fintech

Who is who in the payment platform war on cash. Fintech have Money Transmitter Licenses, not bank charters. The money must be kept in a partner bank, which has a bank charter. Regardless, they must collect plenty of AML and KYC information to do their ACH transactions, comply with FTC and international regulations, and with law enforcement.

some common fintech operators

	P2P. Partner/holding bank: Syncrony Financial (NYSE: SYF). Scroll down a bit in this article, for information that PayPal apparently doesn't want to be a bank. Also see video below.
	P2P, POS. Partner/holding bank: Sutton Bank (privately held Sutton Bancshares, Inc., Ohio).
	*P2P. Partner/holding banks: Bank of Montreal (Canada), Banco Bilbao Vizcaya Argentaria SA (USA, NYSE:BBVA). Apparently, Google is likely mining purchase data for ad sales. *As of April 5, 2021, will be confusing b/c can only have Google Pay on one device and no longer free P2P (transfer fee).
	P2P, B2C. Partner/holding bank: Green Dot Bank. However, Goldman Sachs backs the Apple credit card.
	P2P, C2B, C2G, and exploring POS (2021). Zelle is different because founded by banks, so chartered members, no apparent need for an MTL. JP Morgan, BofA, US Bank, Citi, Wells Fargo, Capital One, BB&C, and PNC Bank launched Zelle from clearXchange in 2017. Guessing they profit-share somehow via Early Warning Systems, which they own.

How Venmo Makes Money  (11:29) CNBC, 2019. Startup to Braintree to aquisition by PayPal. Partner banking and scary AML/fraud obligations. How Zelle emerged.
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