Firm Sponsored Tools
MSB Research Tool: MSBStatus.com
Attending trade association meetings is, perhaps, the best way to acquire a broad knowledge of the offerings in the payments marketplace. The following associations are all recommended for this purpose. The firm makes an effort to attend a number of these shows:
MSB / VCB Related Trade Associations
- Conference of State Bank Supervisors (CSBS) – founded in 1902
- Money Transmitter Regulators Association (MTRA)
Multi-State MSB Examination Taskforce (MMET)
The National Money Transmitters Association (NMTA)
Digital Asset Transfer Authority (DATA)
The Association of Money Services Compliance Officers (AMSCO)
Association of Certified Anti-Money-Laundering Specialists (ACAMS)
The Association of Certified Financial Crime Specialists (ACFCS)
Money Services Business Association (MSBA) – founded in 2015
- Electronic Transactions Association
- Third Party Payment Processors Association
- Northeast Acquirers Association
- Southeast Acquirers Association
- Midwest Acquirers Association
- Western States Acquirers Association
- NACHA – The Electronic Payments Association
- Canadian Acquirers Association
- European Payment Institutions Federation
- Bitcoin Foundation
- Money Services Business Law.com
- The Green Sheet
- Digital Transactions
- ISO and Agent
- Transaction Trends
- Payments Business
- Frontier Times
Atlas Payments Data Vault
We accumulate knowledge for the benefit of our clients. Here are some sample tools as part of our open-source approach to the practice of law.
- Virtual currencies
- Virtual currency exchanges
- Money transmitters licensed in New York and California
- 2014 Leaders in U.S. payments
- All of Visa’s registered service providers (like ISOs) in the world.
Please let us know how we can make your knowledge complete to be a strong competitor in the payments marketplace.
Payment Network Rules
Visa, MasterCard and other acquiring organizations have adopted rules that are, de facto, the law of the land for many issues between acquiring banks, issuing banks, processors, ISOs and agents. Below are links to sites that publish the rules:
Below is a small selection of interesting cases from payments, but does not purport to be a current or complete survey of such caselaw:
IN RE: AMERICAN EXPRESS MERCHANTS’ LITIGATION, United States Court of Appeals For the Second Circuit, January 30, 2009, Docket No. 06-1871-cv:
Held that the validity of a waiver of a right to a class action claim in an Amex Card Services Agreement is properly decided by the Court and not by arbitration despite an arbitration clause and (b) the waiver of the right to a class action claim in the Amex Card Service Agreement is unenforceable because it would de facto grant Amex immunity from antitrust liability by removing the Plaintiff`s only reasonably foreseeable means of recovery. The underlying case, not decided upon in this decision, relates to the fact that Amex, a credit card acquirer that is more expensive to merchants partly because of its higher-end clientele, is getting into lower-end card issuing. The Honor All Cards requirement of the Amex Card Services Agreement requires merchants to accept all Amex cards and thereby forces merchants to decide between (a) accepting all Amex cards, including lower-end cards that are markedly more expensive than Visa and MasterCard equivalents, and (b) rejecting all Amex cards and depriving themselves of the higher-end customers.
LML Patent Corp. v. JP Morgan Chase & Co. et. al. Original Statement of Claim, US District Court, Eastern District of Texas, Marshall Division Case No. 08-338, November 19, 2008:
LML filed suite against JP Morgan and 18 other defendants, including PayPal that provide equipment, systems and services that convert paper checks into electronic transactions. The suite claims that the defendants violated US Patent No. RE40220 which is a method of carrying out a conversion of a check into an ACH.
Lonner v Simon Prop. Group, Inc., 2008 NY Slip Op 07877, October 14, 2008, Appellate Division, Second Department: $2.50 monthly gift card inactivity fee illegal for lack of adequate disclosure. Great refresher on the law of fine print.
AdvanceMe Inc. v. Rapidpay, LLC, et al., Memorandum and Opinion Order, USDC Eastern District of Texas, Tyler Division, Justice Davis, August 14, 2007
U.S. House of Representatives Judiciary Committee Antitrust Task Force Hearing on Credit Card Interchange Fees, July 19, 2007
Canadian House of Commons Standing Committee on Finance (FINA) Briefing on automated teller machine fees and electronic payments, April 17, 19 2007 and March 22, 2007