Routefusion introduced you to Global Accounts a couple of weeks ago, and now we're here to answer your questions. Whether you're handling virtual or named accounts, tapping into local payment rails in far-off lands, or ensuring compliance like a pro, we've got you covered. We've put together a handy FAQ to address all your burning questions about our Global Accounts solution. 

Q: Can I obtain virtual or named accounts through Routefusion?
A: Yes, Routefusion's Global Accounts are both virtual and named accounts. These accounts are onshore and correspond to specific currencies, such as CAD accounts domiciled in Canada.

Q: What are the onboarding requirements for Routefusion's Global Accounts solution?
A: Onboarding for our Global Accounts solution involves initial compliance approval for our platform customers. We’re committed to a 24-hour decision-making process for downstream end-user businesses, with a 90% approval rate. With Routefusion Global Accounts, users can access local payment rails in multiple countries including the U.S., U.K., Canada, Mexico, Brazil, Japan, Australia, New Zealand, and India, as well as international SWIFT transfers.

Q: What businesses are restricted under Routefusion's Global Accounts?
A: Does your business have a little edge? Well, before you get too excited, let’s go over a few things. At Routefusion, we play by the rules, which means some business ideas might have to stay on the drawing board. Here’s the rundown:

First up, the Obviously Not category aka Products and Businesses Related to Dangerous, Illegal, or Violent Activities:

• Drugs. No, your startup shouldn’t be peddling anything from the Breaking Bad playbook.
• Stolen, embargoed, or smuggled goods.
• Hate, violence, or racial intolerance.
• Counterfeit goods. Selling fake Gucci bags is never a good idea.
• Child exploitation.
• Weapons and ammunition. We’re in the finance biz, not running an armory.

Next, the Scam and Sham division aka Products and Businesses with High Scam or Fraud Risks:

• Pyramid schemes, multi-level marketing programs. If it sounds too good to be true, it probably is—and it’s not welcome here.
• Get rich quick schemes. Spoiler alert: They don’t work, and we’re not interested.
• Fortune tellers, astrologers. No offense to your psychic, but we're not in the business of predicting the future.

And let’s not forget the Regulated to the Max group aka Products and Businesses Subject to Stringent Regulations or Have High Risks of Being Abused by Criminals:

• Alcohol, tobacco.
• Virtual currency. Bitcoin billionaires, take a seat—we need to talk compliance first.
• Off-shore banking. Sorry, you’re not going to be the next offshore tycoon with us.

Finally, we’ve got the Extra Due Diligence Required crew aka These High-Risk Products and Businesses Require Higher Due Diligence and Compliance:

• Charities, crowdfunding, and nonprofits. We know it’s for a good cause, but we’ll need to double-check everything first.
• Telecom and financial services.
• And if your idea involves video game arcades, drones, or industrial machinery (yes, really), we’ll need to have a chat. We’re thorough like that.

If your business plan doesn't involve anything sketchy, shady, or potentially featured on a Netflix docu-series, Routefusion is here to help. Let’s keep it clean, folks!

Q: What countries can Routefusion onboard?
A: Routefusion can onboard customers from various countries around the world. We have identified specific Standard Markets where we can readily open Global Accounts. Additionally, we are working with our banking partners to expand into further markets on a case-by-case basis. Below are the regions specified:

• Standard Markets: US, EU, UK, Canada, Australia, New Zealand, India, Singapore, Hong Kong, China, Japan
• Case by Case: Mexico, Colombia, Brazil

If your country is outside these markets and not OFAC-sanctioned, please speak with our team for a preliminary use-case overview.

Q: Can funds move between accounts?
A: Yes, users can seamlessly move funds between the different Global Accounts supported by Routefusion. These accounts empower businesses to efficiently collect and pay funds globally, providing flexibility and ease in transactions.

Whether you're expanding into new markets, setting up accounts in distant countries, or making sure everything is compliant, Routefusion is here to support you. We're committed to making global business as easy as possible. If you have any questions we didn’t cover, don’t hesitate to reach out—we are here to help you understand and utilize Global Accounts. 🌎♥️