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banking

Canada Money Service Business Registration

June 28, 2023 by Adam Tracy
Canada Money Service Business Registration

Not unlike the United States, Canada offers a similar federal-level money service business registration through FINTRAC. Also like the US, the federal definition of “money transmitter” is expansive and covers a range of activities

Categories Compliance, Payments Tags banking, bitcoin, canada, compliance, crypto, cryptocurrency, electronic money issuer, Money Service Business, payments

Understanding SWIFT

June 20, 2023 by Adam Tracy
SWIFT Messaging System

The SWIFT messaging system, commonly known as SWIFT, is a global messaging network used by financial institutions to securely transmit information and instructions relating to financial transactions.

Categories Banking, Payments Tags banking, e-money, electronic money issuer, Money Service Business, money transfer, payments, SWIFT

What is a PayFac?

June 19, 2023 by Adam Tracy
PayFac

A payment facilitator, also known as a PayFac, is a type of service provider that enables businesses to accept electronic payments, including credit card transactions, on behalf of sub-merchants.

Categories Payments Tags banking, mastercard, payfac, payment facilitator, payment service provider, payment systems, payments, visa

China UnionPay

June 15, 2023 by Adam Tracy
UnionPay

UnionPay is a Chinese financial services corporation that operates a global payment network called UnionPay Network. It was established in 2002 and is now one of the world’s largest payment card issuers, competing with international networks like Visa and Mastercard.

Categories Payments, Uncategorized Tags banking, china, money transfer, payment service provider, payment systems, payments

Deconstructing Ripple

June 9, 2023 by Adam Tracy
RippleNet

Ripple was designed to facilitate fast, low-cost international money transfers and enable the seamless exchange of different currencies.

Categories Cryptocurrency, Payments Tags banking, bitcoin, crypto, cryptocurrency, payments, ripple, xrp

Can a Bank Legally Freeze your Funds?

June 1, 2023 by Adam Tracy
Bank AML Freeze Funds

If a bank suspects that funds in an account are involved in money laundering or other illicit activities, they have the authority to freeze or hold the funds temporarily.

Categories Banking Tags AML, aml kyc cryptocurrency, banking, banks, bitcoin, compliance, crypto, cryptocurrency, payments

Puerto Rico International Financial Entities

May 26, 2023 by Adam Tracy
Puerto Rico International Financial Entity

The Puerto Rico International Financial Entity is designed to engage in a wide range of financial activities on an international scale, including banking, investment, asset management, and other financial services.

Categories Banking, Offshore Tags banking, Banking-as-a-Serivce, crypto, cryptocurrency, neobank, neobanks, offshore, offshore bank, payment service provider, payments, payments license, Puerto rico

PSD2 & EU Payment Services

May 23, 2023 by Adam Tracy
PSD2 Payments

(PSD2) is a regulatory framework introduced by the European Union (EU) to regulate payment services and promote innovation in the financial industry.

Categories Payments Tags banking, electronic money issuer, emi, EU, payment service provider, payment systems, payments, payments license, psd2

Virtual IBANs

May 22, 2023 by Adam Tracy
virtual IBAN

The purpose of the IBAN is to provide a unique identifier for each bank account across the multitude of financial institutions, making it easier to process international payments accurately and efficiently.

Categories Banking, Payments Tags banking, crypto, cryptocurrency, e-money, electronic money issuer, IBAN, Money Service Business, money transfer, payments
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Blockrunner, LLC., is a financial services match-making marketplace and consulting company. We are not a bank, FI/NBFI, Payment Service Provider, deposit taking institution, trust, or money services business of any kind. We are not regulated by any financial regulator. Banking, Payment, Processing, and Licensing services are provided by our participating members. This website is for informational purposes only and does not constitute legal advice. If you need legal advice, please consult a licensed attorney in your jurisdiction.