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Retail Payments Providers
The retail payments sector is one of the most innovative and dynamic segments in the financial services industry. Friction between intensified regulatory scrutiny and rapid changes in products, technology, and industry structure poses increasing challenges to banks and nonbanks alike.
Promontory helps a wide range of established and emerging retail payments businesses navigate the ever-changing regulatory and strategic landscape. Our clients include a broad range of retail payments providers, including banks, money transmitters, prepaid card program managers, processors, and e-commerce payments companies.
Our work in this area includes engagements involving:
- A leading retail payments company engaged Promontory in anticipation of increased regulatory scrutiny of its federal consumer- and AML-compliance programs. Promontory’s multidisciplinary team conducted a comprehensive assessment of the programs against regulatory expectations and best practices. We then assisted the company in implementing our recommendations.
- A prepaid card program manager faced a potential enforcement action from the regulator of its issuing bank over suspected compliance violations and unfair and deceptive practices. Promontory helped the program manager and the bank understand the regulator’s concerns and restructure both the product and their operating practices to address key compliance and safety-and-soundness issues.