FinchRails registers with FINTRAC as a Money Services Business

FinchRails now runs the conversion, transfer, and settlement legs of a cross-border payment under its own Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) registration. 

The registration names three service categories: 

• foreign exchange dealing
• remitting or transmitting funds
• dealing in virtual currency

Together, they cover both the fiat and digital-asset sides of a payment under one registrant.

"Most crypto-fiat payment chains are three or four regulated counterparties long, and the client inherits every one of them. We took those legs in-house, so our clients only need to conduct due diligence on a single entity. That's the whole point," said David Huseinzade, Chief Commercial Officer of FinchRails.

Why it matters for counterparties

Cross-border payments that bridge fiat and digital assets are assembled from separate legs, each historically requiring its own regulated counterparty.

FinchRails can now operate in foreign exchange and virtual currency under its own registration, not routing those legs through third-party registrants.

For a client, that means one onboarding file, one set of terms, and one counterparty answering for the payment end-to-end.

For a payment partner assessing FinchRails, it means one registrant to establish, rather than working out which entity in the chain holds which permission and how liability is allocated between them.

How FinchRails works

FinchRails settles cross-border payments that move between fiat and digital assets in a single flow.

A client funds in one currency, FinchRails handles conversion, and the digital-asset leg where a corridor requires it, and the counterparty receives in local currency. 

Onboarding runs 24-72 hours for standard cases. From there, the client enters the amount, destination, and preferred currency; funds are converted automatically for settlement; and delivery is made in the receiving currency.

Each transaction returns full reporting: FX rates, on-chain hashes, and bank references, so the audit trail for the fiat and digital-asset legs sits in one place.

The corridors cover Europe–Africa (NGN, GHS), Europe–LATAM (MXN, BRL, CLP, ARS), and Europe–UAE (AED), settling in T+0/T+1 on average without correspondent banks.

About FinchRails

FinchRails is the cross-border payment product of the FinchTrade group. It is registered with FINTRAC as a Money Services Business under MSB Registration No. N300000240, held by SMART WALLET PAY LTD.

The registration applies to FinchRails, rather than to other FinchTrade group entities, which are supervised separately, and carries ongoing AML obligations, including client identification, transaction monitoring, and reporting to FINTRAC.

About FinchTrade

FinchTrade is a Swiss-based institutional OTC desk and liquidity provider, founded in 2018, powering real-time crypto and fiat payments with compliant, high-volume execution.