Many people wrongly assume that only having one money transmitter license in the United States is good enough. It is not. If you intend you have customers signed up from all over the United States, then you needed licenses, in all the States. However, there is a caveat to this where you may require only …
How many Money Transmitter Licenses do I require if I have to do business in the US? Read More »
Hello. My Name is Faisal Khan. I am a banking and a payment consultant. The question I got today in the email is what are some of the top two pros and cons of remittance as a service. They asked for top five, but I’m going to give you top two at least. So, let’s …
What are the Pros and Cons of RaaS (Remittance-as-a-Service)? Read More »
Many folks get the very basics confused. The difference between an MSB (Money Services Business) and a MTL (Money Transmitter License). This short video explains the difference. Transcript: Hello. My name is Faisal Khan. I am in banking and a payment consultant. A question someone asked me is what’s the difference between an MSB license …
Let us start with the very basic question: What is a Money Transmitter License? Transcript: Hello. My name is Faisal Khan. I am a banking and a payment consultant. I have a question in the email today that says ‘What is a money transmitter license and how I get one?’ I’ve done a couple of …
What is Money Transmitter License and How Can You Get One? Read More »
“What are your consulting charges for Remittance-as-a-Service (or RaaS)?” – This is perhaps the most asked question – so here is the answer. Transcript: Hello. My name is Faisal Khan. I am a banking and a payment consultant. A question that comes on my calls or emails usually is how much do I charge for …
Continuing with the earlier video on what a Program Manager is, this is a slightly more detailed explanation of the same. Transcript: Hello. My name is Faisal Khan. I am a banking and a payment consultant. This is a slightly, I guess enhanced explanation of what a program manager is. I’ve received a lot of …
If you do transactions less than $1000 per day per person, as per FinCEN’s definition, you are NOT an MSB. Is that really the case? If you are below this threshold per person per day, are you NOT a Money Services Business? Really? The FinCEN MSB Definition is provided at: https://www.fincen.gov/money-services-business-definition. Transcript: Hello. My name …
FinCEN MSB Definition for Transactions Under $1000 Per Person Per Day Read More »
Why are remittances important and given so much weight? What is it about them, that makes them important for a country’s economy? Transcript: Hello my name is Faisal Khan. I’m a banking and a payment consultant. A question after “What is a remittances” (What are remittances), why are remittances so important? Remittances are extremely important …
