None, you won't be a bank. You'll need to work with another bank (directly) or via some BaaS that has a pre-existing relationship with a bank. Depending on who

None, you won't be a bank. You'll need to work with another bank (directly) or via some BaaS that has a pre-existing relationship with a bank. Depending on who "manages the program" you'll probably still have significant work to do our your side related to KYC and Compliance. You can offload this to the BaaS if they have a pre-existing relationship with a sponsoring bank but then you have very limited latitude to change how your perform KYC etc. For context, when we started, straight out of YC we worked with a company called Synapse (synapsefi.com) who had a pre-existing relationship with Evolve (sponsor bank) and managed our entire program. They were responsible for KYC, fraud, compliance etc. We basically built an app on top of their APIs. As we grew we needed more control and a direct relationship with a bank (this also improves the unit economics). We now manage the entire program and the payment rails part and banking APIs are maybe only 5% of the work involved (even within engineering a huge portion of our time is on fraud/compliance/kyc etc).