Georgia grants Fiserv special charter to handle card transactions
The Georgia Department of Banking and Finance approved Fiserv’s application for a special banking charter that gives it direct access to card networks.
The Brookfield, Wis., payments company, by obtaining the merchant acquirer limited purpose bank charter, no longer needs to partner with banks to process credit card transactions. The charter gives Fiserv the right to authorize, settle and clear payment transactions for merchants.
Fiserv, which applied for the charter in January, is the second company to obtain the charter.