Answers by
Faisal Khan
Cross-border payments, banking access, licensing. Thirty-one years inside regulated money movement.
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.
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.
- 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
Are there digital platforms offering electronic Letters of Credit (LC)?
Nov 11, 2011
Trade Finance, Letters of Credit and B2B Payments
Are there alternatives to credit cards for accessing card-based payment services?
Nov 11, 2011
Credit, Debit and Prepaid Cards
Which reliable and low-cost methods can businesses in Pakistan use to get paid online?
Nov 10, 2011
Merchant Accounts, Processors and Gateways
What’s the process if a cashier’s check is lost or destroyed before deposit?
Nov 10, 2011
US Money Transmitter Licensing and MSB Registration
What costs do banks face when dealing with a bounced check?
Nov 10, 2011
How Banks Work
Which institutions act as primary dealers for the US Federal Reserve?
Nov 10, 2011
Central Banks and Bank Supervision
Can Chinese Square-like card readers be used in India and what approvals are required?
Nov 10, 2011
Licensing in Other Countries
Is Airbnb legally classified as a money transmitter?
Nov 10, 2011
US Money Transmitter Licensing and MSB Registration
Who are the leading experts or thought leaders in modern payment systems?
Nov 10, 2011
Payments (General)
What’s the most secure and affordable way to transfer money online?
Nov 9, 2011
Digital Wallets, Mobile Money and P2P Payments
Was PayPal the first online payment company?
Nov 9, 2011
History of Money, Banking and Finance
Why is Facebook allowed to operate as a money transmitter in some states without a license?
Nov 9, 2011
US Money Transmitter Licensing and MSB Registration
Which Indian laws regulate e-commerce fraud and online scams?
Nov 8, 2011
Merchant Accounts, Processors and Gateways
Is it better to obtain a merchant account directly from a bank?
Nov 8, 2011
Merchant Accounts, Processors and Gateways
What percentage of U.S. customers opt in to telemarketing, email, or postal marketing?
Nov 8, 2011
General Finance Questions
What’s the best method to add a Q&A section to an e-commerce site?
Nov 8, 2011
E-Commerce, Marketplace and Platform Payments
When does it make sense for a small company to start paying for dedicated office space?
Nov 7, 2011
Starting and Running a Fintech or Payments Business
What advice would you give to someone ready to launch a business with a name and idea in place?
Nov 7, 2011
Business Strategy, Case Studies and Lessons Learned
How do commission fees differ from authorization fees in payment gateways?
Nov 7, 2011
Payment Operations, Pricing and Fees
Does Clover hold a money transmitter license in California?
Nov 7, 2011
US Money Transmitter Licensing and MSB Registration
What safe online services besides PayPal, Xoom, and banks can send money internationally straight to bank accounts?
Nov 7, 2011
Sending and Receiving Money Abroad
How should you approach competitors if your startup’s growth stalls?
Nov 7, 2011
Starting and Running a Fintech or Payments Business
What payment/e-commerce platform lets me run a social network store where users upload products and I take a commission?
Nov 5, 2011
E-Commerce, Marketplace and Platform Payments
Where can developers find an active PayPal community?
Nov 5, 2011
Developer Tools, APIs, Sandboxes and Open Source
Are travelers’ cheques still a practical option today?
Nov 3, 2011
Payments (General)
Which countries allow invoicing in a currency other than the local legal tender?
Nov 3, 2011
Payments (General)
Why are MoneyGram domestic transfers often pricier than international transfers?
Nov 3, 2011
Money Transfer Business and MTOs
In which countries can invoices be issued in a foreign currency for local transactions?
Nov 3, 2011
Payments (General)
Why does MoneyGram often charge more for domestic US transfers than for international ones?
Nov 3, 2011
Money Transfer Business and MTOs
What’s the best way to pay a site user if all I have is their credit card number?
Nov 1, 2011
Credit, Debit and Prepaid Cards
How can money be sent to a user if only their credit card number is known?
Nov 1, 2011
Credit, Debit and Prepaid Cards
For a social network where I own the store and users list products while I take a cut, what platforms support that model?
Oct 12, 2011
E-Commerce, Marketplace and Platform Payments
What’s the simplest way to add paid memberships to a consumer website?
Oct 12, 2011
E-Commerce, Marketplace and Platform Payments
What platforms allow a marketplace model where users upload products and the platform takes a commission?
Oct 12, 2011
E-Commerce, Marketplace and Platform Payments
What is the best online payment solution for internationally focused startups?
Oct 11, 2011
Merchant Accounts, Processors and Gateways
What’s the simplest way to add a paid membership fee to a consumer website?
Oct 10, 2011
Merchant Accounts, Processors and Gateways
What’s the best online payment solution for startups selling internationally?
Oct 10, 2011
Merchant Accounts, Processors and Gateways
How can a Canadian company legally use US-based payment processors?
Oct 10, 2011
Merchant Accounts, Processors and Gateways
Which ACH providers are considered the most reliable for online payments?
Oct 10, 2011
Domestic Payment Rails, National Switches and Clearing Systems
How can a Canadian business work with U.S.-based payment processors?
Oct 8, 2011
Merchant Accounts, Processors and Gateways
If NFC payments fail to gain traction, what other uses will NFC have on smartphones?
Oct 8, 2011
Payments (General)
Should online stores offer more payment options to customers?
Oct 8, 2011
E-Commerce, Marketplace and Platform Payments
Which TED Talks give the most value to entrepreneurs?
Oct 7, 2011
Business Strategy, Case Studies and Lessons Learned
What’s the most affordable way to send money from the UK to Mauritius?
Oct 7, 2011
Sending and Receiving Money Abroad
What’s the best way to get an online business off the ground?
Oct 7, 2011
Starting and Running a Fintech or Payments Business
If NFC payments don’t catch on soon, what will NFC most likely be used for on smartphones?
Oct 7, 2011
AML Programs, KYC and Compliance Operations
What KYC checks does PayPal perform in the US and other regions?
Oct 7, 2011
AML Programs, KYC and Compliance Operations
What unmet needs in India’s mobile banking and payments space could startups address?
Oct 6, 2011
Domestic Payment Rails, National Switches and Clearing Systems
How can you accept multi-currency online payments into one merchant account?
Oct 6, 2011
Merchant Accounts, Processors and Gateways
What gaps exist in India’s mobile banking and payments ecosystem for startups to address?
Oct 6, 2011
Domestic Payment Rails, National Switches and Clearing Systems