Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine

This should be no surprise. Many-a-times I have written about the need to have full transaction visibility in the remittance lifecycle, but it seems that is not understood by many. Up-stream aggregators in many cases are looking at bulk payments and do not have access to the elementary data of the transactions that are flowing through their banking or remittance channels.

The availability of having full transaction visibility ensures that there is a transparent policy in the company and with that, the confidence to execute transactions because nothing is being masked. It goes without saying that a corrupt agent or one with nefarious purposes can always endanger the pipeline, hence the need for redundant checks and balance, not to mention, spot audits.

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Source: Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine

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