[147] 7 Steps to Starting a Cross Border Payments Company

So you have decided you would like to start a cross border payments company, whether this is a wallet, a money transfer company like a remittance business or a business to business company, whatever the path you choose, here are the 7 needed steps to make your idea go live.
[0:34] - 1. Speak the Language - there are various nuances and terminologies used in the money transfer / cross-border payments space. You are expected to know of it.
It is the equivalent of going to a restaurant and asking what are fries. Okay, what do they taste like? Okay, can I buy one fry? What is Pepsi? or what is a burger? What do you mean with cheese?
I'm sure you get the point. Questions like these will frustrate everyone.
Spend time learning the terminologies, definitions and a bit of how it works. I'm on a quest to put out 500-750 videos over the next 1-2 years to explain all these things, but till then, TH-cam and Google are your friends. I will also include a link to my list of explainer videos.
How To Setup A Money Transfer Business Playlist (list of explainer videos)
• [13] How To Start A Mo...
[1:56] - 2. Fill out the Regulatory Coverage Form. This form basically is a one-pager on your business idea. It captures
- Who you are?
- What you are trying to achieve?
- Type of Business you indent to carry out
- What geographies do you intend to work with?
- How are (or not) are you?
- Some information on your transactions
- and, a bit of information on your compliance.
faisalkhan.com/licensing-regu...
(takes about 10-15 minutes to completely fill it out)
[2:43] - 3. Setup a call & Quote. I'll include a method on how to schedule a call (it is in the description below). On the call, we go over your application. It takes 30 minutes.
We may have questions and/or require clarifications from you.
To Setup a Call: faisalkhan.com/calendar
[3:03] - 4. Term Sheet Consideration
The next step is to understand what you are willing to pay for a solution and if there is indeed a provider out there for you This is called a term sheet consideration.
What is a term sheet and what specifically is a term sheet consideration, I will include the link in the description below.
Form: faisalkhan.com/term-sheet-con...
What is a Term Sheet Consideration?
• [124] What Is A Term S...
What is a Term Sheet?
• [63] What is a Term Sh...
[3:18] - 5. Quote
Once that is done, we will most likely go a project readiness evaluation and provide a quote to you.
[3:43] - 6. Referral Agreement & Deposit
Once you have decided to forge ahead, sign the referral agreement and place the appropriate deposit payment as required by the referral agreement.
[3:54] - 7.Introduction to Program Manager & License Holder.
The last step is the introduction. We will introduce you to the Program Manager and the License Holder.
Here you will sign an NDA with them and then 5 (or 6) things will run in parallel:
a. Due diligence
b. Sandbox API Access / Technology understanding and access
c. Contract Draft (assess the legal binding)
d. The flow of funds/transaction set / KYC / compliance questions
e. Correspondent tie-ups, processing & delivery networks
f. Commercials.
All of this from start to finish takes about 6-to-8 weeks.
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.
Please use this link to comment/contact: faisalkhan.com/contact/
SCHEDULE A FREE 15 MINUTE CALL: faisalkhan.com/calendar/
Links
- Faisal Khan: faisalkhan.com
- Twitter: / babushka99
- Facebook: / faisalkhanpaymentconsu...
- LinkedIn: / faisalkhan99
- Quora: www.quora.com/profile/Faisal-...
- Podcast: www.aroundthecoin.com
- Blog: faisalkhan.com/blog/
- Blog on Medium: blog.faisalkhan.com/
#askfaisalkhan

[@meghagupta8873]

Sir can you explain a little on what kinds of cross border contracts are required

[@Iron_Lion_Of_Zion]

Hint. Listen at 10x speed. Trust me.

[@maryfernando6447]

You talk too much or irrelevant stuff. Never go to the point. Waste of time