Custody of funds
No client float; Value stays with user
Issuer bank holds balances or credit lines
Audits
Cleaner audits; No customer assets on books
Mature controls; Credit, settlement audits
Required licences
No new crypto/issuing licences for distributors
Licensed issuer/sponsor required; Program approvals
KYC onboarding
KYC in-app via NAKA; Streamlined flow
Full issuer KYC; Underwriting for credit cards
Compliance & risks
AML, monitoring, SAR handled; No custody risk
Bank-grade compliance; Fraud, chargebacks, requirements
Insurance & collateral
Insurance policies and safety collateral provided
Reserves and insurance policies set by issuer/sponsor
Time-to-market
Go live in weeks; design three–four; Integrations five–ten
Nine–eighteen months: BIN sponsorship and certification