The news: Stripe’s application for a special-purpose banking license has been accepted—but not yet approved—by Georgia’s Department of Banking and Finance, per PYMNTS.

It would let Stripe work directly with Visa and Mastercard to process payments without a sponsor bank.

But that doesn’t mean it’s a bank: Even if approved, Stripe’s charter would be strictly for merchant acquisitions. Stripe won’t engage in deposit-taking, lending, or other traditional banking services.