by Rich Benvin | Mar 24, 2021 | Payment Facilitators, Payments Industry
The U.S. regulatory environment continues to evolve in response to the growing number of nonbanks offering financial services. This time it’s state regulators – and their treatment of money service businesses – that are taking another step forward. The Conference of...
by Rich Benvin | Dec 3, 2020 | Payment Facilitators, Payments Industry
Before onboarding merchants, all payment providers are responsible for conducting due diligence on those merchants to verify their identities and to guard against fraudulent or criminal activity. One of the pieces of this puzzle involves checking the details known...
by Rich Benvin | Nov 11, 2020 | Payment Facilitators, Payments Industry
While payment facilitators are known for their ability to reduce friction and to quickly underwrite and onboard new merchants, not all merchants are created equal. Some require more due diligence and ongoing risk monitoring than others. The payments industry considers...
by Rich Benvin | Oct 7, 2020 | Payment Facilitators, Payments Industry
In the latest back-and-forth between federal regulators and their opponents over supervision of nonbank fintech companies, Acting Comptroller of the Currency Brian Brooks defended his agency’s efforts to develop a national regulatory scheme for fintech companies at a...
by Rich Benvin | Sep 24, 2020 | Payment Facilitators, Payments Industry
The Conference of State Bank Supervisors (CSBS) announced last week that it was launching what it called a “state-initiated” program that would enable money transmitters operating in 40 or more states to undergo a single exam to satisfy all state exam requirements in...
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