FAQ on Money Transmitter License Sponsorship under an ISO Program for the United States
Here is a more detailed FAQ where I talk about the US Bank-led or MSB-led sponsorship for money transmitter licenses under and ISO (Independent Sales Organization) program for the US market.
{These FAQs do NOT apply to an Authorized Delegate, that is a separate arrangement altogether}
The questions (along with their timestamps) answer are:
CARD: How to Start a Money Transfer Business Playlist?
https://www.youtube.com/watch?v=qOF6ivYwCUo&list=PLOPdtUVX8YkdW2EgqRsgAVIQTiLqBlxGK
[0:51] - Q1. What is the business classification of the potential partner?
[1:52] - Q2. Is there an established track record for this company to deliver such partnerships?
CARD: What Does A Program Manager Do?
https://www.youtube.com/watch?v=NByW_1hYtOc
What Is A Program Manager? (Part II)
https://www.youtube.com/watch?v=kqIdPB7UumU
[2:24] - Q3. What would a successful partnership or a referral be looking like?
[3:26] - Q4. What are some of the key success factors in a partnership (sponsorship)?
[4:46] - Q5. How long have these PLH (Principal License Holders) have held their licenses?
[4:55] - Q6. In how many states is the entity licensed in to operate from?
[5:34] - Q7. Do you have a provider that will do Country X and Country Y?
CARD: What is a Tri-Party Correspondent Tie-Up Agreement?
https://www.youtube.com/watch?v=2iclHTVt7m4
[6:25] - Q8. Will this partner and its agents allow us to provide stickers and other promotional materials to be displayed in all their locations?
[7:17] - Q9. Will the partner allow customers to ask for our services when they turn up to send money?
[8:04] - Q10. Is there any chance that we can specifically get a Credit Union and Bank as our partner as opposed to Individual with a Money Transfer License in the USA since our Bank here would be more comfortable working with a CU or Bank based in the USA.
[9:38] - Q11. Do you need to be registered with FinCEN? (under a sponsorship program?)
[9:47] - Q12. How involved do you? (Faisal Khan & Co.) get involved in the process?
[10:20] - Q13. Is there a possibility of getting connected to a unified payments API that will connect us and provide coverage to the entire world?
[11:33] - Q14. Does the partner have any operations or partners to any African country?
[12:20] - Q15. We need a partner that has chains of agents that will allow customers to walk in with cash and carry out transactions. Do you have a partner with such capacity?
[12:45] - Q16. Can we use our own KYC provider?
[13:08] - Q17. Do we need to have a bank account in the United States?
[13:34] - Q18. Does the US partner have its own merchant acquirer or can we use our own?
ABOUT FAISAL KHAN
Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years.
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