Payments Dive
Fiserv’s application for a special banking charter in the state of Georgia has been approved, the Georgia Department of Banking and Finance said in a financial bulletin released Friday morning.
The Brookfield, Wisconsin-based payments company will now have direct access to card networks, and will no longer need to partner with banks to process credit card transactions. The state’s bulletin said it approved the charter on Sept. 27.
The payments processor, which offers payment processing services to merchants, asked the Georgia department for a merchant acquirer limited purpose bank charter, which gives the firm the right to authorize, settle and clear payment transactions for merchants. Fiserv disclosed that it had applied for the charter in January.
Card network behemoth Visa didn’t immediately respond to a question about its willingness to work with Fiserv in its new capacity.
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