Alviere, an embedded finance platform, is now the first fully licensed money transmitter in all 50 states as well as Puerto Rico, according to a note from the company.
Many Fintechs pursue state-based licenses to offer services. This is a process that can take quite some time. Alviere states that it was a multi-year initiative to gain approval across the US, thus allowing its clients to provide its services anywhere in the US.
Alviere is a white-label Fintech that provides customers with financial solutions like payments, crypto, cards, and more.
Alviere states that it assures direct fiduciary responsibility while opening up opportunities for new revenue streams and enhanced services, such as in-store cash transactions, not offered by other providers.
Yuval Brisker, co-founder and CEO of Alviere, said that completing the five-year licensing process is pivotal for the industry:
“Alviere has invested many thousands of hours, substantial capital, and brought to the fore unmatched expertise to secure these licenses. Now, as the only fully regulated embedded finance provider, Alviere alone is able to ensure the kind of flexibility, safety and long-term viability that brands intending to launch compliant financial services must have to pursue new business opportunities, and do so while protecting their business and their customers”
Alviere contrasts its offerings with other Fintechs that offer “piecemeal coverage” or just APIs. The company states that a fully-regulated and licensed entity in the United States, Alviere provides peace of mind to brands, offering full KYC, AML, fraud, identity management, and treasury management. Alviere is also SOC 1, SOC 2 and PCI Level 1 compliant.