The inefficiencies of federalism comprise one of the inherent trade-offs in the U.S. system, and it is worth remembering that you can't actually transfer value over a wire: you can only transfer a promise. The value of promises is based on the integrity of the entities making them, and so the barriers to entry into the business of moving money are high, as they were high 150 years ago when the only mechanism available was letters of credit exchanged between well-known international bankers. I'm not sure you want those barriers lowered.
Hawala [1] presents an interesting case study here. Through Hawala, individuals can transfer value without the use of promissory notes; it is a scheme based entirely upon trust, and it works well in the regions and cultures in which it has been established.
The CIA estimates that around $1.6bn is transferred yearly in Africa through this scheme.
The takeaway in my opinion, is that the barriers to entry are high and rising because we are promoting a culture of venomous distrust in the US. Honor is not a value that is rewarded by our current system. Thievery and manipulation of the justice system are. This increases the amount of regulation required around the fintech industry, ultimately hurting a large portion of the end users who simply want to get money from point A to point B.
The Hawala system, which I had not heard of by the name, seems identical to the system of letters of credit that prevailed before the evolution of formal payment networks. In the Hawala case the password replaces the physical letter from one trusted agent to another, but otherwise it seems identical. This sort of system was the historical precursor to banking as we know it today.
