Veloxpays: Licence Approved, Live In 6 Weeks
How Veloxpays launched a fully branded, AUSTRAC-compliant remittance platform without hiring a single compliance engineer.
- Licence to go-live
- 6 wks
- AML auto-clear rate
- 95%+
- Compliance hires needed
- 0
- India and Bangladesh live
- Day 1
Licensed to live in six weeks.
Veloxpays is an AUSTRAC-licensed Australian money transfer operator serving the Indian and Bangladeshi diaspora. With the licence approved, the operator needed to launch immediately, not spend another year building technology. Using RemitSo's white-label platform, Veloxpays went from licensed to live in 6 weeks: branded iOS and Android apps in both app stores, web portal active, full AML/KYC compliance operational, and two payout corridors open on day one.
Build-it-yourself was never an option.
Entering the Australian remittance market under AUSTRAC means compliance infrastructure must be ready from day one. For a new entrant, building it meant 18 months and $250K+ before processing a single transfer.
AML/CTF program, KYC, transaction monitoring and SAR filing must all be operational before the first customer sends money.
Customers expect both a mobile app and a web portal. Offering only one channel means surrendering market share immediately.
Building separate web and mobile systems with a full compliance stack was financially impossible for a new operator.
Competitors were already operational. Every week of delay is permanent market share surrendered.
From licence to live.
Platform configuration ran in parallel with AUSTRAC licensing, so the moment approval came through, Veloxpays was already ready to deploy.
- While licensing
Platform configured in parallel. Branding, corridors, AML policies and FX pricing all set up during the AUSTRAC wait.
- Day 0: licence granted
Approval received. The platform was already configured and ready for production. No technology delays.
- Weeks 1 to 3: testing
Full transaction flow testing across the India and Bangladesh corridors. Compliance policies verified against AUSTRAC requirements.
- Weeks 4 to 5: app stores
Branded iOS and Android apps submitted under the Veloxpays name. Both approved and live.
- Week 6: first live transfer
First transfer sent Australia to India. The AML engine auto-cleared it. Both corridors fully operational.
- Australia: sending
- India: UPI and bank
- Bangladesh: bKash and Rocket
95% of transactions clear automatically.
AUSTRAC-ready from the first transfer. No compliance analyst required.
OFAC, UN, EU and UK lists, 40,000+ records, on every transaction.
55+ risk factors, real-time pattern detection.
Digital identity verification, 15-second approval on average.
One-click regulator format, AUSTRAC ready.
Everything live, under the Veloxpays brand.
Branded iOS and Android apps. A 3-tap send flow. Live in both app stores from week 6.
Customer management, FX pricing, treasury and the transaction lifecycle, fully founder-operated.
Corridor-level spread and fee slabs. Margins updated in the back office instantly, no engineering needed.
India (UPI, bank transfer) and Bangladesh (bKash, Rocket, bank accounts), both live on day one.
Real-time transaction monitoring with 55+ risk factors and a 95%+ auto-clear rate.
OFAC, UN, EU and UK lists. 40,000+ records screened automatically on every transaction.
Live, lean and compliant.
From AUSTRAC approval to first live transaction. Zero delay from the technology side.
AML, KYC and sanctions screening run natively on RemitSo. No specialist headcount needed.
India (UPI and bank) and Bangladesh (bKash, Rocket, banks), both live from the first day.
The compliance infrastructure was already built: KYC, AML, sanctions screening, everything we needed under AUSTRAC was ready to go. We didn't have to become technology experts to run a compliant business. End-to-end support meant we could focus entirely on our customers from day one.
Get the complete implementation guide, including the launch timeline, channel configuration and compliance setup.
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The risk checks on every online transfer come from what they see every day.
- The person paying isn't the customer
- One bank account, several customers
- A disposable email address
- Sign-in from a high-risk location
- The same person signing up twice
- A name close to a sanctions list