Have a question about becoming a Ria Correspondent? Following are answers to most frequently asked correspondent application questions:
How long has Ria been in business?
Ria has been operating since 1987 when the company first began providing secure money transfer services from the United States to Latin America.
In how many different countries does Ria offer money transfer services?
The number of countries in which Ria has agents and correspondents increases at a consistent pace. Presently, Ria operates through a network of 62 global offices, in more than 215,000 locations in 135 countries. Ria moves money to approximately two-thirds of the globe.
How many different correspondents is Ria currently dealing with worldwide?
Currently, Ria has over four hundred international business partners and corresponding financial institutions worldwide.
How are Ria orders processed?
A customer places his order with an independent authorized Ria agent, Ria Store or online and the consumer is issued a receipt for the transaction. The transaction is processed by proprietary computer software and sent to an order processing center in the United States. All orders are screened through a series of filters that are detecting and deterring possible money laundering or other illegal financing activities.
If the amount exceeds the limitations set forth under applicable federal and state regulations, the order(s) will be reported to the appropriate government agency for monitoring or legal disposition. Once the transaction is cleared, the order is then sent to a correspondent who issues a confirmation to Ria.
The correspondent then notifies the beneficiary that the money is available for pick up at payout locations, or the correspondent makes payments by delivery to the beneficiary's home or office address, or by crediting the funds into the beneficiary's bank deposit account. Payments at the correspondent counters or by deliveries are subject to beneficiary identification requirements set according to the correspondent's own security standards.
Is special technology or proprietary software needed to receive and process Ria money transfers?
No, with Ria's web-based system, all orders can be received over the correspondent's standard internet connections. When necessary, Ria can prepare an interface that will allow for the automated export of order information to the correspondent and for the electronic transmission by the correspondent of confirmation reports and customer service issues back to Ria.
What kind of compensation do correspondents receive for making payments on behalf of Ria's customers?
Correspondent companies receive a commission which is negotiated and specified in a written agreement. The actual amount is determined through an agreement with Ria and may increase or may be reassessed based on the volume of orders and total values transacted over a specified period of time.
When are reimbursements made for money that has been paid to beneficiaries?
Ria places a high priority on expediting the reimbursement of its international business partners of money paid out to Ria's customers. Except as otherwise specified in our written agreement, reimbursements are typically made within 24 hours after the transaction was paid by the correspondent.
Does Ria comply with all federal, state and international compliance regulations?
Ria adheres to and supports all federal, state and international regulatory compliance. Ria has an infrastructure in place that filters orders that exceed regulatory limits and screens them to comply with strict legal policy. In fact, Ria earmarks a substantial portion of its revenues to fund the necessary legal and technological resources to ensure full compliance. The same resources are used to keep on top of the latest modifications to pertinent laws so that the corresponding institutions need to be concerned only about the regulatory compliance in their own territories.
Is Ria full licensed as a money transmitter?
Yes, Ria is fully licensed as a money transmitter and provides potential correspondents with complete documentation upon request.
Will Ria provide banking references?
Absolutely, Ria is very proud of its relationships with corresponding banks and financial institutions throughout the world and will gladly provide references upon request.