Many people wrongly assume that only having one money transmitter license in the United States is good enough. It is not. If you intend you have customers signed up from all over the United States, then you needed licenses, in all the States. However, there is a caveat to this where you may require only […]
What is a Financial Intermediary and why do they need to be licensed? Transcription: My name is Faisal Khan. I’m a banking and a payments consultant and I’m here to answer your questions. So, a question I got recently is, you know, what is a financial intermediary, and why is it necessary to be licensed […]
Episode 7 – What factors are important to you when sending money abroad? When choosing a money transfer company, what are top things one looks for? Well, worry no more. Having interviewed over 1,700+ people, here are some findings.
Let’s work together! The art of networking is what business is all about. Meet the right people and you can do business together. Herein lies the problem. Networking takes time. It requires immense trust and vetting before one can take the next step to discuss business. The trust deficit It is no hidden secret, banks, […]
Introduction Remittance industry is not that difficult to enter into, once you understand the basics (which would be true for any other business as well), then you can, with relative confidence, ease into the business. It is also important to understand that money transfer is a serious business as far as the law is concerned. […]
De-risking is a huge issue for MSBs and MTOs. Banks have been closing accounts, left, right and center, ridding themselves of all MSB / MTO related clients. I’ve written extensively on this: Can’t find MSB Friendly Banks? Go ahead, scream. No one is listening. The Sandstorm that is blanketing the operations of money transfer companies.
There is a lot of excitement in the industry after PayPal announced it was buying the remittance company Xoom. A lot many people have asked, how will this play out? What is my opinion of it? Well, here it is, feel free to disagree. I won’t talk much about PayPal + Xoom, I think it […]
The sad state of affairs in the pursuit of access to banking for MSBs / MTOs Earlier I wrote an article (The Sandstorm that is blanketing the operations of money transfer companies) on how difficult it was to get access to banking if one were an Money Services Business (MSB) or a Money Transfer Operator […]