Faisal Khan
Answers by

Faisal Khan

Cross-border payments, banking access, licensing. Thirty-one years inside regulated money movement.

Founder, Faisal Khan LLC·Istanbul, working globally
3,061Questions answered
31+Years in payments
400+Companies served
72+Countries
About

Every answer on askmint is mine. I have spent more than thirty-one years in financial services, almost all of it on one problem: how money legally crosses a border, and what a regulator needs to see before it will.

My career began in technology, not banking. I moved into banking and payments, and then into cross-border payments. That is where I saw how badly companies get caught by the rules across many countries. Not because the rules are impossible, but because the wrong structure was chosen before anyone understood the flow of funds.

Since starting the consultancy in 2010, I have worked with more than four hundred companies across seventy-two countries, from early-stage startups to established financial institutions. The work is helping them obtain licences, secure banking relationships, and build compliance frameworks that hold up under examination.

Today it is mostly licensing strategy, MSB banking access and cross-border payment structures, alongside writing, speaking and the educational sites that sit around the practice. This site is one of them.

Every call I take, I take myself. Twelve thousand of them so far.

Where I work

Licensing and compliance

Money transmitter licences, payment institution registration and compliance programmes across many countries. More than fifty licence applications done.

Banking relationships

Getting and keeping bank accounts for high-risk and regulated businesses. The part most operators underestimate.

Cross-border payments

Payment corridors, settlement design, FX risk and the licensing that sits underneath international money movement.

What I am not
  • A bank, money transmitter or money services business
  • A law firm. Nothing here is legal advice
  • In the flow of funds. I never hold client money

Answers

3,061 answers · newest first
What factors result in better conversion rates during online credit card processing? Apr 10, 2014 E-Commerce, Marketplace and Platform Payments Why don’t U.S. banks offer remittance services similar to Xoom’s? Apr 10, 2014 Money Transfer Business and MTOs How does an international remittance transfer actually work step by step, and who are the parties involved? Apr 10, 2014 Sending and Receiving Money Abroad Are there U.S. banks that offer deposit accounts in foreign currencies such as EUR or GBP? Apr 10, 2014 Opening Bank Accounts, Personal and Business Why are U.S. coins printed with the obverse facing upside-down relative to the reverse? Apr 10, 2014 History of Money, Banking and Finance Once I share my checking account and routing numbers for ACH, what stops someone from pulling funds without my consent? Apr 9, 2014 Domestic Payment Rails, National Switches and Clearing Systems What does a fraud investigation or fraud management officer actually do? Apr 9, 2014 Careers, Jobs and Working in Finance How does Western Union determine the purpose of transferred funds? Apr 9, 2014 AML Programs, KYC and Compliance Operations How costly is it to launch a payments or mobile wallet startup? Apr 8, 2014 Starting and Running a Fintech or Payments Business Will mobile phones remain just a tool to initiate payments, or will they become the primary payment instrument themselves? Apr 8, 2014 Digital Wallets, Mobile Money and P2P Payments How can a system protect against password guessing attacks, and how do banks stop repeated PIN guessing on stolen cards? Apr 8, 2014 Cybersecurity, Digital Identity and Authentication Why is the value of the U.S. dollar falling in Pakistan? Apr 8, 2014 FX Rates, Spreads and Currency Markets In banking, what does the abbreviation DFV stand for? Apr 7, 2014 General Finance Questions Do remittance providers require exclusive agreements with their international partners or agents? Apr 6, 2014 Money Transfer Business and MTOs Where can I obtain data on the total volume of money moving through international remittance pathways? Apr 6, 2014 Payment Corridors and Remittance Economics Where can I access the official NACHA (ACH) specifications? Apr 6, 2014 Domestic Payment Rails, National Switches and Clearing Systems Why don’t mobile network operators make better use of spare capacity on home Wi-Fi routers to improve their networks? Apr 6, 2014 General Finance Questions How did Quora manage to attract so many subject-matter experts to the platform? Apr 6, 2014 Business Strategy, Case Studies and Lessons Learned How do money transfer firms like Xoom and Western Union operate behind the scenes? Apr 6, 2014 Money Transfer Business and MTOs SWIFT/MT940: How can the closing balance date be determined when MT940 reports arrive in multiple pages and sequences around midnight? Apr 6, 2014 Treasury, Liquidity and Corporate Finance What is the best way to transfer money from the U.S. to Pakistan? Apr 6, 2014 Sending and Receiving Money Abroad Can companies place a memo-post on an account—via ACH or other means—before the actual funds arrive? Apr 6, 2014 Domestic Payment Rails, National Switches and Clearing Systems Can a non-bank institution move money from one person’s bank account to another person’s bank account? Apr 6, 2014 Domestic Payment Rails, National Switches and Clearing Systems Why is PayPal not available in Pakistan? Apr 6, 2014 Licensing in Other Countries Why has PayPal failed to become the universal standard for internet payments? Apr 5, 2014 Business Strategy, Case Studies and Lessons Learned How would you describe Bitcoin in simple terms to someone with no technical background? Apr 5, 2014 Bitcoin and Cryptocurrency Basics Why have credit card dimensions been standardized at about 86mm by 54mm? Apr 5, 2014 Credit, Debit and Prepaid Cards How can I purchase Bitcoin? Apr 4, 2014 Bitcoin and Cryptocurrency Basics If the U.S. heavily regulates Bitcoin, would it create opportunities for other countries? Apr 4, 2014 Crypto and VASP Licensing Why hasn’t PayPal introduced its own virtual currency? Apr 4, 2014 Business Strategy, Case Studies and Lessons Learned Why do traders feel uncertain or nervous when markets continue climbing? Apr 4, 2014 Capital Markets: Stocks, Bonds and Derivatives What has been your experience using 2Checkout for accepting online payments? Apr 3, 2014 Merchant Accounts, Processors and Gateways Can I set up an online store that accepts international credit and debit cards? Apr 3, 2014 Merchant Accounts, Processors and Gateways Does the Ripple Gateway alter the way Bitcoin or other cryptocurrencies are transferred? Apr 3, 2014 Crypto Payments, On-Ramps and Off-Ramps In what ways might Bitcoin change the world? Apr 3, 2014 Bitcoin and Cryptocurrency Basics Why does the IRS treat Bitcoin as property while FinCEN treats it as a form of currency? Apr 3, 2014 Regulators, Enforcement and Regulatory Change As a tourist in San Francisco, can I simply walk into a bank and open an account? Apr 3, 2014 Opening Bank Accounts, Personal and Business What steps are needed to build a CCAvenue-style payment gateway in India, and what functions does a gateway perform? Apr 3, 2014 Merchant Accounts, Processors and Gateways What must a startup do to become a Payment Gateway, ISO, or PSP, and what risks are involved in taking on these roles? Apr 3, 2014 Merchant Accounts, Processors and Gateways Are there any countries that are close to being cashless, relying mostly on digital payments and cards, and will this trend continue? Apr 2, 2014 Payments (General) Why do U.S. banks ask customers to explain why they are withdrawing funds? Apr 1, 2014 AML Programs, KYC and Compliance Operations How could a brand-new retail bank be designed today to outperform incumbents like Bank of America and Chase, including which less-obvious features to add or omit? Apr 1, 2014 Digital Banks, Neobanks and Mobile Banking If Bitcoin aims to decentralize finance, why did financial systems become centralized in the first place? Apr 1, 2014 History of Money, Banking and Finance In what respects are credit cards superior to cash or checks as payment tools? Mar 12, 2014 Credit, Debit and Prepaid Cards How do contactless payment cards function in practice? Mar 12, 2014 Credit, Debit and Prepaid Cards In what ways is Moven’s banking service different from Simple, GoBank, and Bluebird? Mar 12, 2014 Digital Banks, Neobanks and Mobile Banking Given today’s instant digital world, why can’t online bank payments be credited to the recipient immediately, and why do legacy rules still apply? Mar 12, 2014 Domestic Payment Rails, National Switches and Clearing Systems What are the biggest user-experience challenges facing mobile wallet products? Mar 12, 2014 Digital Wallets, Mobile Money and P2P Payments How do Swiss banks handle and use the funds deposited by their clients? Mar 11, 2014 How Banks Work Does the World Bank impose interest on the loans it provides? Mar 11, 2014 Geopolitics of Money and the International Monetary System