Finance & Financial Services

Cards & Payments

Leading clients with payment solutions through the financial regulatory maze.

Meet the team
WHY LOCKE LORD

We work at the forefront of payment services issues and play an instrumental part in the sector. Our clients are led through the financial and regulatory maze with clear, practical advice, whether they are new to the industry, are seeking advice on the latest regulations or want to expand their businesses internationally. We work closely with regulators on developments and concerns facing the industry and with key supervisory bodies, in addition to regulators and industry bodies across other developed and emerging markets.

Prepaid Sector

Locke Lord’s Cards & Payments team is recognized by top industry organizations, and the Head of our Cards & Payments team is a member of the Board of Directors and the Legal and Regulatory Working Group of Prepaid International Forum (PIF), a not-for-profit international trade organization that provides an industry voice for the prepaid sector.

Our industry contacts include financial institutions, technology providers, payment institutions, e-money issuers, program managers and resellers. We liaise with regulators, draft and review B2B/B2C agreements, and advise on product structure and business strategy. 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
  • 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
  • Day-to-day regulatory compliance

Electronic Payments

Businesses accepting payments by ACH and payment cards in the consumer and B2B context are faced with a nuanced set of legal, regulatory and industry requirements. The issues that arise are varied and complex, requiring a custom-tailored approach and unique subject-matter experience. Locke Lord advises clients on:

  • Applicable laws, rules, regulations and contractual obligations around electronic payments, including requirements and nuances of Reg E, NACHA Rules and applicable payment card rules
  • ACH and payment card payments via internet and phone, including authorization, authentication and security issues
  • Outsourcing payment processing while remaining compliant with security obligations
  • Reviewing and negotiating vendor agreements and third-party payment processor agreements
  • Advising merchants in payment transactions regarding Payment Card Industry Data Security Standards (PCI DSS) compliance obligations, including with respect to third- party vendor contracting and vendor management
  • Security breaches involving payment cards, including coordinating forensic investigations
  • Record retention requirements
RELATED EXPERIENCE
RELATED EXPERIENCE