Payment Systems

Payment Systems

As financial technology innovation grows and consumer preferences change, payment systems are changing and expanding. Our Payment Systems practice helps navigate this highly-regulated and evolving landscape by providing practical, actionable advice on the legal, business and regulatory issues around online and mobile payments, consumer and peer-to-peer lending, virtual and digital currency, blockchain technology, as well as prepaid, loyalty and rewards programs.

Fenwick’s experienced attorneys assist technology companies that accept payments or relay money or other denominations of value between parties including:

  • Consumer-facing technology companies
  • Payment processors and issuers of payment instruments
  • Non-bank financial institutions
  • Banks and other depository institutions
  • Virtual currency exchangers and administrators
  • Blockchain technology and Bitcoin startups
  • Digital signature companies
  • Other companies developing novel payment solutions

Leveraging deep technical, business and legal knowledge, our attorneys address novel and complex payment systems issues including:

  • Emerging payments, online and mobile payments, and micro-transactions
  • Money transmission and consumer lending licensing, compliance and regulatory interventions
  • Payment ecosystem design and implementation
  • Vouchers, coupons, promotions, sweepstakes, lotteries, and gaming
  • Virtual currency risk assessment, business model development and mitigation
  • Prepaid card program design and vendor agreement negotiation

We also frequently represent clients in connection with regulatory matters and have experience with matters relating to the following regulatory bodies:

  • Federal Deposit Insurance Corporation (FDIC)
  • Office of the Comptroller of the Currency (OCC)
  • Consumer Financial Protection Bureau (CFPB)
  • Federal Trade Commission (FTC)
  • Board of Governors of the Federal Reserve (FRB)
  • Financial Crimes Enforcement Network (FinCEN)
  • Office of Foreign Assets Control (OFAC)
  • State financial regulatory agencies