In the US there are several active and productive whistleblower programs that businesses, particularly payment processors, should be aware of and have strong compliance and best practices policies in place for. Whistleblowers are a prominent and important enforcement tool for various branches of the federal government.
If you are new to high-risk merchant accounts, you will want to read this guide to high-risk merchant accounts for credit card processors and e-commerce. This guide covers everything you will want to know about payment processing, your payment gateway, chargebacks, and online credit card processing.
With cryptocurrencies becoming more a part of the existing financial system, the Federal Reserve has floated the idea of a Central Bank Digital Currency (CBDC). In January 2022, the Fed published a paper entitled Money and Payments: The U.S. Dollar in the Age of Digital Transformation. In that paper, the Fed addressed the benefits and pitfalls of a CBDC and sought input from stakeholders in the financial system. Generally, a CBDC would be supported by the Fed and not subject to the credit and liquidity risks of money deposited in commercial banks. A CBDC would be created and issued by the Fed in an effort to create more stability in a digital currency environment. To that end, the Fed notes cryptocurrencies “remain subject to extreme price volatility, are difficult to use without service providers, and have severe limitations on transaction throughput.” The Fed expresses its preference for stablecoins – an emerging digital currency backed by the U.S. Dollar.
In the past year, NFTs (non-fungible tokens) have become a hot topic of discussion in the cryptocurrency space. To dumb it down a little, NFTs are like virtual trademarks. An NFT allows a creator of a virtual image or other digital creation to possess a token stored on a blockchain (an online ledger for cryptocurrencies). The owner of the NFT can make money by selling, licensing or renting the NFT to others for virtual use in the metaverse.
Regulatory bodies such as the FTC and CFPB are targeting payments processing now more than ever. They view the processors as essentially personal guarantors for the merchants they process. As such, it is important to be aware of and model your business around avoiding the existential threats posed by those investigations and prosecutions.
Regulatory bodies such as the FTC and CFPB are targeting payments processing now more than ever. They view the processors as essentially personal guarantors for the merchants they process. As such, it is important to be aware of and model your business around avoiding the existential threats posed by those investigations and prosecutions.
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