By obtaining the MALPB charter, Stripe can further support its objective of accessing payment card networks. Following this, Stripe aims to scale its payment processing offerings, with the company planning to receive direct membership in the US with Visa and Mastercard and to process transactions without a sponsoring bank.
Moreover, Stripe’s membership with the two card networks comes as an addition to existing processing and settlement activities, not leading to the replacement of present banking relationships or the acquisition of BIN sponsorships. Also, the MALPB does not indicate Stripe’s expansion into additional traditional banking activities.
The charter focuses on merchant acquiring and does not include deposit taking or related banking activities. The charter or application itself demands payment volume capital and several capital requirements that are based in part on traditional banking standards and capital ones and those applicable to similar organisations operating as merchant acquirer members of card networks in the EU under the framework created in the Payment Services Directive (PSD).
Commenting on the news, representatives from Stripe underlined that, as their company has expanded, it has scaled the number of banking and other partners it collaborates with. The Georgia MALPB supports Stripe’s strategic direction, enabling the company to further develop its operations and capabilities.
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