Payments and Payment Technology

Continually increasing payment volumes, the advent of new payment technologies and infrastructure, and continued change in consumer spending habits have seen the payments ecosystem grow exponentially in recent years. This has fueled a raft of new providers, increased mergers and acquisitions activity and expanded payments-related regulation globally. From merchants to processors to card networks to banks, every player in the payments ecosystem faces an ever-changing business and regulatory environment where challenges loom.

Holland & Knight has extensive knowledge and experience in advising clients on a wide variety of issues related to traditional payment products, as well as emerging and evolving payment technologies. Our attorneys help clients navigate opportunities and challenges in the sector, offering a wealth of experience across practices and markets to implement innovative and tailored solutions for businesses.

Holland & Knight's Payments and Payment Technology Team works closely with more than 200 lawyers from our Financial Services Team, more than 60 professionals from our Data Strategy, Security & Privacy Team, and other colleagues from our Corporate Services, Tax, Intellectual Property, and Labor, Employment and Benefits practices to service all needs for companies in the financial technology and payment processing industries.

Issuing and acquiring banks, independent sales organizations (ISOs), technology providers, payment facilitators (PayFacs), payment processors, investors and lenders turn to our lawyers to provide industry-driven solutions and help them achieve their goals

A Full Range of Clients

Our Payments Team attorneys have substantial experience representing a broad array of key stakeholders in the industry:

• banks and financial institutions
• credit, debit and prepaid card providers
• enterprise merchants
• merchant processors
• revenue cycle management and healthcare payment providers
• merchant acquirers
• card issuers
• earned wage access, earned wage advance, paycheck advance and income-based advance providers
• mobile payments providers and payment app developers
• e-commerce participants
• gift card issuers
• payroll card and other prepaid product providers
• buy now, pay later (BNPL) providers

A Full Scope of Services

Companies look to our lawyers for guidance in commercial contractual relationships, as well as the development of new sales channels and technology-based products and services. Our team has vast knowledge and experience handling the negotiation and drafting of agreements for sponsorships, referrals, agents, technology outsourcing, issuing and program management, among other matters.

We advise clients on a range of matters, including:

• mergers, acquisitions, joint ventures and strategic alliances
• capital raising
• key provider and partner agreements
• new product and service development
• structuring card issuance programs and negotiating co-branding, program manager and issuer processor agreements
• resolution of business disputes
• consumer class actions
• counseling clients facing informal requests for information
• financial product reviews, mock examinations and other guidance prior to the commencement of examinations
• state and federal privacy law compliance
• Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB) and other governmental enforcement actions
• money transmitter licensing (including New York State BitLicense and California Digital Financial Assets Law)
• surcharging, convenience fees and cash discounting
• private credit, debit and prepaid card programs
• digital assets, including cryptocurrency
• new banking as a service (BaaS) offerings to provide international payments and expense management services embedded into client's own platforms
• compliance with management programs and written policies

Regulatory Know-How and Industry Involvement

Holland & Knight provides regulatory counsel to issuing and acquiring banks and other payments processing and FinTech industry participants with respect to the various payment network rules, as well as card association rules for major credit card brands under the Payment Card Industry Data Security Standard (PCI DSS).

Our Payments Team also has deep experience advising these organizations with respect to various state and federal rules and regulations governing financial transactions, such as the Bank Secrecy Act (BSA), Financial Crimes Enforcement Network (FinCEN) regulations (including money services business registrations), Electronic Funds Transfer Act/Regulation E, Credit Card Accountability Responsibility and Disclosure Act (CARD Act), Dodd-Frank Wall Street Reform and Consumer Protection Act, Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA)/Regulation Z and the USA PATRIOT Act. This includes guidance on e-payment matters – such as compliance with National Automated Clearing House Association (NACHA) Operating Rules, Regulation E, PCI DSS and payment card network rules – as well as on laws prohibiting unfair, deceptive or abusive acts or practices (UDAAP).

In addition, our attorneys regularly participate on committees of stakeholder organizations in the payments industry, such as the Electronic Transactions Association (ETA), American Transaction Processors Coalition (ATPC), Consumer Bankers Association (CBA) and ATM Industry Association (ATMIA), as well as attend and present at industry conferences.