The author is comparing two different things, forming an LLC vs initiating/executing transfers. Banks are highly regulated with tight fraud/AML restrictions. Th

The author is comparing two different things, forming an LLC vs initiating/executing transfers. Banks are highly regulated with tight fraud/AML restrictions. The risks are severe enough to demand caution over client experience. I'm sure creating a banking infrastructure from scratch can be done in a more effective way, but regardless of the firm tasked with executing the transfer, they currently need to comply with the existing structure. If, as the author mentions, fintechs will purchase banks for pennies, then they'll be banks and you'll still have your transfer problem. There's a reason why tech firms are making very limited strides towards financial services.