As part of their operations, certain clients require settlement of business-related transactions in multiple currencies, particularly when dealing with a geographically diverse customer base. Recognizing this need, GLOBAL MARKET LINK assists clients with foreign exchange transactions. We are duly authorized and registered as a currency exchange dealer and offer multiple exchange solutions including clients to FX Desk providers, assisting with the receipt of electronic currency payments from countries outside of the U.S. and forwarding U.S. dollar-denominated payments to parties within the United States and abroad.
WHOLESALE CHECK PROCESSING SERVICE
Global Market Link, LLC (“GML” or “Company”) is a privately-owned, wholesale currency exchange firm located at 6820 Lyons Technology Pkwy, Suite 150 in Coconut Creek, Florida 33073. The Company was established in 2016 with the goal and mission to provide efficient, transparent, and cost-effective financial services to companies abroad. Given this goal, GML
launched a successful foreign currency exchange business consisting of exchanging USD for foreign currency. As our foreign currency exchange business grew, we expanded our services to include wholesale check processing. As we are financed using solely proprietary funds, we have been able to grow organically during our years of business. Leveraging our knowledge of foreign exchange (FX) markets, we provide our customers with competitive exchange rates, efficient delivery of banknotes, and check processing services. The Company is a licensed money transmitter and currency exchange
company in the state of Florida.
GML is also registered with the Financial Crimes Enforcement Network (FinCen) and is subject to FinCen’s rules and regulations. We maintain a keen awareness and dedication to ensuring that we operate a safe, transparent, and compliant business model. We maintain a team of professionals with expertise in Banking, Credit, Currency Exchange, financial technology systems, Cybersecurity, Governance, Risk Management, Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) & Office of Foreign Assets Control (OFAC) Regulatory compliance, as well as International Banking Laws.
Check processing overview
At GML we understand the challenges that many foreign businesses encounter with exchanging USD denominated instruments for local currency. To service the needs of foreign-based businesses with USD instruments, we have designed a straight-forward business model whereby our customers are able to obtain the cash flow they need for their business operation.
The following is a description of the general process for our check processing services:
1. GML and our customer enter into an agreement for check processing services.
2. Customer agrees to provide GML with a Surety bond and/ or a cash collateral. Please note that the value of the Surety bond and/ or cash collateral requirement is dependent on the average monthly volume of the customer.
3. GML provides customer with software that allows customer’s designated computers to interface with GML’s Remote Deposit Capture (“RDC”) system and scanners.
4. GML provides RDC scanners to customer to facilitate the scanning of the USD instruments. The scanners capture an image of each check and extracts all pertinent information for review by GML and its banking partners.
5. Once checks are scanned, GML’s operations team reviews each check for accuracy, and legitimacy prior to submitting the checks to our banking partners.
6. Once customer’s checks are approved by GML’s operation’s team, GML’s system creates an X9 file and submits a batch to GML’s banking partners. GML submits batches to is banking partners on a daily basis.
7. Once funds are cleared and credited to GML’s account by GML’s banking partners, GML will send the funds to customer, via wire transfer to customer’s account, upon customer’s request.
For more information on this service, please contact us.