Payment Licences and the Players

The same business — taking money, holding money, moving money — needs different licences in each of ten jurisdictions. Then seven real companies get placed on the same 10×6 grid, showing how a licence portfolio decides what the product can be.

Read Chapters 0 and 1 first to get the skeleton; the product chapters (2–3, 5–9) stand alone and can be read in any order; Chapter 4 compares four of them side by side; Chapter 10 is an appendix that flips the view from supply side to demand side, indexing 53 providers by customer scenario.

0. Overview: What Payment Licences Exist
1. Ten Jurisdictions in Detail: What Each Licence Lets You Do
2. Banking Circle: The Heaviest Licence in Every Jurisdiction
3. Wise: Eighty Light Licences Stitched into One Network
4. Customer Distribution: All Licensed, Yet Serving Entirely Different People
5. Revolut: One Anchor Licence per Region, Replicated Region by Region
6. Bridge: A State-by-State Patchwork Plus One EU Passport
7. Circle: Turning Issuance into a Licensed Business
8. BVNK: Two Non-Bank Licence Categories Plus Direct Euro Clearing Access
9. Fiat24: One Licence Holding Up a Whole Bank
10. Appendix: The Customer Map — From Need to Provider
11. ClearBank：把清算做成产品 (not yet translated)
12. LHV：一个集团两种银行 (not yet translated)
13. Bank Frick：小国双通行 (not yet translated)
14. Sygnum：从加密这头长出来的银行 (not yet translated)
15. Lead Bank：美国没有第二张牌 (not yet translated)