The term to look up is money service business. It wouldn't be so bad except there are federal regulations as well as state regulations. For an internet enabled

The term to look up is money service business. It wouldn't be so bad except there are federal regulations as well as state regulations. For an internet enabled system, that means registering in 50 states. An estimate I saw put getting licenses for all states in the 200k range. This difficulty compounds because banks went through a big derisking and are more or less allergic to MSBs. It seems a little anti competitive to have the banks deny you access to payment processing. The alternative is they will charge very high account maintenance fees (10k per month has been quoted to me). I really want to build something like this but it will be a legal nightmare. No wonder people are looking to cryptocurrencies to solve these issues. I'm actually a little excited about libra since they will have the resources to overcome these hurdles.