syntaxval Hi syntaxval, We dont actually take deposits or ever touch the users money. what we are doing is connecting the users bank account directly to the stellar account. the fiat payments happens directly between the users. the way we are doing this is under the new PSD2 regulations for open banking APIs (https://www.wired.co.uk/article/open-banking-cma-psd2-explained) . We are also partnering with a firm which is licensed to access this data and use these facilities.
Regulation is a big headache , I know i have run 2 payments startups and worked with several regulators! we are taking this approach in order remove the need for heavy compliance which is required if you take deposits and act as money transmitter. P2P transfers directly at the user level is something that banks or regulators cannot stop and we believe that is the best way to get crypto and also lot of the benefits to a wider community.
to start with we are connecting only bank accounts, but i guess the next step will be to connect crypto exchanges, paypal, and other payment systems.