Overview
Locke Lord’s Cards and Payments team leads clients through the financial regulatory maze with clear and consistent advice, whether they are new to e-money issues, seek counsel on the latest regulations or want to expand their business internationally.
Our team has more than 20 years of experience in this niche area, and have been recognized by top industry organizations and publications. They have strong industry contacts and worked for major financial institutions around the world, as well as internationally well-known technology providers. The head of the Locke Lord’s Cards and Payments team also is Chairman of the Prepaid International Forum (PIF), a not-for-profit international trade organization that provides an industry voice for the prepaid sector.
Our Cards and Payments team works collaboratively across the Firm with our Banking, Business Technology, Consumer Finance and Intellectual Property core areas to make sure we approach every e-money issue from all angles. They have worked closely with regulators and industry bodies across developed and emerging markets. By understanding the challenges, and knowing the institutions that regulate the prepaid sector, our Cards and Payments team provides clients with market-focused, business-savvy solutions.
We have extensive experience in all aspects of prepaid card programs, including:
- Liaising with regulators including the preparation of, and applications for, small e-money issuers certificates, e-money licences and authorizations as a payment institution;
- Drafting agreements for program managers, payment processing agreements as well as those with respect to merchant acquiring and card issuing;
- Advising on card schemes, from general purpose network branded prepaid cards, incentive card programs and gift card solutions (single store and shopping center/franchise operations), to payroll and commercial card schemes;
- Drafting and reviewing customer documentation;
- Working with financial regulators in Eastern Europe, Asia and Africa to help them shape their prepaid regulations; and
- Working with industry bodies including the Prepaid International Forum, Global Prepaid Exchange, Lafferty Group and The UK Gift Card & Voucher Association.
Additionally, we have advised the largest e-money companies in the world in the following:
- Setting up European companies in the UK;
- Applying to the Financial Services Authority for approval;
- Regulatory matters;
- Partner contracts;
- Customer-facing materials;
- Negotiating their principal B2B contracts;
- Processing agreements and other third party contract arrangements; and
- Day-to-day regulatory compliance.