The Payments Association

FEBRUARY 10, 2025

The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. However, their rapid adoption has raised concerns about regulatory oversight, particularly concerning anti-money laundering (AML) compliance. Why is it important?

IBAN 88

IBAN AML Master Account Due Diligence 88

Nanonets

SEPTEMBER 22, 2023

Limit access to sensitive accounts payable information to maintain security. Establish internal controls to ensure compliance and prevent fraud. Tracking metrics and key performance indicators (KPIs) along the way allows businesses to measure the effectiveness of their accounts payable function and make data-driven decisions.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

EBizCharge

NOVEMBER 12, 2024

These businesses face stricter scrutiny during merchant underwriting as payment processors aim to minimize economic and compliance risks. Regulatory compliance Compliance with industry-specific regulations is mandatory for all businesses seeking to process electronic payments.

Underwriting 52

Underwriting ISOs Risk Assessment Assessments 52

Exact Payments

OCTOBER 30, 2023

Differentiator 1: Payment Aggregation The most crucial distinguishing factor of PayFacs is that they operate as merchants themselves and register for processing accounts directly with an acquiring bank. They are then able to onboard and aggregate sub-merchant accounts under their master account.

Facilitators 52

Facilitators Processors Payment APIs and Integration ISOs 52

Exact Payments

NOVEMBER 8, 2023

Additionally, PayFacs can offer merchants a much simpler account onboarding process. When PayFacs utilize automated underwriting tools, they are able to instantly onboard clients under their master account through a convenient online onboarding process.

Facilitators 52

Facilitators ISVS ISOs Payment APIs and Integration 52

PYMNTS

MARCH 14, 2019

And while Google and Facebook can act as the auto-repositories for all passwords —solving part of the problem — it does create the small issue that if someone should gain access to or control of those master accounts, they have “the keys to the kingdom,” according to Maloney.

Authentication 59

Authentication Master Account Push-to-Card Use Case 59

The Payments Association

MARCH 18, 2025

Many banks have been hesitant to engage with these businesses, citing concerns over compliance burdens, anti-money laundering (AML) obligations, and the inherent volatility of digital assets. One notable change is the removal of “reputational risk” as a consideration when evaluating applications for master accounts.

Federal Reserve 88

Federal Reserve Stablecoins Fed Settlement 88