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He cautioned that security is not just a merchant problem, and that as time goes on, we’re likely to see the bad guys move quickly to account takeovers, a tempting target especially given the stimulus payments that have been making their way into bank accounts. Looking At Digital IDs — And Friction.
Issuing banks Issuing banks, or issuers, are entities that issue customer credit cards and handle the transfer of funds to the merchant’s account. They are then able to onboard and aggregate sub-merchant accounts under their masteraccount.
One notable change is the removal of “reputational risk” as a consideration when evaluating applications for masteraccounts. Federal Reserve Chair Powell confirmed that regional reserve banks will no longer take reputational factors into account when deciding whether to grant access.
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