Search Results for "Georgia Department of Banking and Finance"
4 results for "Georgia Department of Banking and Finance"
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Stripe Receives Georgia Limited-Purpose Bank Charter Approval
Stripe received approval from the Georgia Department of Banking and Finance for a Merchant Acquirer Limited-Purpose Bank (MALPB) charter. This enables Stripe to process Visa and Mastercard transactions directly without a sponsor bank. It is only the third such charter granted, following Fiserv and Shift4.
Fiserv Becomes First MALPB to Process Card Transactions in the U.S.
Fiserv's Merchant Acquirer Limited Purpose Bank (MALPB), chartered by the Georgia Department of Banking and Finance, processed its first card-based transactions around April 30, 2025. The charter was originally approved on September 27, 2024, with a permit to begin business issued on April 11, 2025. This is the first MALPB charter to process card-based payments in the U.S., enabling direct merchant acquiring without deposit-taking.
Stripe Applies for Georgia MALPB Charter to Bypass Sponsor Banks
Stripe's application for a Merchant Acquirer Limited Purpose Bank (MALPB) charter was accepted by Georgia's banking regulator in early 2025. The charter would allow Stripe to access Visa and Mastercard networks directly without a sponsor bank. No approval had been granted by April 2025, and the application remains pending.
Fiserv Wins Conditional Georgia Bank Charter for Payments Processing
Fiserv received conditional approval for a merchant acquirer limited purpose bank charter from the Georgia Department of Banking and Finance. The payments processor applied in January 2024 and can now pursue direct card network access. Full implementation is expected in 2025 pending satisfaction of unspecified conditions.