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 […]
If you have tried to start a money transfer service from Australia, then you probably know about the problems of setting up such a business. Access to banking is going to be one of the top issues with the large amount of capital that is required to set it all up being another problem. We […]
If you have been thinking about starting a money transfer service from Canada, then you are well aware of the hurdles like getting up and running in the land of the maple leaf! Access to banking is going to be your #1 issue and then the capital required to set it all up. We provide […]