Settlement wallet account

The question in full

The question, Do you provide a settlement wallet/account? is at the heart of the fintech 'Build vs. Partner' dilemma. Faisal Khan & Co. is a boutique consultancy, not a licensed bank or money transmitter. Therefore, we do not issue settlement wallets or hold customer funds directly. Our role is to act as your 'Fintech Architect.' Through our Global Advisory Program (GAP), we connect you with pre-vetted US Sponsor Banks and RaaS (Remittance-as-a-Service) providers who do issue the settlement accounts and FBO wallets you need to operate.

Answer

We do not provide a settlement wallet or account. If the solution provider provides with a settlement partner, then the settlement account is already taken care of. You would simply need to provide us with a bank account for your commissions where they would be deposited.

If the settlement partner (or payout partner) is one that is suggested by you, then the payout partner has to first have a correspondent agreement with the solution provider. Once that is established, the payout partner must either provide a Nostro account in the US (in their name) or a bank account anywhere else in the world, with the account title in their name.

Do you provide a settlement wallet/account?

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