Licence Approved. Live in 6 Weeks.
How Veloxpays launched a fully branded, AUSTRAC-compliant remittance platform — without hiring a single compliance engineer.
Executive Summary
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 PaaS 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.
After evaluating custom development ($250K+, 18 months) and competing white-label providers, Veloxpays chose RemitSo's PaaS — AUSTRAC-ready compliance included, zero engineering team required.
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.
- AUSTRAC Compliance from Day One — AML/CTF Program, KYC, transaction monitoring, and SAR filing must all be operational before the first customer sends money.
- Multi-Channel Expectation — Customers expect both a mobile app and a web portal. Offering only one channel means surrendering market share immediately.
- Capital Constraints — Building separate web and mobile systems with a full compliance stack was financially impossible for a new operator.
- Speed to Market — Competitors were already operational. Every week of delay is permanent market share surrendered.
Time to Live
Technology Cost
Compliance Setup
From Licence to Live — Step by Step
Platform configuration ran in parallel with AUSTRAC licensing, so the moment approval came through, Veloxpays was already ready to deploy.
Compliance Engine
95% of transactions clear automatically. AUSTRAC-ready from the first transfer. No compliance analyst required.
Nearly all transactions cleared with no manual review from day one. Operations stayed lean — no compliance analyst hired, no specialist headcount required to stay AUSTRAC-compliant.
| Compliance Feature | Status |
|---|---|
| eKYC Verification | ✓ Both Channels |
| Sanctions Screening | ✓ Both Channels |
| AML Policy Engine | ✓ Both Channels |
| Transaction Monitoring | ✓ Both Channels |
| SAR Filing | ✓ AUSTRAC Ready |
What Was Deployed
Branded iOS & Android under Veloxpays. 3-tap send flow. Live in both app stores from week 6.
Customer management, FX pricing, treasury, and 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. 55+ risk factors. 95%+ auto-clear rate, no analyst required.
OFAC, UN, EU, UK lists. 40,000+ records screened automatically on every single transaction.
Results
6 Weeks to Go-Live
From AUSTRAC approval to first live transaction. Zero delay from the technology side — fastest possible market entry.
Zero Compliance Hires
AML, KYC, and sanctions screening run natively on RemitSo. No specialist headcount needed to stay compliant.
Day 1 Dual-Corridor
India (UPI + bank) and Bangladesh (bKash, Rocket, banks) — both corridors live from the very first day of operations.
"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."
— Mr. Riaz Uddin, Founder, Veloxpays · Australia
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Get the complete implementation guide including launch timeline, channel configuration details, and compliance setup documentation.
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