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- What is an IBAN Account?
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- Backstory on Remittance-as-a-Service
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- Remittance as a Service – Professional Package – 7018
- Remittance as a Service – Professional Package – 7019
- Remittance as a Service – Professional Package – 7020
- Remittance as a Service – Professional Package – 7021
- Remittance as a Service – Professional Package – 7022
- Remittance as a Service – Professional Package – 7023
- Remittance as a Service – Professional Package – 7024
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- Remittance as a Service – Enterprise Package – 7026
- Remittance as a Service – Enterprise Package – 7027
- Remittance as a Service – Enterprise Package – 7028
- Remittance as a Service – Enterprise Package – 7029
- Remittance as a Service – Enterprise Package – 7030
- Remittance as a Service – Enterprise Package – 7031
- Remittance as a Service – Enterprise Package – 7032
- Remittance as a Service – Enterprise Package – 7033
- Remittance as a Service – Enterprise Package – 7034
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- What is a Cease & Desist Notice from a State Examiner?
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- What is a fiat currency? and how is it different from normal currency?
- What is a Pegged Currency?
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- What is a Respondent Bank?
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- What is an API and How Does it Work?
- What is an exchange-traded fund, or ETF?
- 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 Money?
- What is Hawala or Hundi?
- What is Interoperability in payments?
- What is Micro Investing?
- 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 Community bank and a Credit Union?
- What is the difference between a hedge fund and a mutual fund?
- 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 is Velocity of Money?
- What would be considered a nested transaction for cross border money transfer?
- What would be some red flags for a KYB audit?
- Which blockchain can you deploy an exchange-traded fund (or EFT) on?
- Why is a Legal Memo Required?
- Why is a nested transaction in the banking world a high risk transaction?
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- Banking-as-a-Service (BaaS)
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- NY BitLicense
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- MLRO Money Laundering Reporting Officer
- Centralized vs. Decentralized
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- 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?
- As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
- Can I write “To be determined” or “To be negotiated” in the Term Sheet Consideration?
- 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 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 the difference between Reserve and Pre-funding under Balances & Reserves?
- When would the work start once the contract is signed?
- 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
- 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?
- 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 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
- 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: Legal
- FAQ: Licensing
- 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 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 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 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 I lease a license will it allow us to integrate Mastercard and Visa?
- 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 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 the difference between an agent and non-agent of an EMI in Europe/UK?
- 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 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?
- 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 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 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?
- 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 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 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?
- 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?
- 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 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?
- 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 type of financial institution will you introduce us to?
- Who is responsible for anti-money laundering?
- FAQ: Running a Business
- 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 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 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 my company’s role defined in all of this? What role do I play as a non-licensed entity?
- 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 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
- FAQ: Wallet
- FAQ: Banking
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- 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)
- Calendar
- Microblog
- 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
- About
- 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
- Wiki
- Specials Page / Landing Page Template
- Landing Page Template 2
- Landing Page Template
- Test Page
- Clients
- General Disclaimer
- Legal Disclaimer
- Privacy Policy
- Terms of Service
- Email Disclaimer
- Media
- Newsletter
- Sitemap
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- #8269 (no title)
- #8270 (no title)
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- Achievements & Recognition
- Know Your Busines (KYB) Information
- In the Press
- Presentations & Appearances
- Company Info
- Careers
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This page was last updated on June 5, 2023.
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