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Faisal Khan LLC: Know Your Business (KYB) Information
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- Chinese – 中文
- Hausa – هَوُسَ
- Tagalog – Tagalog
- Arabic – العربية
- Portuguese (Brazilian) – Português (Brasileiro)
- Spanish – Español
- French – Français
- German – Deutsch
- Russian – Русский
- Japanese – 日本語
- Swahili – Kiswahili
- Korean – 한국어
- Persian (Farsi) – فارسی
- Hindi – हिन्दी
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- Italian – Italiano
- Bengali – বাংলা
- Punjabi – ਪੰਜਾਬੀ
- Telugu – తెలుగు
- Tamil – தமிழ்
- Vietnamese – Tiếng Việt
- Thai – ไทย
- Polish – Polski
- Ukrainian – Українська
- Urdu – اردو
Legacy
- Legacy Pricing
- Bank Account for Bitcoin ATM & Kiosk Business
- Remittance as a Service (RaaS)
- Wealth Management
Nosy little f**ker aren’t ya!
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The Rise of Debanking: Marc Andreessen and Joe Rogan Discuss the Threat to Financial Freedom
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  - Hyper Local Payments
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  - China
  - Latin America
- Consulting Services
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Pricing
- Banking as a Service (BaaS) Pricing
- Card: Network Fee
- Correspondent & Tri-Party Correspondent Tie-Up Agreements
- E-Book & Digital Products
  - Breakdown of Money Transmitter License Costs: State by State
- Guaranteed Income from Projections
- Nationwide Money Transmitter License Application (Bundled Pricing)
- Navigating the Landscape of B2B Payments: Understanding Volume Fees
- Paid Consulting Phone/Web Session
- Platform as a Service (PaaS) Pricing
- Platform-as-a-Service: Fiat+Crypto, 50 US States
- Pricing for Access to Banking and Licensing
  - Access to Banking and Licensing for Europe (EEA) – Pricing
  - Access to Banking and Licensing for the United States – Pricing
  - Access to Banking/Licensing: Canada
  - Bank Sponsored License Coverage via Program Manager
  - EU Authorized Payment Institution (API) Pricing
  - EU Electronic Money Institutions (EMI) Pricing
  - EU Main Pricing Sheet
  - EU Small Payment Institution (SPI) Pricing
  - UK Authorized Payment Institution (API) Pricing
  - UK Electronic Money Institutions (EMI) Pricing
  - UK Main Pricing Sheet
  - UK Small Payment Institution (SPI) Pricing
  - UK SPI API EMI Pricing
- Pricing for Cryptocurrency Projects
  - Crypto Analysis Tools and Sanctions Screening
  - Cryptocurrency License Application Estonia – Pricing
- Pricing for Remittance-as-a-Service
  - RaaS Canada Pricing
- Specialized Authorized Agent Pricing for MTL Coverage
  - Fiat Only (Non-Crypto) MTL Agent Program
  - Fiat+Crypto MTL Agent Program
- Strategy & Advisory Consulting Pricing
- Understanding How Our Referral Fee Program Works
- Volume Fee: Risk Categories
- Acceptable Payment Methods
- Application Assessment Fee
- Consulting Rates
- How Do We Charge Our Fees For Commercial Service?
- List of Restricted or Sanctioned Countries
- Money Transfer Operator License Coverage Consulting Fees
- Money Transmitter License Application Cost
- MSB Friendly Bank Charges
- Personal KYC Information
- Prohibited Products & Services List
- Referral Agreement
- Refund Policy
- Terms & Conditions
- What Financial Institutions will Charge You for USA Regulatory Coverage
- Why We Do Not Sign an NDA (Non-Disclosure Agreement)
- Due Diligence (DD) Documents Requirement
- Draft Referral Agreement
Knowledge Center
- Diagrams
  - Correspondent Tie-Up Agreement
  - Cross-Border Payments with Stablecoins: MSB to MSB Payments using Stablecoins
  - FBO Account Model: Pooled vs Non-Pooled
  - Fund Flow for a generic Money Transfer Operator
  - Funds Flow for Generic Money Transfer Operator with Just in Time Prefunding
  - Funds Flow: Crowd Funding Website (International Payments)
  - Licensing in the UK by the FCA for SPI, API, and EMI
  - Money Transmitter License Options
  - MSB Banking in Canada: PSP Based Model for Access to Banking in Canada
  - Risk-Based Model for Transaction Fee for Cross-Border Payments
- Essays
  - Beyond the Price Tag: Crafting a Sustainable Strategy for Cross-Border Money Transfer Success
  - Caribbean – Sanctioned Countries.
  - Digital Investment Scams: Protecting Your Wealth in the Modern Era
  - Direct Lenders for Payday Loans: A Guide to Safe and Reliable Borrowing
  - Explain labor arbitrage in simple terms
  - Exploring How Mobile Apps Changed The World Of Finance & Trading
  - Forex & Binary Trading
  - Forex Trading 101
  - From Copper Coins to Global Currency: The Evolution of Chinese Money Through the Ages
  - From Customer Reference Programs to Instant Pay Apps: Tips for Running a Productive Business
  - How to Detect and Prevent Pig Butchering and Indian Call Center Scams through KYB and AML Procedures
  - How to Handle Scare Tactics in Email Scams Involving Leaked Personal Information
  - How to Report Suspicious Investment Activity
  - Navigating Financial Crunches: Strategies for Managing Unexpected Expenses
  - Navigating the World of Crypto in Casino Games
  - Protecting Your Personal Information in Investments
  - Psychedelic Startups and Financial Growth: The Role of Commercial Loans in Expanding New Frontiers
  - Recognizing Fake Financial Advisors
  - Recognizing Investment Scams That Seem Too Good to Be True
  - Securing Your Crypto Wallet to Protect Your Virtual Assets
  - Spotting Fake Online Investment Platforms
  - The Art of Conducting Field Surveys: A Guide
  - The Early Central Banks of the United States: A Historical Over
  - The Importance of Conducting Your Own Investment Research
  - The Small Business Entrepreneur’s Plan for Raising Creditworthiness
  - Understanding Short-Term Loans: A Quick Guide
  - Venetian Bankers & Merchant Banking
- Financial Modeling: Google Sheets
- Industry Perspective & Commentary
  - Avoiding Social Media and Influencer Investment Scams
  - Be Cautious with Sharing Personal Information in Investments
  - Can You Apply Blackjack Tactics to Penny Stocks?
  - Comprehensive Guide to FBO, Omnibus, and OBO Accounts in Financial Services
  - Curaçao Gaming Regulation
  - EVM vs Non-EVM and Blockchain Layer Models: A Complete Guide for Beginners
  - Evolving Dynamics of the Money Transfer Industry in 2024
  - Getting Started with Sports Betting: Trusted Sites, Tips, and How to Ensure Your Winnings Are Paid
  - Global Debt Analysis: Understanding the World’s Most Indebted Nations
  - How To Choose The Right Software For Your Business (And Avoid Overspending)
  - How to Get Started with Cryptocurrency: Two Cheat Sheets
  - Improving Fintech Solutions with Artificial Intelligence
  - Introduction to Game Theory
  - Maximize Your Trading Profits with Expert Advisors: A Guide to MT4 Success
  - Swift Wire Transfers vs. USDT Crypto: Why Crypto is the Future of Fast Transactions
  - Texas Home-Purchasing Options for Veterans
  - The Complete Guide to Temenos Software
  - The Critical Importance of Investing in Exceptional Customer Service
  - The Rise of Binary Options Trading in Asia: Trends and Opportunities
  - Top Challenges in the Crypto Gaming Industry
  - Tron in 2024: What to Expect?
  - Understanding Game Theory Applied to Consumers
  - Understanding Nash Equilibrium: A Simple Explanation for Middle School Students
  - Understanding Nash’s Contributions to Game Theory
  - Understanding the Werewolf Game and Its Relation to Game Theory
  - Unraveling the Origins of “Lb” and the Tale of Facebook’s Libra
  - Why You Should Avoid Unsolicited Investment Offers
- Money Facts
- Quizzes: Test your knowledge
  - Blockchain and Cryptocurrency Quiz: Beginner Level
  - Cross Border Payments Quiz: Explorer Level
  - Cross Border Payments Quiz: Maestro Level
  - Cross Border Payments Quiz: Veteran Level
  - Cross-Border Payment Quiz: Pro Level
  - Cross-Border Payments Quiz: Beginner Level
  - Cross-Border Payments Quiz: Proficient Level
  - Money Transfer Quiz: Beginner Level
  - Payments Quiz: Beginner Level
  - Remittance Quiz: Beginner Level
- Tools
  - Pareto Charts in Sales and Marketing: Identifying Key Market Trends and Targets
- Forms
  - Bank Account Usage Questionnaire
  - Business Expansion: Regulatory POV Questions.
  - EU & UK Licensing
  - Licensing & Regulatory Coverage Questionnaire
  - Money Services Business (MSB) Bank Account: Rest of the World
  - Money Services Business (MSB) Bank Account: United States
  - Payout Countries RaaS Canada
  - Schedule a Call
  - Understanding your Remittance Business
  - Understanding your USA Money Transmitter License Requirement
  - Banking Application for Bitcoin ATMs And Kiosks
  - Build your Own Neo-Bank Application
  - Client Interest Form – RaaS Pricing Packages
  - Client Interest Form: Canada Money Transfer License
  - Client Interest Form: EU / UK License
  - Client Interest Form: Money Transmitter License
  - Client Interest Form: MSB Business Bank Account
  - Cryptocurrency Project Form
  - Must-Have States & Payout Countries
  - Project Readiness Validator Questionnaire
  - Term Sheet Consideration
- Payments Wiki
  - 0-9
    - 0 to 1 (Zero to One)
    - 10x or x10
    - 11 Incoterms
    - 183 Days Tax Rule
    - 24/5
    - 24/7
    - 24/7/365
    - 3rd Party Payments
    - 51% Attack
  - $%#
    - $ Dollar Sign
    - £ Pound Sign
    - ¥ Japanese Yen Sign
    - € Euro Sign
  - A
    - ABA Number
    - Account Fund Transaction (AFT)
    - Account Funding Transaction (AFT)
    - Account Information Service (AIS)
    - Account to Account (A2A) Payment
    - ACH Pull
    - ACH Push
    - Active, Inactive & Deleted User
    - Address Verification Service (AVS)
    - Advances-to-Deposit Ratio (ADR)
    - Agent
    - Agent of the Payee (ATOP)
    - Aggregators
    - Airdrop
    - All The Money
    - All Time High (ATH)
    - Altcoins
    - Alternative Payment Methods (APMs)
    - American Bankers Association (ABA) Number
    - Anonymity
    - Anonymous Payments
    - Anti-Bribery & Corruption (ABC)
    - Anti-Money Laundering (AML)
    - Anticipated Transaction Visibility (ATV)
    - Application Programming Interface (API)
    - Asset-Referenced Tokens (ART)
    - Assets Under Management (AUM)
    - Atomic
    - Atomic Payments
    - Atomic Swaps
    - Authorization & Settlement
    - Authorized Delegate
    - Authorized Push Payment (APP) Fraud/Scam
    - Automated Clearing House (ACH)
    - Automated Market Makers (AMMs)
    - Automated Teller Machine (ATM)
    - Automatic Bill Payment
    - Avoiding Advance-Fee Investment Scams
    - Applying for a Banking License in the US
    - Anti-Money Laundering (AML)
  - B
    - Background Check
    - Balance of Payments
    - Balloon Payments
    - Bank Account Statement
    - Bank Identification Number (BIN)
    - Bank Identifier Code (BIC)
    - Bank of International Settlements (BIS)
    - Bank Profile Summary
    - Bank Run (Run on a Bank)
    - Bank Secrecy Act (BSA)
    - Bank-Owned For Benefit Of (FBO) Account
    - Banking
    - Banking, Financial Services, and Insurance (BFSI)
    - Banking, Financial Services, and Insurance (BFSI)
    - Banknotes
    - Barter
    - Basel III
    - BDS Movement
    - Bearer Instrument
    - BEN (Beneficiary Pays All Charges)
    - Beneficial Ownership Information
    - BEP20 Token
    - Bill-Pay
    - Biller Service Provider (BSP)
    - Billing Aggregator
    - BIN Sponsor
    - Binance Smart Chain (BSC)
    - Biometric Data
    - Bitcoin
    - Bitcoin ATM (BTM)
    - Bitcoin Maximalist
    - Bitcoin Maximalist (Bitcoin Maxi)
    - Black Hawala
    - Black Market Premium Calculator
    - Black Money
    - Black Swan Event
    - Block Size
    - Blockchain
    - Blockchain for Dummies
    - Bonds
    - Book to Book Settlement
    - BRICS
    - Build Your Own Coin (BYOC)
    - Bulk (Batch) Payments
    - Bureau De Change (BDC)
    - BUSD
    - Business Email Compromise (BEC) Scam
    - Business Plan
    - Business-to-Business (B2B)
    - Business-to-Business-to-Consumer (B2B2C)
    - BUSINESS-TO-CONSUMER (B2C)
    - Buy Now Pay Later (BNPL)
    - BuyMeACoffee
    - Byzantine Fault Tolerance (BFT)
    - Byzantine Generals’ Problem
    - Banking-as-a-Service (BaaS)
    - Blacklist Countries
    - Becoming an agent for a bank in the US
  - C
    - Cannabis-Related Business (CRB)
    - Capital Allocation
    - Car Title Loans
    - Card Issuer
    - Card Networks
    - Card Not Present (CNP)
    - Card Present (CP)
    - Card Schemes
    - Card Verification Value (CVV)
    - Carry Trade
    - Cash
    - Cash Management
    - Cash Over Counter (COC)
    - Cash Pool
    - CASP vs VASP
    - CBFT – Cross Border Funds Transfer
    - Cease & Desist Notice from Financial Regulator
    - CeFi – Centralized Finance
    - Central Bank Digital Currency (CBDC)
    - Central Banks
    - Certificates of Deposit (CDs)
    - Charge Card
    - Chargeback
    - Check or Cheque?
    - Checking Account
    - Chit Funds System of India
    - Civil Asset Forfeiture
    - Clearing Account
    - Client Money Account
    - Client-Owned For Benefit Of (FBO) Account
    - Closed-Loop
    - CNH
    - CNY
    - Coins
    - Cold Storage (of Keys)
    - Collection Account
    - Collection On Behalf Of (COBO)
    - Commingled Funds
    - Common EU list of third-country jurisdictions for tax purposes
    - Common Reporting Standard (CRS)
    - Community Bank
    - Community-Based Financial Solutions
    - Compliance Policies & Procedures
    - Compound Interest
    - Conference of State Bank Supervisors (CSBS)
    - Consensus
    - Consent Order
    - Consumer Financial Protection Bureau (CFPB)
    - Consumer Price Index (CPI)
    - Continuous Linked Settlement (CLS)
    - Convertible Bond
    - Convertible Note
    - Core Banking
    - Corporate Transparency Act (CTA)
    - Correspondent Bank
    - Correspondent Banking Relationship (CBR)
    - Correspondent Payment Network Options
    - Cost of Living Adjustment (COLA)
    - Cottage Industry
    - Couch Money (or Sofa Money)
    - Counter-Terrorism Financing (CTF)
    - Creator Economy
    - Credit
    - Credit Bureau
    - Credit Card
    - Credit Card Statement
    - Credit Default Swap (CDS)
    - Credit Fund Transfer (CFT)
    - Credit Score
    - Credit Transfer
    - Credit Union
    - Cross Currency Transfer
    - Cross-Border Money Transfer
    - Cross-Border Payments
    - Cross-Border Payments
    - Cross-Chain Protocol
    - Crowd Cash Gift
    - Crowdfunded Gift
    - Crowdfunding
    - Crypto Asset Service Provider (CASP)
    - Crypto Bridge
    - Crypto Bro
    - Crypto Custody
    - Crypto Custody
    - Crypto for Money Transfer
    - Crypto Mixer (or Crypto Tumbler)
    - Crypto On-Ramp/Off-Ramp
    - Crypto Wallet Operator
    - Crypto-Based Remittances
    - Cryptocurrency
    - Cryptocurrency Banking
    - Cryptocurrency Exchanges
    - Cryptodollar
    - Currency
    - Currency Arbitrage
    - Currency Basket
    - Currency Debasement
    - Currency Devaluation
    - Currency Exchange
    - Currency Fluctuations
    - Currency Peg
    - Currency Swaps
    - Currency Transaction Report (CTR)
    - Current Account
    - Current Account Deficit
    - Custodial Account
    - Custodial Wallet
    - Custody of Funds (COF)
    - Customer Acquisition Cost (CAC)
    - Customer Due Diligence (CDD)
    - Customer Due Diligence (CDD)
    - Customer Identification Program (CIP)
    - Customer Journey
    - Customer Verification Levels and Financial Transaction Limits Guidelines
    - Customer’s Payment Journey
    - Difference between CBDCs and Stablecoins
    - Compliance Program
    - Compliance Officer
    - Crypto as a Service (CaaS)
    - Cryptocurrency as a Service (CaaS)
    - Custodial vs. Non-Custodial Wallets
    - Centralized vs. Decentralized
    - Considerations for a marketplace operator
    - Considerations for a payments aggregator
    - Challenges using Cryptocurrency for Payments
    - Cross-border Payment Settlement using Cryptocurrency
  - D
    - Dark Pools
    - Dashboards
    - De Novo Bank
    - De Novo Bank
    - De Novo Bank License
    - De Novo Banks
    - Debanked
    - Debit
    - Debit Card
    - Debt
    - Decentralized Applications (DApps)
    - Decentralized Autonomous Organization (DAO)
    - Decentralized Exchange (DEX)
    - Decentralized Finance (DeFi)
    - Deep Liquidity
    - DeFi – Decentralized Finance
    - Deficit
    - Deflationary Tokenomics
    - Delegated Proof of Stake (DPoS)
    - Delivery Partner
    - Demand Deposit Account (DDA)
    - Depegging (or Depeg)
    - Derivatives
    - Destination Corridor
    - Difference between a state-chartered bank and a federally chartered bank in the USA?
    - Difference between Debit and Credit Interchange
    - Difference between MSB, Authorized Agent, White-Label, and PSP.
    - Digital Assets
    - Digital Bank
    - Digital Currency
    - Digital Dollars
    - Digital Fingerprint
    - Digital Footprint
    - Digital Nomad
    - Digital Payment Tokens
    - Direct Debit
    - Direct Deposit
    - Disbursement Account
    - Distributed Ledger Technology (DLT)
    - Dodd-Frank Act
    - Dodd-Frank Remittance Rule
    - Dollarization
    - Double Accounting
    - Double Taxation
    - Double Taxation Treaties (DTT)
    - Double-Spend Problem
    - Draw Down
    - Drop Ship
    - Drop Shipper
    - Drop Shipping
    - Due Diligence (DD)
    - Due Diligence (DD)
    - Durbin Amendment
    - Dynamic Currency Conversion (DCC)
    - Decentralized Payments Platform
  - E
    - E-Commerce
    - E-Commerce Platforms
    - E-money Tokens (EMT)
    - Earned Wage Access (EWA)
    - EBITDA
    - Economic Tremors
    - Economies of Scale
    - EEA (European Economic Area) Countries
    - EIP-4488: Everything You Need to Know
    - Elastic Credit Line
    - Electronic Bill Presentment and Payment (EBPP)
    - Electronic Identification Verification (EIDV)
    - Electronic Money
    - Electronic Money Institution (EMI)
    - Eligible Contract Participant (ECP)
    - Embedded Finance
    - Employer Identification Number (EIN)
    - Endogenous Reserve
    - Enforcement Action
    - Enhanced Due Diligence (EDD)
    - Escrow in Banking & Payments
    - Escrow-based Pre-Funding
    - Ethereum Blockchain
    - Ethereum Request for Comment 20 (ERC20) Token
    - Ethereum Virtual Machine (EVM)
    - Ethereum-compatible Blockchains
    - Eurodollar
    - Evergreen Content
    - Every Payment is a Contract
    - EVM vs Non-EVM and Blockchain Layer Models
    - Exchange Rate
    - Exchange-Traded Funds (ETF)
    - Exempted Cards
    - Exogenous Reserve
    - Exotic Currency
    - Exponential Growth
    - End-to-End Payments Settlement
  - F
    - Fan Donation
    - Faster Payments (UK)
    - FATF Greylist
    - FATF Travel Rule
    - FBO Account
    - Federal Deposit Insurance Corporation (FDIC)
    - Federal Open Market Committee (FOMC)
    - Federal Reserve System
    - Federally Chartered Banks
    - Federated Byzantine Agreement (FBA)
    - FedNow
    - Fedwire
    - Fei Chien
    - Fiat Currency
    - Financial Conduct Authority (FCA)
    - Financial Crime (Diagram)
    - Financial Crime Diagram
    - Financial Crimes
    - Financial Crimes Enforcement Network (FinCEN)
    - Financial Footprint
    - Financial Inclusion
    - Financial Institution (FI)
    - Financial Instrument
    - Financial Intermediary
    - Financial Parasite
    - Financial Planning
    - Financial Regulator
    - Financial Regulatory Frameworks
    - Financial Services
    - Financial Services Compensation Scheme (FSCS)
    - Financial Stability
    - Financial Surveillance
    - Financial Vampire
    - FinCEN Registration
    - Fintech (Financial Technology)
    - FIRE: Financial Independence, Retire Early
    - Firewall Money Services Business
    - First Time Deposit (FTD)
    - Fixed vs Variable Charge
    - Flow of Funds for US-Based MSBs
    - FOMO (Fear of Missing Out)
    - For Benefit Of (FBO)
    - For Further Credit (FFC)
    - Foreign Exchange Conversion
    - Foreign Trading Accounts
    - Formulas for Automated Market Makers (AMMs)
    - Fractional Ownership in Crypto
    - Fraud
    - Fraud Protection
    - Freelancer Economy
    - Full-Time Employee (FTE)
    - Fully Diluted Valuation (FDV)
    - Fully Disclosed Model
    - Funds Flow
    - FX (Foreign Exchange)
    - Fiat on-Chain
    - Financial Action Task Force (FATF)
    - Fiat On-Ramp / Fiat Off-Ramp
    - FATF Guidelines
    - Financial Routing
    - Federated Identity Management
    - Fragmented World of Payments
    - Flow of Funds (FoF)
  - G
    - Gas Fee
    - General Data Protection Regulation (GDPR)
    - General Purpose Reloadable (GPR) Card
    - Gig Economy
    - Global Accounts in Banking
    - Global Dollar Transfer Process
    - Global Mass Payments
    - Global Money Transfer
    - Global Payout Service
    - Global Systemically Important Banks (G-SIBs): Why They Matter
    - GoFundMe Campaign
    - Goldilocks Condition: Understanding it in Science and Payment
    - Good Funds Model
    - Good Funds Settled Model
    - Good Funds Settled Model
    - Goods & Services
    - Government Borrowing
    - Government Spending
    - Greenback
    - Greenfield Project
    - Grey List
    - Gaming Payments
    - Gaming Payment Licenses
  - H
    - Halal Finance
    - Halal Payments
    - Hawala Transfer
    - Hawaladar
    - Hedge Fund
    - Herstatt Risk
    - High Net Worth Individuals (HNWIs)
    - Hockey Stick Growth
    - HODL
    - HODLer
    - Home Remittances
    - How Cryptocurrency Can Be Used in the Money Transfer Industry
    - Howey Test
    - HS Code
    - Hybrid Payments
    - Hyper-Inflation
    - Hyper-Local Payments
  - I
    - IBAN Checker
    - IBAN Lookup
    - Ideal Customer Profile (ICP)
    - Identifying Cryptocurrency Scams
    - Identity Verification (IDV)
    - ILP – Inter Ledger Protocol
    - IMAD Number
    - Immutable Transaction
    - Impermanent Loss
    - Incoterms
    - Independent Contractor
    - Independent Sales Organization (ISO)
    - Indian Call Center Fraud
    - Indian Call Center Scam
    - Indian Call Center Scam (ICCS)
    - Individual Taxpayer Identification Number (ITIN)
    - Informal Banking
    - Informal Money Transfer Systems and Their Different Names Across the World
    - Initial Coin Offering (ICO)
    - Insider Trading
    - Instant Cross Border Payment
    - Instant Payment Notification (IPN)
    - Instant Transfers
    - Institutional Memory
    - Interbank Information Network (IIN)
    - Interchange and how it works
    - Interest
    - Intermediary
    - Intermediary Bank
    - International Bank Account Number (IBAN)
    - International Finance
    - International Financial Entities (IFEs)
    - International Monetary Fund (IMF)
    - International Money Transfer Operator (IMTO)
    - International Trade
    - International Wire Transfer
    - Internet of Things (IoT)
    - Internet of Value
    - Intrinsic Utility
    - Intrinsic Value
    - IRS Title 31 Audit
    - Islamic Banking
    - Islamic Finance
    - Islamic Stablecoins
    - ISO 20022 Formatted Messages
    - Interoperable vs. Non-Interoperable
    - Interoperability in Payments
  - J
    - Just-In-Time (JIT) Pre-Funding for Money Transfer Operators
    - Just-in-Time Prefunding
  - K
    - Kamaitee System
    - Key Management Personnel (KMP)
    - Know Your Business (KYB)
    - Know Your Customer (KYC)
    - Know Your Partner (KYP)
    - Know Your Transaction (KYT)
    - Know Your Vendor (KYV)
    - Knowledge Worker
    - Knowledge-Based Authentication (KBA)
    - KYC Amortization
    - Know Your Customer (KYC) & Anti-Money Laundering (AML)
  - L
    - Latin America and the Caribbean (LAC)
    - Law Enforcement Agencies (LEAs)
    - Law of Diminishing Returns
    - Lean Canvas Template
    - Ledger
    - Legal Entity Identifier (LEI)
    - Legal Entity Identifier (LEI)
    - Legal Entity Questionnaire (LEQ)
    - Legal Tender
    - Lender of the Last Resort (LLR)
    - Letter of Intent (LOI)
    - Letter of Sponsorship
    - LIBOR
    - Licensable Activity
    - Lien
    - Light KYB
    - Light KYC
    - Lightning Network
    - Liquidity
    - Liquidity & Payout Partner
    - Liquidity Management
    - Liquidity Pool
    - Liquidity Provider
    - Liquidity Provider Token (LP Token)
    - List of Central Banks of the World
    - List of Regulators Around the World
    - List of Stable Coins Issued
    - Liveliness Check
    - Liveliness Test
    - Local Acquiring
    - Local Payments
    - Local Payments
    - Loss / Losses
    - Low and Middle-Income Countries (LMICs)
    - Least Cost Routing in Payments
  - M
    - Mainnet
    - Maker-Checker
    - Management & Shareholder Verification
    - Market capitalization (market cap)
    - Market Maker
    - Marketplace payments
    - Master Account
    - Master Services Agreement (MSA)
    - MasterCard Interchange Rates Table
    - MasterCard Remote Payment and Presentment Service (RPPS)
    - Mastercard Send
    - Mattress Cash
    - Me to Me Payments
    - Medium of Exchange
    - Member Service Provider (MSP)
    - Meme Coins
    - Memorandum of Understanding (MOU)
    - Merchant Cash Advances (MCAs)
    - Merchant Discount Rate (MDR)
    - Merchant Management System (MMS)
    - Merchant on Record (MOR)
    - MetaTrader
    - Micro Investing
    - Micro Investing
    - Micro, Small and Medium Enterprises (MSMEs)
    - Microtransactions
    - Microtransactions (on the Lightning Network)
    - Middleware
    - Migrant Workers
    - Minded to Authorise
    - Minimum Order Quantity (MOQ)
    - Minimum Order Quantity (MOQ): Cards
    - Mint Your Own Coin (MYOC)
    - Minting (Cryptocurrency Coins)
    - Monetary Peg
    - Monetary Policy
    - Money
    - Money in Transit
    - Money Laundering
    - Money Services Business (MSB)
    - Money Services Business License
    - Money Supply
    - Money Transfer
    - Money Transfer License for all the Countries
    - Money Transfer Operator (MTO)
    - Money Transfer Systems
    - Money Transmitter
    - Monthly Recurring Cost (MRC)
    - Monthly Recurring Revenue (MRR)
    - Monthly Transaction Revenue (MTR)
    - MOU vs LOI
    - Multi-Factor Authentication (MFA)
    - Multi-Party Computation (MPC) Wallet
    - Multi-Sig Wallet
    - Multinational Corporation (MNC)
    - Money Laundering Reporting Officer (MLRO)
  - N
    - National Automated Clearing House Association (NACHA)
    - Native Payments
    - Negative Interest Rates
    - Neo Bank
    - Net Open Position (NOP)
    - Net Worth
    - Network Centralization
    - NMLS: National Multistate Licensing System
    - No Action Letter
    - No Due Process
    - Node Operator
    - Non-Custodial Wallet
    - Non-Custodial Wallet (Self Custody)
    - Non-Fungible Tokens (NFT)
    - Non-Recurring Cost (NRC)
    - Non-Sufficient Funds (NSF)
    - Non-Zero Balance
    - Normies
    - Not Your Keys, Not Your Coins
    - NY BitLicense
  - O
    - OFAC Sanctions
    - Off-Chain Layer
    - Off-us Transactions
    - Office of Foreign Assets Control (OFAC)
    - Offshore Banking
    - Offshore Financial Centers (OFCs)
    - OMAD Number
    - Omnibus Accounts: A Comprehensive Guide
    - On-Chain vs Off-Chain
    - On-Core
    - On-us Transactions
    - Onboarding Agreement (OBA)
    - One-Time Password (OTP)
    - Onion Routing
    - Open Banking
    - Open-Loop
    - Open-Market Rate
    - Order Book
    - Organisation for Economic Co-operation and Development (OECD)
    - Origin of Funds
    - Original Credit Transaction (OCT)
    - Originating Depository Financial Institution (ODFI)
    - Origins of Fiat Money
    - OTC Trading
    - OTP Token
    - OUR (Our Charges)
    - Outgoing Wire Transfer (OWT)
    - Over-the-Counter (OTC)
  - P
    - Pacific Island Countries (PIC)
    - Paper Money
    - Parallel Market Rate
    - Partner Scope Questionnaire (PSQ)
    - Passive Income
    - Patreon Member
    - Pay As You Go (PAYG)
    - Pay In
    - Pay Out
    - Payable Through Accounts (PTA)
    - Payee
    - Payer
    - Payment Account
    - Payment Channel
    - Payment Initiation Service (PIS)
    - Payment On Behalf Of (POBO)
    - Payment orchestration
    - Payment Processor
    - Payment Rails
    - Payment Scheme
    - Payment Service Provider (PSP)
    - Payment Service User (PSU)
    - Payments-as-a-Service (PaaS)
    - Payor
    - Payout Partner (PP)
    - Payout Partner Options
    - Payout Partner Options
    - Peer-to-Peer (P2P)
    - Peg
    - Permissible Investments
    - Person-to-Person (P2P)
    - Personal Identifiable Information (PII)
    - Personal Identification Number (PIN)
    - Pig Butchering Romance Scam
    - Piggy Bank
    - PIN-Less
    - Platform as a Service (PaaS)
    - Pocket Change
    - Point of Presence (POP)
    - Poolsize
    - Poor Credit Score
    - Practical Byzantine Fault Tolerance (PBFT)
    - Pre-Qualification Criteria
    - Predatory Lending
    - Prefunding
    - Prepaid Gift Card
    - Primary Account Number (PAN)
    - Principal License Holder (PLH)
    - Privacy Coin
    - Privacy-Enhancing Technologies (PET)
    - Private Equity
    - Private Key
    - Private Ledger
    - Product Market Fit
    - Program Manager
    - Program Manager: What do they do?
    - Program Operator
    - Proof of Stake (PoS)
    - Proof of Work (PoW)
    - Prospect Matching
    - Public Blockchain
    - Public Key
    - Public Ledger
    - Public Private Partnership (PPP)
    - Pump and Dump Schemes
    - Pumpfun
    - Purchasing Power
    - Purchasing Power Parity (PPP)
    - Push vs Pull Payments
  - Q
    - Qualification Criteria
    - Quantitative Easing (QE)
  - R
    - Ransomware
    - Real Effective Exchange Rate (REER)
    - Real World Assets (RWA)
    - Real World Assets (RWA)
    - Real-Time Gross Settlement (RTGS)
    - Real-time replenishment (RTR)
    - Receiving Depository Financial Institution (RDFI)
    - Recession
    - Record of Truth
    - Recurring Payments
    - Refer to Drawer
    - Regulated Cards
    - Regulation E
    - Regulatory Enforcement
    - Regulatory Stack
    - Remittance Platform Provider
    - Remittance Service Provider (RSP)
    - Remittance Software Developer
    - Remittance Transfer Rule: 30 Minutes Rule
    - Remittances
    - Remote Bill Presentment and Payment (RBPP)
    - Renminbi
    - Respondent Bank
    - Retail ISO
    - Reversal
    - Reverse Bill Aggregation
    - Risk Reduction
    - Risk-Off Assets
    - Risk-On Assets
    - Role-Based Access Control (RBAC)
    - Rotating Savings and Credit Associations (ROSCAs)
    - Rug Pull
    - RSP
    - Remittance Service Provider
    - Real-time Payment Systems
  - S
    - Same Day ACH
    - Sandbox
    - Satoshi Nakamoto
    - Satoshis
    - Savings Account
    - Screening
    - Seasonal Workers
    - Secondary Sanctions Risk
    - Secure Credit Program
    - Security Token Offerings (STOs)
    - Seed Phrase
    - Segregated Named Accounts
    - Segregation of Funds
    - Seigniorage
    - Selling Volatility
    - SEPA Instant Credit Transfer
    - Service Level Agreement (SLA)
    - Settlement Risk
    - SHA (or Shared)
    - SHA256
    - Shell Company
    - Shill or Shilling
    - Shill or shilling
    - Side Chains
    - Side Chains
    - Sidechains
    - Simple Agreement for Future Equity (SAFE)
    - Simplified Due Diligence (SDD)
    - Simplifying the Treasury’s Final Rule on MSB Registration
    - Slippage
    - Small and Medium-Sized Enterprises (SMEs)
    - Smart Contract
    - Snipers in the Crypto World
    - Social Security
    - Society for Worldwide Interbank Financial Telecommunication (SWIFT)
    - Soft Rug Pull
    - Software for Money Transfer Business
    - Solution Provider
    - Source of Funds
    - Sovereign Default
    - Sovereign Guarantee
    - Special Drawing Rights (SDR)
    - Specially Designated Nationals (SDN)
    - Sponsorship in Licensing
    - Stablecoin
    - Stablecoins for Settlements
    - Stablecoins in Money Transfer
    - Stagflation
    - Staking
    - Standard of Deferred Payment
    - Standard of Deferred Payment
    - Startup MVP License
    - State Chartered Bank
    - Store of Value
    - Stored Value
    - Sub-Prime Mortgages
    - Substantial Presence Test
    - Sunrise Period
    - Sunset Period
    - Super API
    - Super Billers
    - Supply & Demand
    - Surety Bond
    - Surety Bond for Money Transmitter License
    - Suspicious Activity Report (SAR)
    - Sweep Account
    - SWIFT Alternative
    - SWIFT Wire Trace
    - Synthetic Dollar
    - Seamless Payments (Using a Super API)
    - Somalia via Turkey
    - Sponsoring a License
  - T
    - Tax Haven
    - Tax Information Number (TIN)
    - Tax Residency
    - Taxes
    - Term Sheet
    - Territorial Rates
    - Terrorist Financing (TF)
    - Tether (USDT)
    - The Compound Annual Growth Rate (CAGR)
    - The Gold Bangle Economy: A Discreet Way to Move Wealth Across Borders
    - The Subversive Role of Shell Companies in Money Laundering
    - Tip Jar
    - To the Moon
    - Token Creator
    - Token Generation Event (TGE)
    - Token Pre-Sale
    - Tokenization
    - Tokenize
    - Tokenomics
    - Tokenomics
    - Top-Up
    - Total Addressable Market (TAM)
    - Total Payment Volume (TPV)
    - Total Value Locked (TVL)
    - Trailing 12 Months (TTM)
    - Transacting on-chain
    - Transaction Confirmations
    - Transaction Fee
    - Transaction Monitoring
    - Transaction Off-Chain
    - Trapped Capital
    - Treasury
    - Treasury Bills
    - Treasury Bills vs Treasury Bonds
    - Treasury Bonds
    - Treasury Management
    - Treasury Management System (TMS)
    - Trust Lines
    - Trustline
    - Two-Way Pegs
    - Travel Rule
  - U
    - UETR Number
    - Ultimate Beneficial Owner (UBO)
    - Ultra High Net Worth Individuals (UHNWIs)
    - Umbrella Account
    - Understanding Credit Funding Transactions (CFT) and Account Funding Transactions (AFT) in the World of Card Payments
    - Understanding Dollar Cost Averaging (DCA) in simple terms
    - Understanding Money Services Businesses
    - Understanding the Timeline of FinCEN Registration for Money Services Businesses
    - Underwriting
    - Unified Payments Interface (UPI)
    - Unit of Account
    - Unlicensable Activity
    - Unlicensed Money Transmission
    - Unusual Activity Report (UAR)
    - US State Financial Regulator issued No Action Letter.
    - USA PATRIOT Act
    - USD Coin (USDC)
    - USDC
    - USDT (Tether)
    - User-Generated Content (UGC)
    - Unified Payments Platform
    - US-Turkey Corridor and Coverage
  - V
    - Validator Collision
    - Validators
    - Validators
    - Velocity of Money
    - Verification of Payee (VoP)
    - Virtual Currency
    - Virtual Currency Entities (VCEs)
    - VISA Direct
    - Visa Interchange Rates Table
    - Virtual Asset Service Provider (VASP)
    - Virtual Asset Service Provider (VASP)
    - Virtual Cards
  - W
    - Web Monetization
    - Web3
    - Wells Notice
    - 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)
    - Whistleblower
    - Whistleblowing
    - White Hawala
    - White Money
    - White-Label
    - Work From Home (WFH)
    - World Bank
    - Wrapped Tokens
    - White-Label
  - X
    - XRP Army
    - XRP Ledger (XRPL)
  - Y
    - Yield
    - Yield Farming
    - Yield Inversion
    - Yuan
  - Z
    - Zero Interest-Rate Policy (ZIRP)
    - Zero-knowledge proof (ZKP)
    - ZIRP (Zero Interest-Rate Policy) era
    - ZK-Rollups (Zero-Knowledge Rollups)
- Frequently Asked Questions (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?
    - As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
    - Can a federally chartered bank open a branch in any state?
    - Can a state-chartered bank operate in another state in which it is not licensed?
    - Can I write “To be determined” or “To be negotiated” in the Term Sheet Consideration?
    - Can offshore accounts be traced?
    - 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?
    - Does the Bank Account Verification also include ID verification?
    - 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 does Correspondent Banking work?
    - How long does it take to transfer the money to the bank?
    - 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?
    - 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?
    - 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?
    - What is Bank of International Settlements and how does it work?
    - What is the difference between a Community bank and a Credit Union?
    - What is the difference between a Nostro account and a Vostro account?
    - What is the difference between Reserve and Pre-funding under Balances & Reserves?
    - When would the work start once the contract is signed?
    - Why don’t some US banks offer international wire transfers?
    - Will I be offered a bank account or sub ledgers by the bank to store the money before it is transferred?
    - Will the bank account for my Bitcoin ATM business be able to accept deposits via armored carriers?
    - Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
  - FAQ: Cards Acquiring, Issuance, and Programs.
    - 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?
    - 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 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?
    - 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 payments, what is a merchant of record and what does it mean?
    - 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?
    - What is the difference between stored value and top-up?
    - 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 we start with our Mauritanian company?
    - 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?
    - 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?
    - 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 & Blockchain
    - How many Layers are in a Blockchain?
    - 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?
    - What does it mean when someone says they are “farming us” (or “farm us”) in the crypto space?
    - What is cryptocurrency-as-a-service?
    - Which blockchain can you deploy an exchange-traded fund (or EFT) on?
    - Why does the gas fee in the cryptocurrency world fluctuate while transaction fees in the fiat world remain fixed?
    - Why is understanding IRS Title 31 Audit crucial for BTM operators?
  - FAQ: Economy & Economics
    - In economics, what is a Pegged Currency?
    - What happens when the government raises the borrowing rate to curb inflation?
    - What is trade finance?
  - 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 request to be shifted/moved to a different pricing plan which would be more suitable for me?
    - Can we increase our deposit for the RAAS service starter package?
    - 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?
    - How long does contract negotiation usually take?
    - 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 is start-up and monthly cost and is there a Revenue sharing model?
    - How much would the service provider charge for a money transmitter license?
    - In case of not reaching an agreement, the payment for your services are reimbursed 100%, except the initial $750
    - 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 price list for renting each state money transmitter license?
    - Once I sign the referral agreement, what should I expect next?
    - 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?
    - 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 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?
    - 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 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: Fraud & Scams
    - What are Authorized Push Payment (APP) Scams?
  - FAQ: FX / Foreign Exchange / Cross-Border
    - How do Foreign Exchange transactions work?
    - How is One Currency Pegged to Another and How Does it Work?
  - FAQ: Investing & Securities
    - How does one define a hedge fund in detail?
    - How does one structure an ETF (exchange-traded fund)?
    - How is an Exchange-Traded Fund (ETF) and its NAV calculated?
    - How to Verify Investment Advisor Credentials
    - What is Dollar Cost Averaging?
    - What is the difference between a hedge fund and a mutual fund?
  - FAQ: Legal
    - What is Regulation-E in cross border funds transfer?
    - Why is a Legal Memo Required?
  - FAQ: Licensing & Regulations
    - 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?
    - Are you the owner of the license to be rented?
    - 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 we also market in the African corridors we are licensed in and send/receive payments between the African corridors?
    - Can we apply for a Lithuanian license if we are already incorporated in Ireland? That would be our preferred option given that we’ll need to staff operations in whatever country we do get our license.
    - Can we get the US multi-currency accounts without being licensed in the US yet?
    - Can we selectively get license coverage for some states in The United States?
    - Can we work under a Trust’s Money Transmitter License?
    - Can we, in due time, transfer to another license in the future (if one day we decide to obtain our own license in the USA)?
    - Can you give some examples of additional services not offered by the Principal License Holder?
    - Do I need a license for a private USDT transaction in Florida?
    - Do OTC services require a license?
    - Do Trust Companies provide money transmitter license coverage?
    - Do we have to hire an accounting firm in the license holder’s country?
    - Do we need to be licensed in any capacity, such as a money transmitter?
    - Do you have any list price for regulatory coverage for each US state to help us pick our “Must-have States”?
    - Do you have any typical sponsorship agreements drafts that you could share so I can get a better understanding of the potential terms we can expect?
    - Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
    - For the Bitcoin ATM business, are the financial institutions prescreened and verified?
    - How can I gain access to regulatory coverage for Canada?
    - How do BIN Partnerships differ from what MSB will provide us?
    - How do you get a Forex trading license in the UK, and what does it involve?
    - How long does it take to sign the contract with the Principal License Holder providing us with regulatory coverage?
    - How long does the leasing period last?
    - How long will the money transmitter license coverage be provided for?
    - How many days will the owner of the license take to make a deposit (liquidation of the money) in my clients bank account?
    - If you’re a billing aggregator and you’re simply providing billing information but not handling the payments, are you considered a money services business?
    - Is a money transmitter license required for the operation of closed-loop cards in the United States?
    - Is a payout partner provided only in the case of a white-labeled offering?
    - Is Faisal Khan the principal license holder or a sublicensee and solution provider (in the case of US as well as the UK/EU rollout)?
    - Is nationwide coverage guaranteed?
    - Is there a monthly fee charged by the Principal License Holder?
    - Is there a non-compete clause for the customers that we bring in?
    - Is there an advantage of getting the EMI license in Lithuania vs Ireland?
    - Isn’t the idea of ‘renting’ a license considered wrong? Could it have legal ramifications if we rented a license?
    - Montana does not require a money transmitter license, so if I register a company there am I exempt from money transmitter licenses?
    - Our understanding was that the UK/EU integrations could be possible in Q4 2021, kindly confirm if this understanding is correct.
    - Regarding the US: which states are included? Are TX, CA and NY included as part of the initial package?
    - Since our company is about to obtain a Labuan Money Brokering license, may I know whether it is sufficient to use this license to apply to be a Registered Agent (RA) under an EMI holder?
    - There is no crypto-license sponsorship option in the EU, am I right?
    - What are the restrictions on the MSB License that my company will acquire?
    - What are the state requirements for authorized delegates in terms of managing funds?
    - 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 it mean to acquire a Money Transmitter License (sponsorship)?
    - What does it mean to list the MUST HAVE STATES?
    - What does it mean to sponsor under their license?
    - What if the license holder has some problem with the government? Will our funds be frozen?
    - What is Europe’s Electronic Money Directive (EMD)?
    - What is Europe’s Electronic Money Directive or EMD?
    - What is FATF?
    - What is Regulatory Arbitrage?
    - What is the difference between an agent and non-agent of an EMI in Europe/UK?
    - What is the difference between an Authorized Delegate and an Authorized Agent?
    - Would the financials be in line with the expectations we have set in the term sheet?
    - Would we be sub-licensed under the Principle License Holder (PLH)?
  - FAQ: Money Transfer & Remittances
    - After we launch, can I increase the ACH limit to suit my client’s needs?
    - Are armored carriers allowed to pick up cash from Bitcoin ATM Operators and deposit it into their vault account and then transfer it over to our account?
    - Are B2B (Business to Business) transactions allowed? Can we make use of intermediate MNO’s?
    - As the Operator Led participant, we can open an EUR IBAN account for processing transactions (which means we can access/install a payment application (provided by the EMI holder) for sending/tracking transactions). So when a customer agrees to use our service, they will send EUR to our IBAN account, is it correct?
    - Can a company registered in Barbados as a licensed MSB operate (send/receive money) from/in Florida?
    - Can I initiate a transfer without having the money flow through a bank I own?
    - Can I Negotiate the Rates Offered by My Remittance-as-a-Service (RaaS) Provider?
    - Can I quickly hop on a call with you and learn how to setup a money transfer business?
    - Can I send money to a third country like China or Europe?
    - Can I use an aggregator on the Starter plan and use the aggregator to payout to multiple countries (more than the allowed number)?
    - Can I use my own payment processor?
    - Can my company be incorporated outside the United States, even though the RaaS we want is from the US?
    - Can the daily transaction limits be increased by increasing the reserves? If yes, how long does this process take?
    - 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 use PayPal, Square Cash, Venmo, Zelle, etc. to collect money?
    - Can we use your RaaS offering for B2B?
    - Can you connect us with the MSB in Southeast Asia in order to act as the MTO in our models?
    - Do aggregators have to be approved and if so, how long does that take?
    - Do I have to hire staff for my money transfer business?
    - Do you provide a settlement wallet/account?
    - Do you provide access to banking for Remittance-as-a-Service (RaaS)?
    - Have you prepared the pricing for the UK/EU subscription? (including all cost components affecting the unit transaction costs?)
    - How can there be fraud in the money transfer business? I don’t know about the business and want to know if it comes with some kind of chargeback or fraud protection for us.
    - How competitive is the daily FX offering?
    - How do I tell the payout partner in my beneficiary country to have a correspondent tie-up with the solution provider?
    - How long does it take for funds to process for my clients?
    - How long does Remittance as a Service take to be up and running?
    - How many beneficiary countries can I have?
    - How much does the Remittance-as-a-Service (RaaS) cost?
    - How to do Money Transfer?
    - I misunderstood the Operator-Led model. Can you please explain again?
    - I will be happy to pay a bigger reserve or something like that if we can have the limits raised to 5K, as only WorldRemit and Western Union offer those limits and that is the kind of company I want to have in the future if everything goes well.
    - If I have a starter package, how much do you think I need to have in my budget to have everything operative in the shortest amount of time? Please give me an estimate.
    - If we are a licensed money transfer company with extensive agreements with the payout countries, will the principal license holder agree to sign an agreement with us?
    - If we go for the Operator Led Model, are we qualified if we request to be connected to MSBs in Asia & other regions?
    - In a correspondent tie-up, who sets the FX rate and who gains from it?
    - In Remittance-as-a-Service (RaaS), will I just need to give you our branding and be ready to launch?
    - In summary, there are 3 ways to enter the remittance market in the US, 1) obtaining your own licenses, 2) through an agreement with a company that has the licenses to operate (this is the way we currently work), and 3) operating a digital platform where the whole process is done by the MSB, and we never touch the funds. Is this correct?
    - Is a License Necessary to Start a Money Transfer Business?
    - Is approval by a solution provider (i.e. licensed financial institution) guaranteed?
    - Is it possible to get the interbank (mid-market rate)?
    - Is it possible to send money outside the USA?
    - Is there a list of reasonable countries that we will get access to?
    - Is there a special type of company we need to form in order to be able to do Remittance-as-a-Service?
    - Is this proposal for a full suite of Neo Banking or just Remittance?
    - On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
    - RIA is competitively charging low fees, and the only way we could match up would be to find a payout partner with a good rate. Your solution is turnkey, which is good, but, we need visibility into the rate (assuming you will be assigning a payout partner to us) so that we could do some quick calculations before investing in your solution.
    - 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?
    - We have established a money transfer company in Canada and now we are looking for a bank in the US and want to be its Authorized Delegate in the USA for money transfer services.
    - We noticed that the credit card processing is at 2.09% for the starter plan. Can we bring our own card processor if we have one?
    - What are the Licensed MSB options we will affiliate with? (The ones who own the remittance platform, Compliance and Card/ACH Payment Gateway)
    - What criteria distinguishes an MSB from an FMSB?
    - What defines a RaaS (Remittance-as-a-Service) Provider, and how does it differ from a traditional money transfer company?
    - What is Remittance-as-a-Service (RaaS)?
    - What is the status of the UK-EU RAAS program rollout?
    - What is the time frame to get approval from the solution provider?
    - What is the timeline to send money out?
    - Which payout countries are available currently?
    - Who coined the term Money Transfer-as-a-Service or MTaaS?
    - Who is in charge of authorizing the transactions? Will it be me or someone else?
    - Who sets the forex rate ? Is it the principal license holder or me as the business owner?
    - Who will be in charge of ID verification process or KYC process? Will it be me or someone else?
    - Why do I have to put up the pre-funding money?
    - Will I have access to ACH transfers?
    - 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)?
    - With a US sponsored solution provider for Remittance-as-a-Service, would we also be able to use Europe as sending corridors?
    - 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.
  - FAQ: Online Learning & Awareness Training
  - FAQ: Other Miscellaneous
  - FAQ: Payments
    - Can I use my own merchant processor?
    - Can you give me more details about payment (payout) countries?
    - Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
    - How robust is the Payout Model for PHP?
    - Is it possible for you to hold the funds in case I want to get them transferred to a different account?
    - On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
    - 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 an Online vs. Offline Transaction?
    - What is considered a nested transaction?
    - What is factoring?
    - What is Interoperability in payments?
    - What is payment clearing?
    - What is the procedure to use our own payout partner in the payout country?
  - 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?
    - Can we use our own KYC vendor to build our app using BaaS or RaaS?
    - Do we need to have a compliance officer?
    - 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.
    - 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?
    - 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.
    - What is Feipiao and how does it work?
    - What is Feipiao?
    - What is Hawala and How Does it Work?
    - What is Hawala Money?
    - What is Hawala or Hundi?
    - What is Know Your Transaction (KYT)?
    - What is the difference between flying cash and paper money?
    - What is the difference between Hawala and Hundi?
    - What type of financial institution will you introduce us to?
    - What would be considered a nested transaction for cross border money transfer?
    - What would be some red flags for a KYB audit?
    - Who is responsible for anti-money laundering?
    - Why is a nested transaction in the banking world a high risk transaction?
    - When Should We Hire a Compliance Officer
    - Should we hire a compliance officer?
    - Is there a global standard for a compliance manual?
  - FAQ: Running a Business
    - Can I Remitly or Wise rates?
    - Can we be up and running in 15-days?
    - Can we have a legal company name and then have a separate name (register a “doing business as”)? Is that allowed?
    - Can we operate on a funds good & settled model? Please clarify steps of responsibility in the flow of funds.
    - Can we operate on a good funds & settled model?
    - Can we propose our own payout provider?
    - Can we propose our own payout provider? How long does due diligence take and are there any extra costs associated? What is required of us and from the payout provider?
    - Does the armored car service need to have a contract with your bank?
    - How do I calculate my monthly costs?
    - How long does it take to find a sponsor, finalize a contract, and get up and running?
    - How long does the FinCEN registration process take, and does your company assist with this?
    - How long does the process of signing the contract last?
    - How Much Money Do I Need to Get Started?
    - How much money would I need to start a RaaS business?
    - How will I compete with others in the market?
    - If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
    - If I submit my marketing/sales plans to you, how much do you think I will be making monthly as the business owner?
    - Is chargeback or fraud protection included in your services?
    - Is it possible to go live within 6-8 weeks after the initial engagement?
    - Is prefunding considered trapped capital?
    - Is the sponsor also going to provide the bank account for the company?
    - Let’s say that I start the business, what would be my role in it? Will I be in charge of the back office?
    - Our company is currently structured as a Delaware C-corporation. Will this present any issues? Is there a standard entity type a ‘sponsoree’ would be more likely to choose?
    - 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 bank will we be signing with? Can you tell us the name of the financial institution you are talking to? We might already be in conversation with them?
    - What due diligence will need to be completed on our end?
    - What is collateralized pre-funding?
    - What is my company’s role defined in all of this? What role do I play as a non-licensed entity?
    - What is non-collateralized pre-funding?
    - What is Product-Market fit?
    - What is the best way to present our use-case to the partner?
    - What is the timeline before we can go live?
    - What is the timeline followed by your company after you accept a potential client?
    - Which service plan do you recommend for a startup company to start with? Is it possible to choose the Starter plan now and upgrade later?
    - Why is pre-funding required in the money transfer world?
    - Why is the flow of funds important and why must I make it? Why can’t you make the flow of funds based on our project’s understanding (as you comprehend it)?
    - Why is the limit of the starter package set to $5,000 per day?
    - With regards to me as the owner of the business, how many departments do I need to run this (remittance as a service business) successfully?
  - FAQ: Sales & Marketing
  - FAQ: Software
    - Can we alter the colors and design with the pre-built application?
    - Can we choose to abandon the pre-built application and create our own?
    - Can we use our own platform and development stack if we have our own technology team, and not opt for your web/mobile app?
    - Do I have to use their technology? Can I not use my own?
    - Do we have design control over the application?
    - How does a pre-built application look like compared to an API?
    - How would we implement our branding and strategy within the pre-built application?
    - Is an API provided for?
    - On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
    - 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?
    - Regarding the API we have a vendor that helps with Tech Support. We will work with the bank directly to develop our back end. Does the licensed financial institution provide an API?
    - We want to apply for a white label solution, can you explain the benefits of using your API as compared to a pre-built API from the solution provider?
    - What is a KYC and is there an API for it? Is it for the beneficiary?
    - What is the customer fee structure and what is the revenue share model?
    - What would the service provider charge for a ready made solution (Web and Mobile Application)?
    - Which functions would be present in the pre-built application and can we request certain functions to be added according to our needs?
    - Which platform would the application be hosted on?
    - Who does the ID verification? Do I have to hire a third-party company for this, or is it included in the software?
    - Will I need to allocate tech or software staff to integrate the APIs?
    - Will the bank provide us with an API?
    - Will the mobile or web application developed need to be connected with the web services?
    - Will the mobile/website app as provided by the solution provider require design and user experience?
    - Would we receive proper installation/onboarding support for the API once we choose a solution provider?
  - FAQ: Technical & Technology
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  - How Big is the B2B (Business to Business) Market?
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  - 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?
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  - 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)
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  - Who Pays for the Remittance Fees Customer or MTO?
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  - 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)?
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  - Leveraging A License
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  - So You Want To Start A Money Transfer Business?
  - Starting a Crypto-Related Money Transfer Business? Understand Regulations!
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  - What Are Remittances?
  - What are the Pros and Cons of RaaS (Remittance-as-a-Service)?
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  - What is a Correspondent Tie-up? & Why is it necessary?
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  - What Is A Decent Revenue Share For Using Someone Else’s License For Regulatory Coverage?
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- How Can I Apply for a US Dollar Bank Account?
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This page was last updated on October 12, 2024.

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