Fiserv, Stripe, and Checkout.com are utilizing the Merchant Acquirer Limited Purpose Bank (MALPB) charter in Georgia to gain direct access to Visa and Mastercard networks. This regulatory framework allows payment companies to process transactions internally without relying exclusively on third-party bank sponsors.
Fiserv received its charter in September 2024 and began processing transactions in April 2025, becoming the first company to do so under this model. Stripe secured its approval on June 30, 2025, and officially commenced operations under its MALPB on May 28, 2026.
Checkout.com received its MALPB charter approval on January 12, 2026. The company plans to initiate direct U.S. card payment processing later this year, while maintaining its existing relationships with two domestic sponsor banks.
The Georgia Department of Banking and Finance introduced the MALPB charter in 2012 to enable merchant acquirers to bypass traditional bank sponsorship. Credorax Bank North America became the first entity to receive this charter in 2014.
