Checkout Seeks US Bank Charter for Card Payment Processing (1)

Checkout.com said the state of Georgia accepted its application to seek a bank charter, in a move that will allow it to directly connect to the payments networks operated by Visa Inc. and Mastercard Inc.

The company is seeking a merchant acquirer limited purpose bank charter, according to a statement. The London-headquartered fintech is also establishing a new office in Atlanta as part of the move.

The merchant acquirer limited purpose bank charter does not permit traditional banking activities like taking deposits or issuing cards, but it does allow holders to authorize, settle, and clear payments transactions for retailers. ...