The Stellar network is designed so all the world’s financial systems can work together on a single network — that’s why it’s perfect for cross-border payments. Cowrie has developed payment rails that enable low-cost and instant payments into and out of Nigerian bank accounts, powered by Stellar.

A full recap of this event along with additional questions is available on our blog:
https://www.stellar.org/blog/cowries-cross-border-payment-services-for-nigeria-powered-by-stellar

Follow us on Twitter to stay in the know about future events in this series!
https://twitter.com/stellarorg

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, Youtube 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)
https://www.youtube.com/watch?v=qOF6ivYwCUo &list=PLOPdtUVX8YkdW2EgqRsgAVIQTiLqBlxGK

[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.

https://faisalkhan.com/licensing-regulatory-coverage-questionnaire/
(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: https://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: https://faisalkhan.com/term-sheet-consideration/

What is a Term Sheet Consideration?
https://www.youtube.com/watch?v=XCvorH1Wsaw

What is a Term Sheet?
https://www.youtube.com/watch?v=JYYKyFFQERA

[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: https://faisalkhan.com/contact/

SCHEDULE A FREE 15 MINUTE CALL: https://faisalkhan.com/calendar/

Links
– Faisal Khan: https://faisalkhan.com
– Twitter: https://twitter.com/babushka99
– Facebook: https://www.facebook.com/faisalkhanpaymentconsultant/
– LinkedIn: https://www.linkedin.com/in/faisalkhan99/
– Quora: https://www.quora.com/profile/Faisal-Khan-1
– Podcast: http://www.aroundthecoin.com
– Blog: https://faisalkhan.com/blog/
– Blog on Medium: https://blog.faisalkhan.com/

#askfaisalkhan

“We see Stellar attracting a lot of like-minded companies believing in an open-finance infrastructure, so it’s leveraging not only this technology that allows us to issue the Mexican Peso on top of Stellar, it’s also leveraging the other companies’ experiences. “

Marco Neri talks about how Saldo is using Stellar to provide a way for migrant workers to support their families with cross-border payments.

To learn more about Stellar: https://stellar.org
Twitter: https://twitter.com/StellarOrg
FB: https://facebook.com/StellarFoundation
IG: https://www.instagram.com/stellarorg/
Reddit: https://reddit.com/r/Stellar

Mobile wallets are among the key modes of digital payment that saw a surge in adoption. According to the GSMA Mobile Money State of the Industry Report 2022, the mobile money industry processed over USD1 trillion worth of transactions in 2021, a whopping 31% year-on-year increase compared to 2020.

And the growth of global mobile wallets is expected to keep accelerating. According to Boku’s 2021 Mobile Wallets Report, more than half of the world’s population is projected to use mobile wallets by 2025.

In this webinar, our experts discussed the impact of Mobile Wallet adoption on Banks’ and Financial Institutions’ Payments strategy, and how interoperable payment solutions can bridge existing payment rails with the new payment methods.

Speakers:
• Jenna Wyer, SVP Americas, Thunes (www.thunes.com)
• Valli Ardalan, Vice President, Visa Direct

Moderator:
• Melisande Mual, Publisher and Managing Director at The Paypers (www.thepaypers.com)

Why Visa partnered with Thunes to connect 1.5 Bn wallets to its ecosystem: https://www.linkedin.com/pulse/we-expanding-visa-direct-digital-wallets-heres-why-visa-direct/?trackingId=9BoHE3sKR%2FdWRbJRUWylHw%3D%3D

#fintech #payments #crossborder #crossborderpayments #visadirect #mobilewallets