Money Transmitter License Application Process

Process flow for License-as-a-Service

The money transmitter license application process explained below is what we follow when you contact us to provide you with umbrella coverage for a Money Transmitter License. This process applies to almost all the services I provide. Access to Banking, Payments Processing, EMI/API Licenses in the EU/UK, Licensing in Canada, Australia, etc. The process remains the same.

Money Transmitter License Application Process

The Process is as follows:

  1. You have a project that requires money transmitter licenses? First, let’s Schedule a Call to understand your requirements better.
  2. After the call, if I agree that that there is a reasonable chance of providing you money transmitter license coverage, you need to fill out this form: Regulatory Coverage Application Form.
  3. Based on your submission, we might do a little bit of back and forth, asking for additional clarifications on your application. Once it is complete, it is circulated to the solution providers I work with.
  4. Solution Providers which consist of banks and non-banking financial institutions like trust companies, money services businesses, payment processors, money transmitter license holders, payment networks, etc. provide feedback on your application. In plain English: the solution provider’s willingness (or not) to cover your project.
  5. If there is an interest, I will provide you a Quote for our services. All of our Fees are published on my website.
  6. If the fees is agreeable to you, then a referral agreement is made and sent out to you to sign. Although the Fees pages lists it, I encourage you to read this page: How I Charge for Commercial Services?
  7. Once the referral contract has been signed and initial deposits secured, an introduction to the solution provider is made.
  8. At this time, I remove myself from the communication. You and the service provider will assess each other directly. Negotiate commercials, do due diligence, agree on the legal framework, agree on flow of fundsFlow of Funds Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. , compliance and regulatory issues and the API / sandbox.
  9. Once you have sorted it out the commercials, legal, due diligence and technology, you’re now ready to sign-up and take your project live.

To get help with a European EMI License, contact us below.

This page was last updated on December 14, 2021.