What is the payment facilitator model? Put simply, it’s a model for streamlining merchant services. Payment facilitators eliminate the need for individual merchants to establish a traditional merchant account. But how do you know if it’s right for your business?Read More
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As a software provider, you have many options for bringing your payments solution to market. One avenue is to become a payment facilitator (PF). But what exactly does it entail? Following are answers to some of the most common questions about payment facilitators, to help you determine if this is the right path for your business.Read More
You might say that, in the payments business, last year was the year of M&A. Some of the biggest names in the payments industry acquired integrated payments capability, resulting in some interesting and significant combinations. With few logical businesses left for processors to gobble up, what happens next in this active space? Does the consolidation that happened last year mean that integrated payments are now essentially solved?Read More
Customer Due Diligence Requirements are Changing for Financial Institutions. What Does This Mean for PayFacs?
Financial transparency and security are important. FinCEN and the staffs of the Federal functional regulators and the Department of Justice agree. As such, FinCEN has determined that more explicit rules for covered financial institutions with respect to Customer Due Diligence (CDD) are necessary to clarify and strengthen CDD within the Bank Secrecy Act (BSA) regime.Read More