Bank de-risking problems like loss of bank accounts, no access to new banking services and downright denial of service for even old account holders have all led money services businesses to look for other ways. For an MSB or Money Transmitter, a bank account is essential for them to continue providing money transfer services to … Continue reading Bank De-risking Problems and Shrinking Number of MSB Friendly Banks
Transaction visibility (amongst others) is one of the elements cited by small and medium banks, in their derisking process of MSB (money services businesses) when it comes to providing them with MSB Friendly Banking services. More and more regulators are urging banks to upgrade and adopt better technologies to enable them to have better visibility … Continue reading Better transaction visibility can aid in growing the size of MSB Friendly Banks
Here is a YouTube video I did on how to go about finding an MSB Friendly Bank. https://www.youtube.com/watch?v=dScgvHCCtXc
A colleague gave me this list. Though I cannot verify or confirm MSBs whom I know, who have an account in these banks, but I would defintiely trust the word of my colleague: Credit Suisse DZ Bank Germany Aktif Bank Turkey ING Netherlands DNB Nor, Norway BNY Mellon
MSB Friendly Banks - well, sort of! If you've been in the market for MSB Friendly Bank and have been disappointed for not being able to find any. Well, I might have a bit of good news for you. Have you heard of Virtual IBANs? A virtual IBAN is like a pseudo bank account. It … Continue reading MSB Friendly Banks… Wait! There is an alternative!
As a money transfer company, obtaining US Dollar Correspondent Bank relation can be a bit of challenge. And that is putting it mildly. The US Dollar remains one of the most preferred tradeable currency in the world. Nothing tops the Greenbacks! Nothing tops the Greenbacks! Trying to understand why correspondent banking has shut down for … Continue reading US Dollar Correspondent Bank
As a Money Services Business (MSB), it is becoming extremely difficult to find an MSB Friendly Bank. One wonders how those in business, are still in business? Who are they banking with? How did they find an MSB friendly bank to work with? The answer to all these questions is not that difficult. While it … Continue reading MSB Friendly Banks – Are there any left?