International Banking Trust

Val Katayev shares a story about how his company became a trusted holder of funds for international music business partners during the Great Recession.

"During the great recession, we had many international people in the music business whose banks were located in places like Cyprus. They would literally tell us 'Stop wiring us money, we don't trust the bank we're working with. I need to get a new bank account.'

We held their money because they told us to. We had $1 million in our bank account that didn't belong to us. All these partners basically made me their bank for a while because they didn't want to get paid - they didn't trust their banks.

It was phenomenal to me. I couldn't understand that they trusted me with their money. In some cases, we were holding their money for up to a year because they had nowhere to send it."