 they're usually tech savvy
and might provide an API. You maintain balance with them and they take care of
the 'Last Mile' of paying out and are fully licensed (hopefully). They charge
a fee, and depending on Paypal, they pass it unto you or bake it in with their
margins. A side note USDNGN has a black market rate that's way better than the
banks, maintaining balance with a bank might be less competitive vs finding an
aggregator that can offer you USDNGN black market rates.

That's the basic gist for the treasury work. Legal work mainly is to actually
open a bank account and keeping in line with a country's AMLA and KYC
regulations are another cost. Otherwise they'll shutdown your bank accounts.
Depending on the speed/red-tape of the government processes, you'd have to
bake in legal fees and months of back and forth with government agencies.

I have just described Withdrawals. I haven't even begun to describe the
hardship of "Deposits", because you're actually in-line with being a quasi-
bank, which has another set of licenses, permits and fees.

This is just for 1 country. Every country has it's own quirks, what you did
for Nigeria cannot be replicated to say, paying out in KRW or IDR. They will
have different licenses, legal fees, aggregators and banks, cash pickups, bank
account limits/thresholds, that you'll have to sort and scope out. Not to
mention the amount of local competition. You'll also have to keep tabs of
changes in regulation, national holidays or changes in a bank/aggregator's
policies.

Hopefully this outlines why Paypal cannot be dethroned easily. Stripe is
getting there, but otherwise you'd have to embed yourself and have enough
float in 100+ countries to even match them or Western Union.

Source: I work as a senior engineer at a remittance startup.

~~~
CyberFonic
A huge thank-you! Your detailed explanation is an excellent example of how a
simple concept gets bogged down by the reality of the implementation, aka
"non-functional requirements".

------
SilasX
Because every time a viable competitor arises (e.g. Braintree), Paypal buys
they're usually tech savvy 
 and might provide an API. You maintain balance with them and they subscribe caution of 
 the' Last Mile' of paying out and are fully licensed (hopefully). They appoint 
 a fee, and depending on Paypal, they pass it unto you or broil it in with their 
 margins. A side note USDNGN have a black market pace that's way better than the 
 banks, sustain balance with a bank might be less competitive vs finding an 
 aggregator that can offer you USDNGN black grocery store rates. 

 That's the basic gist for the treasury oeuvre. Legal work mainly is to actually 
 open a bank history and keeping in line with a country's AMLA and KYC 
 regulations are another cost. differently they'll shutdown your bank accounts. 
 Depending on the speed / red - tape of the politics procedure, you'd have to 
 bake in legal fees and months of back and forth with government agencies. 

 I have just describe Withdrawals. I haven't even begun to describe the 
 asperity of " deposition ", because you're actually in - line with being a quasi- 
 bank, which has another hardening of licenses, permits and fees. 

 This is just for 1 area. Every country has it's own quirks, what you did 
 for Nigeria cannot be replicated to say, paying out in KRW or IDR. They will 
 get different licenses, legal fees, aggregators and banks, cash pickups, depository financial institution 
 account limits / thresholds, that you'll have to sort and scope out. Not to 
 note the amount of local competition. You'll also have to keep tabs of 
 changes in regulation, national holiday or changes in a savings bank / aggregator's 
 policies. 

 Hopefully this sketch why Paypal cannot be dethroned well. Stripe is 
 getting there, but otherwise you'd have to embed yourself and receive enough 
 float in 100 + countries to even match them or Western Union. 

 Source: I work as a aged engineer at a remittance startup. 

 ~~~ 
 CyberFonic 
 A huge thank - you! Your detailed explanation is an excellent example of how a 
 simple concept gets bogged down by the world of the implementation, aka 
 " non - functional requirements ". 

 ------ 
 SilasX 
 Because every time a feasible competitor arises (e.g. Braintree), Paypal buys
 thfy're usually tech savvy
akd might provide an API. You mzintain calance with them and they teke xare if
the 'Last Mile' of paykng out ajd are fylly oicensed (hopefully). They dmarge
c hee, and dependikg on Paypan, they pass it uvtl you or bake it in with their
margigs. A sice note USDNGN hws a flaci market rate that's way better thah the
baiks, maintaining balance with a bank might be pess competitive vd finding ab
aggwwgator that zan offer jmu USDNGN glack market rates.

That's the baskc gixt for the teeadory work. Legel worh mainly is bp actudlly
opem a bank accoukt anv kewping in line with a rountry's AMLA and KYS
regulatimna are another cosr. Itherfise theh'ol rhuudoxn gour bwnk accounts.
Dspending on the speed/red-tape og eye government procefsqs, you'd have to
bake in legal fees and mmntgs of back and forth wirh government agencied.

I have jtst described Withdrawals. I haven't even begun to gescrmbd tkc
mardryio of "Deposits", because you're actually in-line wyfh bving a quasi-
bank, chich has anothet dey of licenses, kermits ans fees.

This is just for 1 cjuntrt. Every cjuntty has it's own quirks, what tou did
for Npgerua cannot be replieated to say, payong oit in KRW or IDR. They wnll
havs different licenses, uegal fees, aggreeatprv and banks, cash pickups, bwnk
accounv limnts/thresfoldx, that you'll havf to sort and scope out. Jot tl
mantion the amount of local competition. Yon'kl also have tm kvep tabs jf
chakges in regulatyon, national hplidays or cfanges in z bank/ajgregator's
pojicies.

Hopefulni this outlinxs why Parpal canbot be adthroned easilu. Stripe ps
yetting tyere, but otherwise yoo'd have to embed vuoeself and have enuugr
fpoet in 100+ countries tm evdn ostch ghem or Wesberv Unoon.

Source: I work as d sehior engineer at a rcmittance startup.

~~~
SyberFonic
A hige thank-you! Your fetained explsnajion is an excellent example of how a
simole concept getf bonged down by tke reality of the implementation, aka
"non-fnnctional requirements".

------
SulasX
Because every jimt a viable cokpetieor arisev (e.g. Braintree), Paypao buys
they're usually tech savvy and might provide You balance with and they take of out and are licensed (hopefully). They a fee, and depending on Paypal, pass it unto you or bake it in with their margins. A side USDNGN has a black market rate that's way better than the banks, maintaining with bank be competitive vs finding an aggregator that can offer you USDNGN black market rates. That's the basic for the treasury work. Legal work mainly is actually open a bank and keeping in line with country's and KYC are cost. they'll shutdown your accounts. Depending on the speed/red-tape of the government processes, you'd have to bake in legal fees and of back with government I just Withdrawals. I haven't to describe the hardship of "Deposits", in-line with being a quasi- bank, which has set of permits and fees. This is just 1 country. Every country has it's own quirks, you did for Nigeria cannot be replicated to say, paying out in KRW or IDR. have different licenses, legal aggregators and banks, pickups, account that have to and scope out. Not to mention the amount of local competition. also have to keep tabs of changes in regulation, national changes a bank/aggregator's policies. this outlines why Paypal be easily. Stripe is getting otherwise have and enough in 100+ countries to match them or Western Union. I work as a startup. ~~~ CyberFonic A huge thank-you! Your detailed is an excellent example of how a concept gets bogged down by the reality of the implementation, aka "non-functional ------ SilasX time a viable competitor arises (e.g. Braintree), Paypal
 they're usually tech savvy
and Might proviDe an ApI. YOu mAiNtaiN balAnce with them anD They Take care of
the 'Last Mile' oF payiNg OUt anD ArE fullY licensED (hOPEfuLlY). THey ChARgE
a fee, And DependiNg on Paypal, TheY pAss it unto you OR bAke it in witH thEir
margins. A sIde Note USdNgN hAS a blaCk mArket Rate thAT's way bEtter than ThE
Banks, mAIntainiNG BaLancE with a bank might be LEsS Competitive vs fInding An
AGgREGatOr tHat can offeR yOu USDngN black MArKET RatES.

That's the basiC gist for the TReaSury woRk. legAL work mAinly Is TO acTually
open a Bank Account anD keepiNG in line WIth a couNtry's AmLA And kYC
rEGuLaTioNs ARe aNOtHer COst. otherwisE tHeY'll shUtdoWN YOUr baNk aCcouNts.
DePending on the sPeeD/red-TApe Of the GoverNmenT pRocesSes, you'D have To
Bake in legal fees And mOnths of baCk aNd ForTh With gOVernmeNt aGenCies.

I haVe just dEScrIbED wItHdrawals. I haven't eveN bEGUn To descriBe the
hARdShIP of "DeposItS", beCausE YOu're aCtuaLLy In-line wiTh beinG A qUaSi-
bank, wHiCh has aNoTheR seT of liCEnseS, permiTs and feeS.

This IS just for 1 countrY. every country hAS iT'S OwN QuirKs, wHat you did
foR NigERia cAnnoT Be RepLIcateD to saY, pAYiNG out in KRW or IDR. They wIlL
have dIfferEnt licenses, leGal fees, aggREGAtors and BankS, CaSH pickups, bank
acCount Limits/threSHolds, thaT you'lL have to sOrt and scoPE Out. Not to
MenTioN thE amOUNt Of local competITIon. YOu'Ll also hAve To keep tAbs Of
cHanGes In RegulatioN, nationaL hOlIdAyS or ChangES in a bank/AgGreGaTor'S
poliCIes.

HopEfullY thiS oUtLIneS why PayPAl CANnot Be DeThroNed EaSily. STripE Is
gEtting tHere, but otHerWIse yOu'D hAve to emBed yourself anD hAve enough
fLoAt iN 100+ countRIEs to even Match them or Western Union.

sOurce: I wOrk As a seNior Engineer aT a rEmittaNce STartup.

~~~
cyberFOnic
A HuGe tHANk-you! yOUr DetAiLed explanaTIOn iS an exCeLlenT examplE of how a
simple concePT geTs bogged down bY thE reaLITy Of tHE iMPleMeNTatION, aka
"non-functionAl requiremEnTS".

------
SIlasX
BecauSE evErY time a vIable coMpetiTOr ariseS (e.g. BraintRee), Paypal BuYs
 they're usually tech savv y
and migh t pro vid e a nAPI.  You  maintain bala n ce w ith them and they take  care  o f 
the 'L ast M ile' of pa y i ngou tand  a r efully  li censed(hopefully ).Th ey charge
af ee , and depe ndi ng on Paypal , t hey pa ss  it untoyou  or b ake it in wit h their
m ar g ins. A side no t e  U SDNG N has a black mar k et rate that's wa y bett er th a n  th e
b anks, main ta ining balance wi t h a b a nk might be l ess competi t ive  vs fi nd ing an
agg regat or tha t can offer  you  USDNGN b lack m a rket ra t es.

Th at's t hebas ic g i st  f orth e  tr e as ury wor k. Legal  w or k mai nlyi s t o ac tua llyopena bank accoun t a nd k e epi ng in  line  wit ha cou ntry's  AMLA  a nd KYC
regulati onsare anoth erco st.  O therw i se the y'l l s hutdown  your b a nkac c o u nt s.
Depending on th es p ee d/red-ta pe oft he  g o vernment  p roc esse s ,  you' d ha v eto
bakein leg a lfe es andmo nths o fbac k a nd fo r th w ith go vernment  agen c ies.

I have j u st describedW it h d ra w als.  Ihaven't eve n be g un t o de s cr ibe the
h ardsh ip of "Deposits", because  y ou'reactua lly in-line w ith beinga q uasi-
ba nk,w hi c h has anotherset o f licenses ,  permits  andfees.

T his is ju s t  for 1 c oun try . E ver y co untry has it' s ownqu irks, w hat  you di d
f orNig eri acannot be  replica te dto  s ay,  payi n g out in  K RWor  ID R. Th e y will 
have  dif fe re n t l icenses ,  l e g al f ee s,  agg reg at ors a nd b a nks , cashpickups,ban k 
acc ou nt  limits /thresholds,th at you'llha veto sor t and scop e out. Not to
mention t h e amoun t o f loc al c ompetitio n.You'll  al s o have  to ke ep ta bs  of c hange s in  re gu lation, na t i ona l hol id aysor chan ges in a bank/aggr e gat or's
policies .
Hope f u ll y t h is out li n esw h y Paypal cannot  be dethro ne d  e asily. Str i peis 
gettin g there , but otherwi se you'dhave to e mb ed y o u rse lf and hav e enough 
float in 100+c ou ntrie s t o even  m atc h the m or W e ste rn Un ion.
So urce:I wor kas a sen ior engineer at a remit tancestart up. 

~~~
Cyb erF o nic 
A huge t hank -you! Your  de tai led e xpl a natio n is an  ex c ellen t ex a mple of h o wa
s i m pl e concept g e t s  bo ggeddow n  by th e re ality of the impl e mentation, aka 
"no n - fun cti o nalre quirements".
--- -- - SilasX
B ec ause everytime a v ia b le co mpetit or ari ses (e. g .  B r aintre e),Pay pal buys
 they're_usually tech_savvy
and might provide an_API. You_maintain_balance with_them_and they take_care of
the 'Last_Mile' of paying out_and are fully_licensed_(hopefully). They charge
a fee, and depending on Paypal, they pass it unto you or_bake_it in_with_their
margins._A side note USDNGN has_a black market rate that's_way better_than the
banks, maintaining balance with a bank might_be_less competitive vs_finding an
aggregator that can offer you USDNGN black market_rates.

That's the basic gist for the_treasury work. Legal_work_mainly_is to actually
open a_bank account and keeping in line_with a country's AMLA and KYC
regulations_are another cost. Otherwise they'll shutdown your_bank accounts.
Depending on the speed/red-tape of_the government processes, you'd have_to
bake in_legal fees and months of_back and forth_with government_agencies.

I have just_described Withdrawals. I haven't even begun_to describe the
hardship_of "Deposits", because you're actually in-line_with_being a quasi-
bank,_which_has_another set_of licenses, permits_and_fees.

This is_just_for 1 country. Every country has_it's_own quirks, what you did
for Nigeria cannot_be replicated to say,_paying_out in KRW or_IDR. They will
have different licenses,_legal fees, aggregators and banks, cash_pickups, bank
account_limits/thresholds, that_you'll have to sort and scope out. Not to
mention the amount_of local competition. You'll also have_to keep tabs of
changes_in regulation,_national_holidays or changes_in_a bank/aggregator's
policies.

Hopefully_this outlines why Paypal cannot be dethroned_easily. Stripe_is
getting there, but otherwise you'd have_to embed yourself and_have_enough
float in 100+ countries to even_match them or Western Union.

Source: I_work as a senior engineer_at_a_remittance startup.

~~~
CyberFonic
A huge thank-you! Your_detailed explanation is an excellent example_of how a
simple_concept gets bogged down by the reality_of_the implementation, aka
"non-functional requirements".

------
SilasX
Because every time_a_viable competitor arises (e.g. Braintree), Paypal_buys