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In a roundtable discussion, the last in the “Powering the Digital Shift” series with Karen Webster, six experts in money movement, fraudprevention, banking and financial technology discussed one sure bet: “Digital optional” is no option as we move toward contactless commerce.
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 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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