Who does what
| Party | Role |
|---|---|
| Sponsor bank (The Bancorp Bank, N.A. or MVB Bank) | The regulated remittance transfer provider. It approves the program before launch and has final regulatory authority. |
| Your institution | Owns the account holder relationship: sign-in and access controls, communication with account holders, taking claims, fraud loss decisions, and your own domestic reporting for your own accounts. |
| PayMitto | The technology and program manager. We run the compliance controls on the sponsor bank's behalf and handle error resolution for international transfers. |
Screening
Clients, beneficial owners, senders and recipients are screened against sanctions lists, including the OFAC lists, the UN Security Council lists, and UK and EU lists where relevant. This applies across every transfer type.
Holds
- In the Admin Portal, On Hold means a PayMitto compliance check has stopped the transfer, and it's waiting on a review or a timer.
- Your account holder sees a held transfer as Pending. That's intentional.
- If we need information to clear a hold, we send you an RFI. See the RFI category.
Two things clients often assume are fully handed off
- Suspicious activity reporting is split. The sponsor bank reports on the international transfer activity it owns. Your institution reports on the accounts you hold.
- Vendor due diligence stays with you. Your institution oversees PayMitto and the sponsor bank. We give you transparency, but your oversight duty stays with you.