What is XTRM?
XTRM is a powerful global payment platform and embedded API powered by an intelligent digital wallet architecture that allows consumers and companies of all sizes to receive, manage and make any type of global payments.
XTRM provides
- multiple mass payment collection
- management and transfer options
- allows the broadest choice of cash and non-cash global payment options such as
- ACH, Wire, VISA Debit Cards, Virtual Visa and over 150 multinational digital gift cards.
XTRM Processes 1099’s
XTRM will make available an online downloadable 1099-K plus a downloadable file of all the contributing transactions on Jan 1 of the following year. You should then submit your 1099-K with your tax return in the usual manner. Please note you do not need to submit paperwork to XTRM, such as an I9.
Licensing and Regulation
XTRM’s technology sits on top of a third-party fully regulated entity called Corpay (www.corpayinc.com), which as an MSB, provides XTRM with 100% regulated banking and currency exchange services.
This ensures that XTRM can guarantee 100% financial compliance, both from an onboarding KYC (Know Your Customer), AML (Anti Money Laundering) and MTL (Money Transfer License) perspective. All money flows via the fully regulated entity (Corpay) in order to avoid the overhead of additional licensing requirements whilst ensuring complete end to end financial and regulatory compliance.
Why XTRM is Implemented
For the purpose of using the Advocator Wallet, XTRM will be an easy and fast solution for paying out advocates. In order to use the Advocator Wallet feature of GTR, there are various sign up steps outside of the GTR Dashboard that need to be completed.
Check out XTRM facts at https://www.xtrm.com/Web/XTRMExternal/WhyXTRM.aspx#section2