How are US money transmitters surviving “de-risking” (loss of banking relationships), and what workarounds do they use?

Those with money transmitter licenses, will survive the derisking, but not on their terms.

The entire derisking exercise is becoming more costly and is forcing more expensive access to banking for those that have a license and need to continue with banking.

It is also trimming the edges. That means weak or smaller players are throwing in their towels, i.e. giving up and exiting the business or merging with other players.

Many providers have sprung up, including myself, who now offer access to banking as a service.