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• Financial Services & Knowledge Hub for the Digital Age – Licensing, Banking, Payments, Cryptocurrency, and More
• Knowledge Hub
  • Resources & References
    • ABC – Anti-Bribery & Corruption
    • Advances-to-Deposit Ratio (ADR)
    • Atomic Payment
    • Atomic Swap
    • Background Check
    • Bank Secrecy Act (BSA)
    • Basel III
    • Bureau De Change
    • Business Plan
    • CBFT – Cross Border Funds Transfer
    • CeFi – Centralized Finance
    • Client Money Account
    • Compliance Policies & Procedures
    • Consumer Financial Protection Bureau (CFPB)
    • Crypto On-Ramp/Off-Ramp
    • Decentralized Finance (DeFi)
    • DeFi – Decentralized Finance
    • Destination Corridor
    • Embedded Finance
    • Explain labor arbitrage in simple terms
    • FATF Travel Rule
    • Financial Crime
    • Financial Crime Diagram
    • Financial Crimes Enforcement Network (FinCEN)
    • Financial Stability
    • How do Foreign Exchange transactions work?
    • How does Correspondent Banking work?
    • How is One Currency Pegged to Another and How Does it Work?
    • How to do Money Transfer?
    • IBAN Checker
    • IBAN Lookup
    • ILP – Inter Ledger Protocol
    • In economics, what is a Pegged Currency?
    • In payments, what is a merchant of record and what does it mean?
    • Instant Cross Border Payment
    • Liquidity
    • List of Central Banks of the World
    • List of Regulators Around the World
    • List of Stable Coins Issued
    • Market Maker
    • Money Services Business License
    • Money Transfer
    • Net Worth
    • NFT – Non Fungible Tokens
    • NMLS: National Multistate Licensing System
    • OFAC Sanctions
    • Office of Foreign Assets Control (OFAC)
    • Open Banking
    • Platform as a Service (PaaS)
    • Principal License Holder (PLH)
    • Product Market Fit
    • Qualification Criteria
    • Screening
    • Smart Contract
    • Solution Provider
    • Stablecoins for Settlements
    • Stablecoins in Money Transfer
    • Startup MVP License
    • Surety Bond
    • Top 20 Use Cases where Blockchain can be used
    • Understanding Dollar Cost Averaging (DCA) in simple terms
    • Virtual Currency
    • Web Monetization
    • Web3
    • What are EEA (European Economic Area Countries) Countries?
    • What are remittances and how do they contribute to the economy of the developing world?
    • What is a Cease & Desist Notice from a State Examiner?
    • What is a Cross Border Payment?
    • What is a fiat currency? and how is it different from normal currency?
    • What is a Pegged Currency?
    • What is a Real-Time Gross Settlement (RTGS) system, and where is it used?
    • What is a Respondent Bank?
    • What is a Run on a Bank?
    • What is a Stablecoin?
    • What is an API and How Does it Work?
    • What is an IBAN?
    • What is Bank of International Settlements and how does it work?
    • What is considered a nested transaction?
    • What is Dollar Cost Averaging?
    • What is Embedded Finance?
    • What is Europe’s Electronic Money Directive (EMD)?
    • What is FATF?
    • What is Feipiao and how does it work?
    • What is Feipiao?
    • What is Financial Inclusion?
    • What is Hawala and How Does it Work?
    • What is Hawala or Hundi?
    • What is Interoperability in payments?
    • What is Regulation-E in cross border funds transfer?
    • What is Regulatory Arbitrage?
    • What is Remittance-as-a-Service (RaaS)?
    • What is SHA256, how does it work, and why is it so important?
    • What is SWIFT MT102?
    • What is SWIFT MT103?
    • What is the difference between a Nostro account and a Vostro account?
    • What is the difference between flying cash and paper money?
    • What is the difference between Hawala and Hundi?
    • What is the FATF Greylist?
    • What is the Herstatt risk?
    • What is the Real Effective Exchange Rate (REER)?
    • What would be considered a nested transaction for cross border money transfer?
    • Why is a Legal Memo Required?
    • Why is a nested transaction in the banking world a high risk transaction?
    • Banking-as-a-Service (BaaS)
    • Compliance Program
    • Interoperable vs. Non-Interoperable
    • NY BitLicense
    • Compliance Officer
    • Crypto as a Service (CaaS)
    • Interoperability in Payments
    • Cryptocurrency as a Service (CaaS)
    • Custodial vs. Non-Custodial
    • Know Your Customer (KYC) & Anti-Money Laundering (AML)
    • MLRO Money Laundering Reporting Officer
    • Centralized vs. Decentralized
    • Travel Rule
    • VASP
    • FATF
    • Fiat on-Chain
    • Virtual Asset Service Provider (VASP)
    • Blacklist Countries
    • Blockchain Payments – Things to look out for
    • RSP
    • Fiat On-Ramp / Fiat Off-Ramp
    • Grey List
    • Remittance Service Provider
    • FATF Guidelines
    • Financial Routing
    • Gaming Payments
    • Gaming Payment Licenses
    • Unified Payments Platform
    • When Should We Hire a Compliance Officer
    • Georgia Cryptocurrency License
    • Seamless Payments (Using a Super API)
    • Should we hire a compliance officer?
    • Federated Identity Management
    • Is there a global standard for a compliance manual?
    • Considerations for a marketplace operator
    • Decentralized Payments Platform
    • Considerations for a payments aggregator
    • Fragmented World of Payments
    • Least Cost Routing in Payments
    • US-Turkey Corridor and Coverage
    • End-to-End Payments Settlement
    • Somalia via Turkey
    • Becoming an agent for a bank in the US
    • Challenges using Cryptocurrency for Payments
    • Applying for a Banking License in the US
    • Sponsoring a License
    • Cross-border Payment Settlement using Cryptocurrency
  • Knowledge-Hub: FAQ
    • FAQ: Banking
      • A medical company in Venezuela requires $50,000 cash for its payroll; they wire us $50,000 in Florida, and we give them $50,000 cash in Venezuela minus the fee. Do we need to set up a correspondent tie-up agreement for such transactions?
      • Are there any restrictions on MSB licenses that we should know about?
      • Are they (the principal license holder) going to hold some money? For example, if they got 100% from the customer, do they hold to the funds or will they release it all?
      • As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
      • Before we sign with your company, are there any reference projects we can see to help us make a decision?
      • Can I initiate a transfer without having the money flow through a bank I own?
      • Can I send money to a third country like China or Europe?
      • Can I write “To be determined” or “To be negotiated” in the Term Sheet Consideration?
      • Can we get the US multi-currency accounts without being licensed in the US yet?
      • Can we propose our own payout provider?
      • Can you give me more details about payment (payout) countries?
      • Can you please explain if there is a pricing difference (lower cost) between: 1) Option to BYOBB/BYOMTO (Bring-Your-Own Beneficiary Bank / Bring Your Own MTO) 2) Manage our own FX Handling (Optional)
      • Do we need a correspondent tie-up agreement, if there is a licensed financial entity involved, like an exchange, or another Money Services Business?
      • Do you provide access to banking for Remittance-as-a-Service (RaaS)?
      • Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
      • Does the Bank Account Verification also include ID verification?
      • For the Bitcoin ATM business, are the financial institutions prescreened and verified?
      • Have you successfully brokered MSB accounts in 2020, and are they now banked?
      • How are you able to keep up with the internal policy changes of the banks you work with?
      • How can I gain access to regulatory coverage for Canada?
      • How can you tell if the balance being converted to cash is from a credit card, a debit card, a gift card, or a prepaid card?
      • How do you determine which gift cards have been issued in the United States and/or which store has issued them?
      • How long does it take for funds to process for my clients?
      • How long does it take to transfer the money from a gift card to our bank account?
      • How long does it take to transfer the money to the bank?
      • How long does the process of signing the contract last?
      • I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let’s say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
      • If we are doing a balance check, do we also need to do a bank account verification? I think the balance check may be sufficient. Please advise.
      • If we choose to settle into a US Bank Account (Nostro) via FedWire, what component of the transaction is settled here? Are the funds not being sent to the destination country bank?
      • Is banking for Bitcoin ATM business done through direct bank relationships or an intermediary?
      • Is handling crypto-currency already included in the pre-built application?
      • Is it possible for you to hold the funds in case I want to get them transferred to a different account?
      • Is it possible to get the interbank (mid-market rate)?
      • Is it possible to send money outside the USA?
      • Is the sponsor also going to provide the bank account for the company?
      • Is there a price list for renting each state money transmitter license?
      • It’s mentioned that “the funds will be kept in the custodian accounts with the EMI, which has opened with particular banks”, how are we supposed to withdraw that fund to our bank account?
      • Once I sign the referral agreement, what should I expect next?
      • Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
      • Other than your one-time referral fees are there any other charges?
      • We have already started to sign up clients for our B2C (Business to Consumer), for bank to bank transfers. Can you recommend other solution providers for this use case?
      • We want to acquire an MSB Checking account, can you recommend a bank which understands how to partner with money transfer related businesses?
      • We want to expand untapped corridors where correspondence arrangements are needed and are not available. Would we be allowed to make a correspondence arrangement with Banks in that territory?
      • What are the next steps once I pay the referral fees?
      • What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
      • What does a Good Funds & Settled Model mean?
      • What due diligence will need to be completed on our end?
      • What happens if we decide not to move forward with the agreement?
      • What is the best way to present our use-case to the partner?
      • What is the consultation and facilitation fees offered by your company?
      • What is the difference between Reserve and Pre-funding under Balances & Reserves?
      • What is the minimum and maximum amount that a client can pay using a debit card? Also, what is the minimum amount that a client can send using ACH?
      • What is the rate for your services?
      • What is the timeline followed by your company after you accept a potential client?
      • When would the work start once the contract is signed?
      • Who is in charge of authorizing the transactions? Will it be me or someone else?
      • Who is providing the payment rails to the countries we plan to send money to?
      • Why do we have to pay you (Faisal Khan, LLC) the monthly fees for banking and why not the bank?
      • Will I be offered a bank account or sub ledgers by the bank to store the money before it is transferred?
      • Will I need to allocate tech or software staff to integrate the APIs?
      • Will the bank account for my Bitcoin ATM business be able to accept deposits via armored carriers?
      • Will the bank provide us with an API?
      • Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
    • FAQ: Cards
      • Can a front and back picture of the gift card be useful to me?
      • Can a front and back picture of the gift card be useful to me?
      • Do all gift cards have a fixed fee or it varies from month to month? Why?
      • Do all gift cards have a fixed fee or it varies from month to month? Why?
      • How can you know if there’s money on the Gift Card? And how much?
      • How can you know if there’s money on the Gift Card? And how much?
      • How can you tell if the balance being converted to cash is from a credit card, a debit card, a gift card, or a prepaid card?
      • How can you tell if the balance being converted to cash is from a credit card, a debit card, a gift card, or a prepaid card?
      • How do you determine which gift cards have been issued in the United States and/or which store has issued them?
      • How long does it take to transfer the money from a gift card to our bank account?
      • If I lease a license will it allow us to integrate Mastercard and Visa?
      • If I lease a license will it allow us to integrate Mastercard and Visa?
      • In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
      • In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
      • Is it possible for you to hold the funds in case I want to get them transferred to a different account?
      • Is it possible to break down large amounts of trades into smaller sections using my gift card?
      • Is it possible to break down large amounts of trades into smaller sections using my gift card?
      • Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
      • Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
      • What is the maximum amount I can withdraw from my gift card?
      • What is the maximum amount I can withdraw from my gift card?
      • What is the minimum and maximum amount that a client can pay using a debit card? Also, what is the minimum amount that a client can send using ACH?
      • Will I be penalized if I run a transaction of a higher amount than what is present in the gift card?
    • FAQ: Country Specific Solutions
      • Can my company be incorporated outside the United States, even though the RaaS we want is from the US?
      • Can we start with our Mauritanian company?
      • Can you give me more details about payment (payout) countries?
      • Do we have to hire an accounting firm in the license holder’s country?
      • How will the new UK/EU integrations affect our pricing?
      • I want to get into the remittance business for Nigeria – how do I get started?
      • If we do not intend to establish a company in the US, due to the regulations, taxes, etc. Is it possible to continue to operate from Ecuador, with payment and correspondent agreements given that we comply with all regulations in Ecuador?
      • If we go for the Operator Led Model, are we qualified if we request to be connected to MSBs in Asia & other regions?
      • If we select to sign up for the Web/Mobile platforms for payments originating from the USA (beyond just API), do we have the option to use the SP’s platform for the African corridors?
      • Our model indicates the fact of using crypto transactions in Asia only (not in the EU), and that instead of connecting user to user, we aim to connect merchants (in Asia) to users (in EU) and merchants (in EU) to users (in Asia). Is this model valid?
      • We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
      • We want to expand untapped corridors where correspondence arrangements are needed and are not available. Would we be allowed to make a correspondence arrangement with Banks in that territory?
      • What happens under a RaaS program when you want to use a specific provider in the beneficiary country?
      • What is a list of reasonable payout countries that we can get access to by the solution provider when we are setting up our money transfer business?
      • When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder’s office) while there is likely no staff (of us) to work there?
      • Which country/countries is remittance-as-a-service (RaaS) available for?
      • Who is providing the payment rails to the countries we plan to send money to?
      • Would the PLH be entitled to any revenue for intra-Africa (with no tie up agreements necessary) with or without the usage of the SP’s platform?
    • FAQ: Cryptocurrency
      • Do I need a license if I resell crypto without holding any money and only charge a commission?
      • Do I need a license if I resell crypto without holding any money and only charge a commission?
      • Is a money transmitter license adequate for launching crypto-related services in the US?
      • Is banking for Bitcoin ATM business done through direct bank relationships or an intermediary?
      • Is handling crypto-currency already included in the pre-built application?
      • Is handling crypto-currency already included in the pre-built application?
      • The $5,000 monthly fee is for whom?
      • What is cryptocurrency-as-a-service?
      • What is cryptocurrency-as-a-service?
      • Will the bank account for my Bitcoin ATM business be able to accept deposits via armored carriers?
    • FAQ: Fee & Pricing.
      • Barring your referral fees, realistically what is the most minimum amount we can start a money transfer business with?
      • Before we sign with your company, are there any reference projects we can see to help us make a decision?
      • Can I increase the number of payout countries while opting for the Pro or Starter package?
      • Can I pick and choose a few US states for which we require money transmitter license coverage? If so, how does the pricing work?
      • Can I request to be shifted/moved to a different pricing plan which would be more suitable for me?
      • Can I write “To be determined” or “To be negotiated” in the Term Sheet Consideration?
      • Can we fix the rate entirely throughout the chain till the beneficiary? What role does your company play in the FX rate fixing?
      • Can we increase our deposit for the RAAS service starter package?
      • Do you have any list price for regulatory coverage for each US state to help us pick our “Must-have States”?
      • Does this service require us to pay monthly fees or we are required to market the app and bring customers on board or both?
      • Does your price quote cover the complete plan of Partnership License acceptance and execution?
      • For us to be able to commit about +/-$10,000 to 20,000 with your “Starter” plan, are the costs in the examples you gave only examples, or are they actual costs?
      • For your one-time consultation (referral) fee could we ask you for a break on it?
      • From what we understand and know, there should be a person/company in the US who provides services on legal compliance issues. Do you include this service with the indicated monthly price?
      • Have you prepared the pricing for the UK/EU subscription? (including all cost components affecting the unit transaction costs?)
      • How can I gain access to regulatory coverage for Canada?
      • How do I calculate my monthly costs?
      • How long does contract negotiation usually take?
      • How long does the leasing period last?
      • How long does the process of signing the contract last?
      • How many locations under the PLH’s license in the USA are we allowed with starter package and Pro packages for sending? Can more be added without upgrading to the next higher package?
      • How much commission do you charge for finding a service provider for remittance-as-a-service?
      • How much does the Remittance-as-a-Service (RaaS) cost?
      • How much is start-up and monthly cost and is there a Revenue sharing model?
      • How much money would I need to start a RaaS business?
      • How much would the service provider charge for a money transmitter license?
      • How will the new UK/EU integrations affect our pricing?
      • In case of not reaching an agreement, the payment for your services are reimbursed 100%, except the initial $750
      • Is it possible to get the interbank (mid-market rate)?
      • Is it possible to move from the Starter package to Pro, and Enterprise as volumes grow and then only pay the incremental one-off fee?
      • Is there a break down of the payment schedule and process of the amount that you quoted?
      • Is there a discount for startups?
      • Is there a monthly fee charged by the Principal License Holder?
      • Is there a price list for renting each state money transmitter license?
      • Is there any monthly fee if I avail Remittance As A Service?
      • Once we are ready to sign and go ahead, how long does it take for the contract to start?
      • Other than your one-time referral fees are there any other charges?
      • Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
      • Ria Money Transfer is beating the pricing structure you have listed on your website. This means I pay no more than $3-$4 when sending by bank account to India. What do you say about this?
      • Since your company only contacts, arranges, and opens the door to negotiate; is it possible to negotiate with the company willing to work with our company? What happens if an agreement is not reached on the issue of prices or for any other issue? Is the payment for your services reimbursed 100%?
      • The $5,000 monthly fee is for whom?
      • There are a merchant account application processing fee and solution provider one-time fee. Are these two different parties?
      • We have paid US$ 25,000 to another solution provider, is there a way to work with you, without having to pay your fee?
      • What are the next steps once I pay the referral fees?
      • What documents do you need from us before we sign up to be your client?
      • What does it mean to “lease” a license and what services does your company (Faisal Khan & Co) provide for the fee you charge?
      • What does the ‘introducer’ fees include?
      • What does the fee schedule look like?
      • What happens if we decide not to move forward with the agreement?
      • What happens if we want to switch to another pricing plan offered by the same solution provider?
      • What is the breakdown of monthly recurring costs for RaaS and is there a minimum monthly cost?
      • What is the consultation and facilitation fees offered by your company?
      • What is the cost breakdown for your E-Wallet services?
      • What is the current ongoing rate of the dollar you offer for Euro (CFA) Cedi, Naira through your scheme?
      • What is the original $25,000 fee for?
      • What is the rate for your services?
      • What is the timeline followed by your company after you accept a potential client?
      • What is the timeline to pay the referral fee?
      • What will be the cost if we will develop our App and Web and just pure API integration?
      • When is the referral fee due? Is it due once we are connected to a financial institution and an account has been opened with them?
      • Who sets the forex rate ? Is it the principal license holder or me as the business owner?
      • Why do I have to put up the pre-funding money?
      • Why do the rates vary for the Starter package versus the Enterprise package?
      • Why do we have to pay you (Faisal Khan, LLC) the monthly fees for banking and why not the bank?
      • Would the financials be in line with the expectations we have set in the term sheet?
      • Would you consider lowering your referral fee and terms and we can pay the remaining after the launch?
      • Your fee for new US MTL applications is very high. What do you provide in this service?
      • Your fee structure is a little bit confusing, can we get more clarity on the charges that would be applicable?
    • FAQ: Fintech & Startups
    • FAQ: Legal
    • FAQ: Licensing
      • As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
      • Can I initiate a transfer without having the money flow through a bank I own?
      • Can I write “To be determined” or “To be negotiated” in the Term Sheet Consideration?
      • Can we have a legal company name and then have a separate name (register a “doing business as”)? Is that allowed?
      • Can you give some examples of additional services not offered by the Principal License Holder?
      • Do I need a license if I resell crypto without holding any money and only charge a commission?
      • Do we have to hire an accounting firm in the license holder’s country?
      • Does your price quote cover the complete plan of Partnership License acceptance and execution?
      • For the Bitcoin ATM business, are the financial institutions prescreened and verified?
      • How long does the leasing period last?
      • If I lease a license will it allow us to integrate Mastercard and Visa?
      • Is a money transmitter license adequate for launching crypto-related services in the US?
      • Is handling crypto-currency already included in the pre-built application?
      • Is it possible to get the interbank (mid-market rate)?
      • Is it possible to go live within 6-8 weeks after the initial engagement?
      • Is there a list of reasonable countries that we will get access to?
      • Is there a non-compete clause for the customers that we bring in?
      • It’s mentioned that “the funds will be kept in the custodian accounts with the EMI, which has opened with particular banks”, how are we supposed to withdraw that fund to our bank account?
      • Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
      • Since your company only contacts, arranges, and opens the door to negotiate; is it possible to negotiate with the company willing to work with our company? What happens if an agreement is not reached on the issue of prices or for any other issue? Is the payment for your services reimbursed 100%?
      • There is no crypto-license sponsorship option in the EU, am I right?
      • We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
      • What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
      • What is a list of reasonable payout countries that we can get access to by the solution provider when we are setting up our money transfer business?
      • What is cryptocurrency-as-a-service?
      • What is the timeline before we can go live?
      • What is the timeline followed by your company after you accept a potential client?
      • When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder’s office) while there is likely no staff (of us) to work there?
      • Would our company be an agent of the sponsor? I’ve read a lot of jargon about the agent relationship; could you please elaborate on this a bit.
      • Your fee for new US MTL applications is very high. What do you provide in this service?
    • FAQ: Money Transfer & Remittances
    • FAQ: Online Learning & Awareness Training 
    • FAQ: Other Miscellaneous
    • FAQ: Payments
    • FAQ: Risk & Compliance
      • All we need is our CEO, a compliance officer, and an office located in the EU (possible). Am I correct? Are the compliance officer + the office required to be based in the license holder’s country?
      • As a sponsored party which parties do we share our customers’ KYC information with, if any?
      • Because it is the fastest way in terms of cost/benefit/time, you make contact with a Bank or an MSB company, which allows us to operate a digital remittance platform? And, do you also provide the legal compliance service?
      • Do we need to hire a full-time compliance officer?
      • Does Faisal Khan LLC create custom AML policies?
      • Does Faisal Khan offer compliance management? I’m not sure how this works in America, but in the United Kingdom, sometimes the license consulting company is also the Chief Compliance Officer.
      • Does the Bank Account Verification also include ID verification?
      • From what we understand and know, there should be a person/company in the US who provides services on legal compliance issues. Do you include this service with the indicated monthly price?
      • I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let’s say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
      • If we opt for API only, will KYC/AML service continue to be provided by the PLH? Please confirm.
      • Is it required to register our company with FinCen? Despite not touching the funds, we have no intention of opening an account in the US, our tax address is in Ecuador.
      • Once I sign the referral agreement, what should I expect next?
      • Our software is currently undergoing security testing, do we need to contract any other testing or quality assurance firms to meet the obligations of a sponsorship agreement?
      • What are the Licensed MSB options we will affiliate with? (The ones who own the remittance platform, Compliance and Card/ACH Payment Gateway)
      • What is a KYC and is there an API for it? Is it for the beneficiary?
      • What is the timeline before we can go live?
      • What type of financial institution will you introduce us to?
      • Who is responsible for anti-money laundering?
      • Who will be in charge of ID verification process or KYC process? Will it be me or someone else?
      • Will the license holder assist us with the process, or do we have to consult some law firm, or your team? If we have to seek consultation, what is the additional cost of it (a rough number is fine)?
    • FAQ: Running a Business
    • FAQ: Sales & Marketing
    • FAQ: Software
    • FAQ: Technical & Technology
    • FAQ: Wallet
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    • Are You Looking for Money Transmitter Licenses?
    • Can I Rent Or Lease A Money Transmitter License?
    • E-Money License in the United States
    • FDIC Insured vs. Non-FDIC Insured Accounts
    • FinCEN Registration & Money Transmitter Licenses
    • How Do You Start A Money Transfer Business In The United States?
    • How Much Does A Money Transmitter License Cost? Some $ figures for you!
    • Card Acquiring Options for Money Transfer Operators
    • Difference Between An Authorized Delegate vs Non-Authorized Delegate
    • Difference between MTL and MSB?
    • Do I Need A License To Start A Money Transfer Service?
    • FAQ on Money Transmitter License Sponsorship under an ISO Program for the United States
    • Financial Modeling For The Money Transfer Business
    • Got a Cryptocurrency Project? Think you’re exempt from licensing? Think again!
    • Can Small Money Transfer Operators Survive?
    • Fragmentation of Payments – The $6.42 problem!
    • How Does SWIFT Work?
    • 10 Things to know before Starting your own Money Transfer Business!
    • 12-Pivot Points for Money Transfer Operators
    • 3rd Party Payment Apps? It Might Be Illegal To Use Them!
    • 5 questions before starting a money transfer business to high-risk countries!
    • 5 Things To Do Today To Better Your Money Transfer Business In The US
    • 7 Steps to Starting a Cross Border Payments Company
    • What Does The Value Added Payment Stack in Remittances Look Like?
    • Are You A Small Money Transfer Operator? 12 Questions You Need To Ask Yourself.
    • What is Aggregation and How does it Work in the World of Money Transfer?
    • As a Money Transfer Company… What are your Top 5 Problems?
    • Currency Cross Rate! What Is It?
    • Demo of White-Label, Skin-able, Mobile App for Remittances
    • Difference between an Aggregator and a Super API
    • Explanation of Cross Border Money Transfer (Pre-Funded and Non-Pre-Funded)
    • How Big is the B2B (Business to Business) Market?
    • How Big Is The B2B Market Compared To The P2P Market?
    • How Big Is The Market Size For Small Value Transfers?
    • How Big is the P2P Remittance Market?
    • How Big Is The Real-Time Payments Economy in the Money Transfer World?
    • How Can A Traditional Money Transfer Business Get Started With Cryptocurrency For Remittances?
    • How Long Does It Take To Setup A Remittance-As-A-Service Solution?
    • How many Money Transmitter Licenses do I require if I have to do business in the US?
    • How Much Do Money Transmitter Licenses Cost?
    • How Much Does Remittance-As-A-Service (RaaS) Cost?
    • How Stable Coins Have Failed For Value Transfer In Cross Border Payments
    • How to Build a Small Payments (Money Transfer) Company
    • How To Start A Money Transfer Business? (Updated Intro Message)
    • How to Start a Money Transfer Business? Budget Tip!
    • How to Start a Money Transfer Business? Build versus Lease Tip!
    • How to Start a Money Transfer Business? Compliance & Law Tip!
    • How to Start a Money Transfer Business? Financing Tip!
    • How to Start a Money Transfer Business? Problem Tip!
    • Card Processing for your Money Transfer Business
    • Who Pays for the Remittance Fees Customer or MTO?
    • How To Validate Your Problem & Solution Via Field Research
    • How Will You Operate? As a License Holder or as an ISO?
    • Is FinCEN Registration Free or Not?
    • Is It Possible To Have Real-Time Transfers in Money Transfer World?
    • Is There Fraud In The Money Transfer Industry?
    • Is There Money To Be Made in the Money Transfer Business (Part II)?
    • Legal Contracts… Do You Have A Say In Them?
    • Where Does Your Company Need To Be Registered (For RAAS)?
    • Leveraging A License
    • Licensing: Agent vs Program Manager
    • Merchant Account! You Cannot Just Get It – You Have To Apply And Qualify For It
    • MLS Type Collaboration for Money Transfer Businesses
    • Money Transfer as a Service (MTaaS) – General Presentation.
    • MTOs as Cash Out Points App Idea
    • Nationwide Coverage vs. the Must-Have States?
    • Negotiating with a Financial Institution – Are You a Good Negotiator?
    • Percentage Only Transactions – Removing Network Access Charges
    • Quick Understanding of Hyperlocal Payments
    • Real-Time Payments The Trillion Dollar Opportunity (seriously)
    • Revenue Modeling Google Sheet for Remittances – Simplex and Complex
    • Single-State License In the United States – What Can You Do With It?
    • So You Want To Start A Money Transfer Business?
    • Starting a Crypto-Related Money Transfer Business? Understand Regulations!
    • The Case For Small Value Remittances
    • The Next Big Thing? Micropayments!
    • Understanding Custody of Funds in Money Transfer / Remittances
    • Understanding Merchant Account Zones for Acquiring
    • Unlicensed Money Transfer! What to do next?
    • USA to Nigeria Money Transfer Business
    • USA to Nigeria: Money Transfer using Bitcoins! (or any other country in Africa)
    • Value Addition in Money Transfers (Remittances)
    • Volume Fees! What’s The Magic Number?
    • Wallet vs. Remittances
    • Want to start a Money Transfer Company? Have You Considered RaaS?
    • What Are Exotic Currencies? Why Are They Called Exotic To Begin With?
    • What are Official and Unofficial Remittances?
    • What Are Remittances?
    • What are the Pros and Cons of RaaS (Remittance-as-a-Service)?
    • What Does A Program Manager Do?
    • What is a Correspondent Tie Up Agreement?
    • What is a Correspondent Tie-up? & Why is it necessary?
    • What is a Corridor Killer?
    • What Is A Decent Revenue Share For Using Someone Else’s License For Regulatory Coverage?
    • What is a Flow of Funds (or FoF for short)?
    • What is a Good Funds Settled Model?
    • What is a Payment Account?
    • What is a Payout Partner?
    • What is a Prefunded Account?
    • What Is A Program Manager? (Part II)
    • What is a Program Manager? (Updated)
    • What is a Remittance Contract? …How Does It Work?
    • What Is A Reserve Account?
    • What is a Term Sheet?
    • What is a Tri-Party Correspondent Tie-Up Agreement?
    • What is a UBO (Ultimate Beneficial Owner)?
    • What Is An FBO (For Benefit Of) Account?
    • What is an ISO and What Does It Do?
    • What is CVV (Card Verification Value)?
    • What is Hawala (or Hundi)?
    • What is Hawala? (Part II)
    • What is KYB – Know Your Business?
    • What is Liquidity?
    • What is Money Transmitter License and How Can You Get One?
    • What is Pre-Funding and How Does It Work?
    • What is Remittance-As-A-Service (RaaS)?
    • What Is The Mid-Market Rate (or the Interbank rate)? Why Is It Important?
    • What Is The Travel Rule?
    • Why Are Remittances Important?
    • Why Do Prices Vary In Different Markets?
    • Why Do You Need A Money Transmitter License If You Are Licensed Outside The US?
    • Why FinCEN Registration is NOT a License?
    • Why Value-Added Payments In Remittances Reduces Financial Misappropriation?
    • You Do Not Have To Be Afraid Of RaaS From The United States
    • Is There Money To Be Made In The Money Transfer Business?
    • Money Transfer Business Will Suffer. What To Do?
    • So You Want To Start A Money Transfer Service? (Remittance-as-a-Service)
    • USD Prepaid Debit Card Issuance for Users Outside the United States
    • Watch This Video If You Are A Small Money Transfer Business In The US?
    • What Central Banks Look For In Remittances?
    • What is a Bank-led Sponsorship?
    • What Is A Due Diligence Information Packet?
    • What is a Financial Intermediary?
    • What Is A Term Sheet Consideration? Explaining the basics
    • What Is A Third-Party Payment Processor? How Are They Different?
    • What is Netting Off and How Does It Work?
    • What is Shadow Banking?
    • What is the difference between a State vs Federal Chartered Bank
    • Why understanding cryptocurrencies is important?
    • Will MTOs Go Out Of Business When LIBRA Comes Online?
    • Correspondent vs Agent (Authorized Delegate)
• Landing Page Template
• Landing Page Template 2
• Specially Designated Nationals (SDN)
• Specials Page / Landing Page Template
• Summary Table for US States Money Transmitter License with Cost Breakdown:
• Wiki
• Specials
  • How Can I Apply for a US Dollar Bank Account?
  • How Do I Set Up A Remittance Money Transfer Business?
  • How to apply for a Money Transmitter License?
  • How to Find MSB Friendly Banks?
  • How to get a Money Service Business Bank Account?
  • How to get a Money Transfer License?
  • US Dollar Bank Account
  • What are MSB Friendly Banks?
  • What is a Crypto License?
  • What is a RaaS (Remittance-as-a-Service)?
  • What is an API License?
  • What is an EMI License?
  • What is an FBO Account and How to Get One?
  • What is Banking as a Service?
  • What is Embedded Finance?
  • What is MSB License?
  • What is Payments-as-a-Service (PaaS)?
  • What is Platform-as-a-Service (PaaS)?
  • What is SPI License?
  • How to Start a Money Transfer Business – Video Series – Faisal Khan
• Calendar
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      • BitLicense (New York)
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    • Delegate Status Comparison Table
    • Difference between a money services business and a money transmitter license.
    • Financial Regulators in Europe
    • How difficult is it to get a Money Transmitter License in the United States?
    • How expensive is it to get a Money Transmitter License in the United States?
    • How Much Money do I Need for a Money Transfer License?
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    • Owning versus Renting a License
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        • Applying for a New SEMI License in the UK
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    • Some Basic Understanding of Licensing
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    • What is a Money Services Business?
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    • What is an Electronic Money Institution (EMI) License in Europe and what is it used for?
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    • What is the federal definition of a Money Services Business (MSB)?
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    • Worldwide Money Transfer License
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    • How to start a remittance business?
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    • Money Services Business (MSB)
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      • EMI License Lithuania
        • Applying for a New EMI License in Lithuania
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        • Fintech Services
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        • Applying for a New EMI License in the UK
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      • Do I Need a Money Transmitter License?
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      • Who Needs a Money Transmitter License?
      • Wisconsin Money Transmitter License
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      • Access to US Money Transfer Market
      • What is a Money Transmitter License
      • How to Start a Money Transfer Business – Video Series Playlist
      • Understanding the United States Money Transmitter Licensing
      • Correspondent Tie-up Agreements
      • FAQs on ISO / Correspondent Relationship
      • List of US State Financial Regulators
      • List of Transaction Data Points for an MSB Audit
      • Money Transfer Solutions from the USA to Africa
      • Money Services Business & Money Transmitter License
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      • Money Transmitter License Cost
      • Money Transmitter License Cost: Own vs. Sponsor?
      • Money Transmitter License Cryptocurrency
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      • Georgia Money Transmitter License – A Guide
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      • Money Transmitter License Requirements
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      • Money Transmitter License: US Remittance & Payments Solution
      • Own Money Transmitter Licenses vs Authorized Delegate
      • Starting an X-Border Service? Need a Money Transfer License?
      • US Money Transmitter License Options
      • Virgin Islands Money Transmitter License
      • Applying for a New License (in the United States)
    • Renting (or Leasing) a License
    • Payment Institution (PI)
      • Payment Institution License EU
      • Payment Institution UK
    • Authorized Payment Institution (API)
      • API License EU
      • API License UK
        • API UK Licensing Process
        • Applying for a New API License in the UK
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    • Small Payment Institution (SPI)
      • SPI License EU
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        • Applying for a New SPI UK License
          • SPI UK Fees Details
          • SPI UK Licensing Process
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          • SPI UK Timeframe & Additional Services Offered
    • Marketplace Licensing
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    • Registered Agent (RA)
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    • Buying an existing License
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  • Banking.
    • Bank Account for Check Cashing Business
    • Bank Account for Gambling & Sports Betting
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    • Banking-as-a-Service (BaaS) Explained with Example
    • De No Bank License
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    • How much money do you need for a new banking license in the United States?
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    • How to Get a Banking License in the United States?
    • Money Service Business Bank Account
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    • MSB Friendly Banks in Canada
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    • Neo Bank License
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    • What does it mean to become an Agent of a Bank in the United States?
    • What does the Bank of International Settlements (BIS) in Basel do?
    • What is a Segregated Named Account?
    • What is an IBAN Account?
    • What is Banking-as-a-Service and how is it used?
    • What is Sanctions Screening in Banking?
    • What is the Bank Secrecy Act (BSA) and where is it used and by whom?
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    • What is the difference between an FI and an NBFI
    • Bank Account for Bitcoin ATM & Kiosk Business
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    • List of Central Banks of the World
  • Money Transfer & Remittances
    • Correspondent Payment Network Options
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    • Cross-Border Payments
    • Explainer Video Series
    • How cryptocurrency can be used in the money transfer industry?
    • How Much Money Do I Need to Get Started?
    • Master Checklist
    • Money Transfer (Remittance) Business
      • Canada Money Transfer License
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    • Money Transfer Systems
    • Remittance Platform Provider
    • Remittance Service Providers (RSP)
    • Remittance Software Developer
    • Software for Money Transfer Business
    • Top 10 Challenges for the Money Transfer (Remittance) Industry in using Cryptocurrency
    • Top 20 Challenges Faced by the Money Transfer Industry Today
    • What is a Money Transfer Operator and What do They do?
    • What is Regulation E?
    • What is Remittance Transfers under the Electronic Fund Transfer Act (Regulation-E)
    • Remittances
    • How To Start a Remittance Business
    • How To Start a Money Transfer Business
    • Remittance as a Service (RaaS)
      • How to submit a detailed Flow-of-Funds (FoF)?
      • Remittance-as-a-Service (RaaS) Canada
        • Frequently Answered Questions (FAQs) – RaaS Canada
        • Payment Schedule for Canada RAAS
        • Payout Countries for RaaS Canada
        • Payout Countries Form- RAAS Canada
        • RaaS Canada Cheatsheet
        • The Signup Process for RaaS Canada
      • Remittance-as-a-Service: United States
        • Get Started with RaaS
        • Payment Schedule for Remittance-as-a-Service (RaaS)
        • Remittance as a Service (RaaS) Cheat Sheet
        • Remittance as a Service (RaaS) Solution
        • RaaS The Process | Remittance as a Service
        • API, Mobile or Web
        • Pre-Requisites
        • Frequently Asked Questions for Remittance-as-a-Service
      • What Is Money-Transfer-As-A-Service (Mtaas)
      • What is Remittance-as-a-Service (RaaS)?
      • Backstory on Remittance-as-a-Service
      • Crypto or Not
      • Sample Correspondent Agreements
      • Understanding Custody of Funds
      • Due Diligence (DD) Documents Requirement
      • Revenue Modeling Sheet for Remittances
      • Draft Referral Agreement
      • Shall We Test Your Knowledge On Money Transfer?
      • Detailed Pictorial FAQ (Frequently Asked Questions) About Our Remittance-In-A-Box Solution (Outdated)
      • Your Own Money Transmitter Licenses Versus Remittance-as-a-Service
      • Remittance-as-a-Service (RaaS) Forms
        • Choose a Package: Client Interest Form: Raas (Remittance-As-A-Service) Pricing Packages Form
        • Fill Out the List of Us Must-Have States and Payout Countries
        • Fill out the License Regulatory Coverage Questionnaire
    • White-Label
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  • Payments.
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    • SWIFT Alternative
    • Target2
    • What are Hyper-Local Payments?
    • What are Local Payments?
    • What does the Bank of International Settlements (BIS) do?
    • What is a Good Funds model?
    • What is a Merchant on Record (MOR)?
    • What is a Native Payment?
    • What is an API and how is it beneficial
    • What is Payment-as-a-Service, and how is it different from Platform-as-a-Service?
    • What is Platform-as-a-Service in the United States?
    • What is the Good Funds Settled model?
    • What is the Herstatt risk, explain in simple words with an example?
    • Alternative Payment Methods (APMs)
    • Real-time Payments
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  • Cryptocurrency
    • Bank Account for Bitcoin
    • Bitcoin Money Transmitter License
    • Blockchain for Dummies
    • Build your own coin BYOC
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    • NFT – Non-Fungible Tokens
    • NFT in Gaming
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    • Tokenomics
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    • Using Crypto for Money Transfer
    • What is a Blockchain, and how does it work?
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  • Risk & Compliance
    • AML Checklist
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    • Know Your Employee (KYE)
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    • Politically Exposed Person (PEP) in the United States
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    • Summarized Brief of What an Anti-Money Laundering Manual Looks Like
    • What are some of the Legal Responsibilities of being a Money Services Business?
    • What components or sections does an anti-money laundering (AML) manual have?
    • What does an anti-money laundering compliance manual’s table of contents (TOC) look like?
    • What does Enhanced Due Diligence (EDD) consist of?
    • What is a compliance program in banking and why is it necessary, what does it include
    • What is a DUNS number and why it is relevant?
    • What is a DUNS Number Used in Due Diligence?
    • What is a PEP (Politically Exposed Person)?
    • What is an FATF Greylist?
    • What is an Informal Money Transfer?
    • What is CDD customer due diligence and what does it entail?
    • What is Compliance Awareness Training?
    • What is CTF?
    • What is Enhanced Due Diligence (EDD)?
    • What is Hawala and How does it Work?
    • What is Know Your Business (KYB)?
    • What is Know Your Merchant (KYM)?
    • What is Proliferation Finance (PF)?
    • What is RCA (Relative or Close Associate) of PEP?
    • What is Sanctions Screening?
    • What is the Basel IV Framework?
    • What is the Wolfsberg Group’s Principles for Correspondent Banking questionnaire (summarized)
    • What is the Wolfsberg Group’s Principles for Correspondent Banking questionnaire?
    • Who needs an anti-money laundering compliance manual and what is it used for?
    • Why Anti-Money Laundering Training is Essential for Businesses in the Banking, Payments, Financial Services, and Cryptocurrency Industries
    • Wolfsberg Questionnaire
    • AML Law
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    • Due Diligence (DD)
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  • Cards
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  • Wallet
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  • Fintech & Startups
    • Can a Fintech become an Agent of a Bank?
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        • Remittance as a Service – Starter Package – 7001
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        • Remittance as a Service – Enterprise Package – 7032
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        • Remittance as a Service – Enterprise Package – 7034
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      • Remittance as a Service RaaS Comparison Table V2
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This page was last updated on January 20, 2023.

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