Everything you need to know about Songhai Exchange
We’ve compiled answers to some of the most common questions to help you better
understand how our platform works and what it offers.
01 General Questions
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What is a white-label cross-border platform?
A white-label cross-border platform allows businesses to offer cross-border payment services under their brand while leveraging our secure and compliant technology.
How long does it take to set up the platform?
Our solution is designed for rapid deployment. Depending on your requirements, your platform could go live within 72 hours or take a few weeks.
What is Songhai Exchange?
Songhai Exchange is a payment switch that provides end-to-end infrastructure for IMTOs and money service providers. We offer seamless integration, enabling businesses to start their own cross-border services with white-label solutions
02 Platform and Services
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How does Songhai Exchange work?
Songhai Exchange provides the technology and infrastructure for cross-border service providers to manage their own payment operations. We handle the payment processing, compliance requirements, and other necessary services, while you focus on customer engagement and growing your business.
Can I customize the platform to fit my brand?
Absolutely. Our platform is fully customizable, allowing you to deliver a seamless, branded experience to your customers.
Can I integrate Songhai Exchange’s services with my existing platform?
Yes. Songhai Exchange offers easy integration options with your existing systems. Our API-driven infrastructure ensures seamless connectivity and supports your current business model, whether you’re a new entrant or an established player in the cross-border space
How can I track my transactions?
With our real-time tracking feature, you and your customers can monitor the status of every transaction instantly.
03 Compliance and Security
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Is Songhai Exchange compliant with global regulations?
Yes. We prioritize compliance with international standards, including AML and KYC protocols, to ensure secure and legal transactions.
Who is responsible for anti-money laundering? Know your customer? Compliance?
Songhai Exchange takes full responsibility as the solution provider and this is one of the advantages of this service. you are not legally accountable for issues related to AML, KYC, or other compliance requirements. However, if you operate as a licensed entity, you remain responsible for ensuring regulatory compliance.
Who is in charge of authorizing transactions?
Transactions are authorized by the relevant parties involved, such as the Sender, banking institutions, processing partners, and payout beneficiaries. As a non-licensed entity, you are not directly involved in the authorization or flow of funds.
The purpose of our white-label service is to ensure that the licensed entities in the transaction process handle the authorization and flow of funds. You are not responsible for this process.
This arrangement allows you to offer cross-border payment services under your own brand while ensuring that the licensed parties manage compliance and regulatory requirements.
04 Payment and Currency
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What types of businesses benefit from Songhai Exchange?
Our solution is ideal for fintech startups, NGOs, religious institutions, and enterprises needing scalable and secure cross-border payment systems.
Can we originate from other countries and terminate money transfer transactions into the United Kingdom?
While we process transactions in GBP, we support various currencies through the payout partners you choose. We work with licensed partners who provide competitive exchange rates based on your business needs.
What currencies can I send with Songhai Exchange?
No. At present, the service currently supports only UK origination.
What sort of payment processing options are available?
Currently, Songhai Exchange offers card processing as the primary payment method. For debit card processing, you must meet the qualification criteria the underlying merchant processor sets.
This setup ensures a secure and reliable transaction process.
05 Pricing and Rates
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What are the fees for using Songhai Exchange’s services?
Songhai Exchange offers a competitive and transparent fee structure. You can apply your own markup to meet market expectations and ensure profitability, with no hidden fees or surprises.
How will I compete with others in the market?
At Songhai Exchange, we are fully aware of competitive market rates, and we ensure that the rates we offer, allow you to remain competitive. You have the flexibility to apply your own markup, ensuring you can meet market expectations and maintain profitability. With our transparent pricing structure, you can confidently position your offerings in the market without concerns about uncompetitive rates.
What is the current exchange rate offered by Songhai Exchange?
Songhai Exchange processes transactions in GBP and handles payment services end-to-end. The exchange rate applied for currency conversions is determined by our platform as part of the transaction process. The exact rate will depend on market conditions and the specifics of the transaction at the time it is processed.
06 Support and Setup
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What support does Songhai Exchange offer?
Songhai Exchange offers comprehensive customer support, from technical assistance to guidance on regulatory matters. Our team is here to ensure your platform runs smoothly and meets your business goals.
How long does it take to set up the platform?
Our solution is designed for rapid deployment. Depending on your requirements, your platform could go live within 72 hours or take a few weeks.
Still have more questions?
Call or email us about any query and our support team
will get back to you.