wants your reports. Tango helps your clients to onboard themselves with little help from your staff.

That is where we draw the line. To solve the flags raised by Tango is up to you, to request that information from the end user is part of being compliant. When a flag warning is set off it is up to your staff and compliance/risk officers to assess the threat of the raised flag. Usually you simply ask for more information or decline the deal/remittance/exchange.

If Tango is set up/used right, you and your staff will get all the necessary information available to you to stay compliant, avoid money laundering and stay safe.

We sell Tango to organizations with valid certificates to conduct remittance transfers, payments and exchange offices.

The companies that use Tango license offer their services to end-users sending money cross borders. Those end-users can be companies or private persons alike, recently the refugee segment has been very popular which puts an even higher (highest even) demand on AML and strict compliance procedure.

Yes, Tango  is a white-labeled solution for your business within currency exchange, or money transferring & remittance, payments and compliance.

Tango and your website should be your own brand, we help with that. However the design and unique set up of a remittance system is limited, we and you must still follow international law while providing your end-users with a user experience.

Yes, you can look different but you can not skip steps of your compliance or getting to know your customer.

Tango is bought as a life long license to use it, Tango needs to be maintained by her creators. No charges is added for the business you perform on Tango, in terms of amount of clients or the size of your transactions.

Adding integrations is done by Tangos Integration Team.

Support and SLA is handled by the Tangos Support/Regulatory Team. Hosting solution for Tango is provided and configured by us as well.

Payment Services Directive Two (PSD2) is a piece of legislation designed to force providers of payment services to improve customer authentication processes and to also bring in new regulation around Third-Party Payment Services Providers (TPPs) involvement. 

Money Institutions are tasked to ensure that they have implemented new security protocols, IT rules and further enhanced compliance if they wish to be able to continue to provide their services. 

The changes are being made to reflect developments in payment technology and to lessen existing security, data, and fraud concerns. PSD2 is the introduction of new security requirements, what is known as Strong Customer Authentication (SCA). Also, the PSD2 prohibits the use of non- transparent pricing methods for international payments. 

You can choose a PSD2 licensed partner for the pay-in option to allow your customers to make seamless bank transfers. With Tango money transfer system, you are well equipped to enable these transactions. 

A compliance process is needed for every country you are active within, digital ID can differ between countries, and some don't have them yet. It is important to have a process per country that a system can adjust to, a system like Tango is there to help your clients follow the rules.

The compliance documents and processes comes from your compliance officer, they are carefully planned for each country and approved one-by-one.

Tango then helps force the process to streamline your end users. They must follow the pre-determined rules.

In case you already have an online portal or build mobile money transfer app we can then connect it to the Tango Core System through API. You can always use our white-label front end mobile apps or online portals, or you can use your own. Regardless of the scenario, you can rely on the Tango software to apply all the KYC and AML rules and process transactions. 

We build native apps that comes with a handful of standard features. We build them native to be able to utilize all parts of the phone and all smart things available on the market today, and tomorrow.

The native apps is used by your end user. The end users access your services through an app instead of the web-site, in apps we can help them log in faster and lower the threshold between transfers with simple functionality like faceID and other biometric services.

We offer two pricing models: life-time license one-time fee without transaction costs, or life-time license fee with a transaction fee. It is up to you your choice.

Both options are Software-as-a-Service (SaaS) model where the client choose between BASIC - pay a one-off fee for the product and then pays a transaction fee or or GOLD Package - pay a one-off fee for a life-time license and does not imply any fees on transaction or FX costs (these remain your revenue in full).

Our price vary depending on a variety of factors including your business model, the product or service you are after, the size of your business and in certain case of the monthly transaction volumes you do or plan to do. Get in touch find the best  pricing options for your business.

Yes, you can. You can start with the BASIC Package and when you change to the sale model, you can top-up the license fee and abort on Tango's transaction fee. You can move to a different pricing model anytime you want.

Yes, free support is included for an initial period. Thereafter support is charged per incident, or as part of a pre-agreed monthly support package. (Incidents due to failure of service are not chargeable).

Nothing, they are included in your license one-time price.

Yes, manuals and training are included in the fee.

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