As the payment industry utilizes new technologies to become more dynamic, efficient, and cost-effective, industry innovators must increasingly depend on legal counsel who are adept at advising on legal issues related to the full range of emerging and prepaid payment mechanisms. Prepaid payment solutions are the fastest-growing emerging payments sector and have reached a scale and scope that was barely imagined even a few years ago. Even the most innovative payment solutions generally involve elements of the legacy payment networks, which makes it crucial to have an advisor who understands the underlying operational and banking infrastructure of how payments are processed and how money is traditionally transferred.
DWT’s payments team feels that it is critical not just to monitor legal and regulatory developments, but to understand business and technology trends and developments as well. We undertake to do that in several ways, including:
We assist clients with issues involving virtually any prepaid or other emerging payment technology or system, including payment cards; biometrics; emerging network technologies; stored value; near field communication (NFC); general purpose reloadable prepaid cards; online person-to-person (P2P) payments; virtual currency; electronic cash; account-to-account (A2A) payments; Electronic Bill Presentment and Payment (EBPP); mobile card acceptance; cloud-based solutions and payment processing; Internet, mobile, and contactless payments; next-generation credit and rewards cards featuring microcomputers; multi-purse cards; digital and mobile wallets; remote deposit capture; and more.
With a payment systems team few firms can match for depth and breadth, we offer the full scope of services required to operate at any point in the payment process to a range of clients, including major card issuers, technology companies, program managers, processors, and merchants. Our practice includes Fortune 100 financial institutions and global corporates, medium-sized enterprises, and VC-backed insurgents. We also have extensive experience counseling clients on the regulatory and compliance issues associated with payment systems transactions and are fully experienced in structuring such transactions, including handling program agreements, portfolio purchases and sales, and processing agreements.
Transactional depth and relevant experienceWe have represented major issuers, retailers, processors, technology providers, and program managers in negotiating and documenting hundreds of agreements for the issuance and management of co-branded general-purpose credit cards; co-branded debit cards; private-label cards, general purpose reloadable prepaid cards, open-and closed-loop gift cards; loyalty, rewards, and points programs; virtual currency; payment processing arrangements; and online marketplaces. We have handled many other aspects of payment systems and programs, including both major commercial agreements and customer disclosures and agreements for use online, for mobile commerce, on the telephone, and in person, across a wide range of industries from airlines to global oil companies and including 529 plans, healthcare, and agreements for sports teams.
A representative sample of our experience includes:
Prepaid products and services
Regulatory and legislative experience We have significant experience advising clients on a wide range of regulatory and legislative issues in financial services. Certain representative engagements include: