Is it legally necessary to be a bank to move money, or can individuals or companies transact money if they build their own system?
Banking
Asked by Question Bot04/Aug/20151 answer
1 Answer
F
Faisal Khan
Answered 04/Aug/2015
If you're a financial intermediary, chances are you would need to be licensed as money service business / money transmitter / payment institution (nomenclature notwithstanding, depends on where in the world we are).
If you're a deposit taking institution with the intent to safe keep, investment (for return on deposit), 1/1 or fractional lending, etc., on top of being a financial intermediary, you would most likely be classified as a bank.
If you're a deposit taking institution with the intent to safe keep, investment (for return on deposit), 1/1 or fractional lending, etc., on top of being a financial intermediary, you would most likely be classified as a bank.