Understanding the financials behind Regulatory Coverage for Money Transmitter Licenses in the United States The Process When you submit an application for Money Transmitter License Coverage, your information is collated and then a template is made for circulation amongst various Banks and Non-Banking Financial Institutions. Banks and other non-banking license holders will then look at […]
First, the Bad News: Payroll Processing Services Require a License For years, payroll processing services have enjoyed a regulation-free business. Payroll businesses processed payments on behalf of their clients to be paid to employees, government (state & federal), contract employees and vendors. All without being classified as a Money Services Business and the need to […]
Many folks get the very basics confused. The difference between an MSB (Money Services Business) and a MTL (Money Transmitter License). This short video explains the difference. Transcript: Hello. My name is Faisal Khan. I am in banking and a payment consultant. A question someone asked me is what’s the difference between an MSB license […]
One of the biggest challenges of operating payments based business where you are either an intermediary or holder of stored value is that you need to be licensed. The United States is one of the most rigorous (read: strict) licensing geographies in the world. If you plan to sign-up a US resident as a customer, […]
Because of its disruptive nature, Bitcoin and other cryptocurrencies sit very uneasily with the traditional banking sector as there is a fear the digital currency could render them obsolete. The UK boasts about its relative dominance in the fintech sector, but its own banks are making life difficult for the country’s bitcoin businesses. Source: Bitcoin […]
Episode 5 – Money Transmitter License Agent If you are trying to be an agent of someone else’s money transmitter license, you might want to know about this.
Episode 4 – What is a Payment Account Lost access to MSB Business Bank Account. Do you know there is something called a Payment Account, which is essentially offering the same services as an MSB Friendly Bank?
HSBC published a study of more than 12,000 people in 11 countries into global technology perceptions and habits around two weeks ago. The report highlighted many contradicting attitudes in people. One thing that I found interesting is the varying attitudes according to geographic locations. The figure above represents the percentage of people who think: “I […]