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
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.
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.
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.
Ripple was designed to facilitate fast, low-cost international money transfers and enable the seamless exchange of different currencies.
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.
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.
(PSD2) is a regulatory framework introduced by the European Union (EU) to regulate payment services and promote innovation in the financial industry.
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.