Payment Systems

We advise traditional and technology-based financial institutions on payment systems issues.  Our experience covers paper checks and other negotiable instruments, electronic checks, stored-value cards, automated clearing house transfers, and other electronic funds transfers.  Beyond the UCC, we have extensive experience with the federal laws affecting payment systems, including banking law and regulations, the Electronic Funds Transfer Act, and the Check 21 Act, as well as state money transmitter licensing laws and the rules of the National Automated Clearing House Association (NACHA).  We advise clients on receiving authorizations for electronic fund transfers over the Internet and on the impact of emerging check truncation laws.  We partner with our clients to advise them on innovative products and services, such as the development and implementation of hybrid credit/debit/stored-value cards.