In your article you said the following: "That puts Seed in a position to be able to do things that conventional community banks — the clear target of Seed, according to the founders’ blog-post announcement — would require lots of paperwork to create, such as $50 million in FDIC insurance instead of the standard $250,000. (The trick is creating 200 separate accounts under different legal ownership, the magic or which would happen on the back end with Seed.)"

Insuring excessive deposits is commonplace in US community banks. Here are some links about it:

http://www.reacpa.com/when-your-bank-account-balance-runs-above-fdic-insured-limits

http://consumerist.com/2009/03/14/get-50-million-in-fdic-insurance/

http://www.bankrate.com/finance/savings/6-ways-to-insure-excess-deposits.aspx

http://www.bankingmyway.com/save/savings/how-safely-exceed-fdic-insurance-limits

http://www.cdars.com/

http://www.insuredcashsweep.com/home/

It will be interesting to see what Seed develops. So far all they have done is develop an outstanding API for ACH and Wires. There is so much more to business banking then just ACH, Wires and Cross Border payments. The real excitement will be what developers create with the SEED API and additional services SEED creates. For the moment, they have a nice start and a long way to go.