#United States #Georgia #Digital Payments #Checkout.com #MALPB

Checkout.com Gains Approval for MALPB Charter in Georgia

Checkout.com, a leading digital payment platform, has reached a pivotal moment by receiving approval for its Merchant Acquirer Limited Purpose Bank (MALPB) charter from the Georgia Department of Banking and Finance. This approval marks a critical milestone in the company's commitment to enhancing its operations in the United States and positions them to advance to the execution phase of their plans.

The MALPB charter enables Checkout.com to provide card payment processing services directly to merchants without relying on sponsor banks. This direct connection to card networks allows for improved operational control and flexibility, essential for managing payment operations effectively. By harnessing this capability, Checkout.com intends to strengthen its operational control further through direct connections with U.S. card networks, enabling faster product enhancements and increasing approval rates.

Accelerating U.S. Acquiring Operations

According to Checkout.com, they project a 70% increase in U.S. processing volume by 2025, positioning North America as a key growth area for the company. As part of their U.S. strategy, they are establishing a new operational hub in Atlanta, Georgia, which will complement their existing offices in New York and San Francisco.

The MALPB charter is set to facilitate the processing of over $300 billion in e-commerce volume by 2025, catering to the needs of numerous global enterprises such as Uber, eBay, Pinterest, Klarna, and GE Healthcare. With the MALPB approval, Checkout.com can now offer tailored payment platforms that align with the complex payment requirements inherent in the U.S. market, thus providing better value to enterprise businesses.

Executive Insights and Future Plans

Jordan Reynolds, CEO and North American Banking Head of MALPB, commented, "This approval marks a significant turning point in our efforts to enhance payment performance within the U.S. market. We are committed to meeting the stringent requirements associated with this approval while accelerating our operational foundations across the country. Preparations for launching full-scale charter bank operations in 2026 are progressing smoothly, and we aim to deliver a consistently high level of performance and reliability to enterprise merchants in the United States."

Noriko Sasaki, Country Manager for Checkout.com in Japan, remarked, "Many Japanese companies see the U.S. as a critical market for their business expansion. We are excited that our payment solutions are being strengthened in the U.S., offering enhanced value to our Japanese merchant partners."

About Checkout.com

Founded in London, Checkout.com provides payment services to thousands of companies powering the digital economy. The company’s versatile payment network supports over 145 currencies, processing billions of transactions annually across the globe.

The technology offered by Checkout.com enhances payment success rates, reduces processing costs, and improves fraud prevention, effectively linking payments to the profitability of businesses. With offices in 19 locations worldwide, Checkout.com counts top global firms like Sony, Alibaba, Docusign, Uber Eats, GE Healthcare, Wise, Remitly, Sainsbury's, and Financial Times as its clients. For more information, visit Checkout.com.