Global payments provider Checkout.com has received approval for its Merchant Acquirer Limited Purpose Bank (MALPB) charter from the Georgia Department of Banking and Finance, marking a critical regulatory milestone that positions the company to operate as its own acquirer in the US market.
The charter approval represents the culmination of a strategic initiative that began in October 2025, when the State of Georgia Department of Banking and Finance officially accepted Checkout.com's application. The company is now among the first global payment providers to complete this process, joining competitors Fiserv and Stripe in securing the specialized charter.
The MALPB charter enables Checkout.com to integrate directly with US card networks, bypassing the need for bank partners to facilitate connections between the company and payment networks. This direct access provides greater operational control, which the company expects will unlock faster innovation cycles, superior acceptance rates, and enhanced performance for US enterprise merchants.
Jordan Reynolds, MALPB CEO and Head of North American Banking at Checkout.com, emphasized that the charter approval activates what the company identified in October as a "definitive catalyst" for US growth. The focus now shifts to scaling infrastructure and building talent in Atlanta and across the US to meet the rigorous conditions attached to the approval, with full charter banking operations targeted for 2026.
The regulatory milestone underscores a significant expansion of Checkout.com's North American operations, anchored by a new strategic hub in Atlanta, Georgia—widely recognized as the payments capital of the United States—alongside the company's established offices in New York and San Francisco.
According to charter guidelines, approval requires employing no fewer than 50 employees located in Georgia devoted to merchant acquiring activities within one year of beginning operations, reflecting the state's emphasis on creating local economic impact through these specialized charters.
The US market has emerged as Checkout.com's fastest-growing region, with transaction volumes growing more than 80% in 2024 and nearly 70% in 2025. The region now represents approximately 15% of the company's total global business and is on track to become the single largest region globally by the end of 2027, according to company projections.
Having processed more than $300 billion in ecommerce volumes in 2025, Checkout.com is already trusted by leading global enterprises, including Uber, eBay, Pinterest, Klarna, and GE Healthcare. The charter ensures the broader US enterprise market can leverage a payment platform specifically optimized for the complexities of the domestic landscape.
The MALPB charter, introduced by the Georgia Department of Banking and Finance in 2012, is designed specifically for payment card merchant processors. It allows chartered entities to operate as merchant acquirers—financial institutions that serve as the link between businesses, payment processors, and card-issuing banks involved in transactions.
Michele Alt, partner and co-founder of legal firm Klaros Group, explained that various state alternative banking charters are attempting to solve what amounts to a "square peg-round hole problem" with existing charters when it comes to fintech companies. Many fintechs have limited business models focused on one side of the balance sheet, making traditional bank charters potentially excessive for their operational needs.
Under the MALPB framework, chartered companies can maintain payment card network memberships, underwrite merchants to accept payment card transactions, provide network access for customers and affiliates, and facilitate clearing and settlement of payment card transactions with issuing banks on behalf of merchants. However, MALPB-chartered institutions cannot make loans and can only accept deposits from their corporate parent. These institutions are also not federally insured by the FDIC.
The Federal Reserve classifies institutions that are not federally insured and not subject to prudential supervision by a federal banking agency as Tier 3 institutions for Fed master account purposes, subjecting them to higher levels of scrutiny for account access.
For Checkout.com, the charter represents a natural progression in the company's long-term journey and commitment to the US market. Direct US card network integration provides the operational foundation to deliver what the company characterizes as a truly US-first payments experience, designed to compete with both legacy players and incumbent providers in the enterprise payments market.
The move follows a period of sustained investment driven by deep analysis of the US payments landscape, with resources focused on optimizing payment performance for merchants. Company leadership views the Georgia MALPB charter as comparable to the UK acquiring license Checkout.com obtained in 2012, which served as a catalyst for the company's broader growth trajectory.
To lead this next phase of expansion, Checkout.com appointed industry veteran Jordan Reynolds as MALPB CEO and Head of North America Banking. Reynolds brings experience from Elavon, SunTrust, and PwC, and will oversee the new entity, manage compliance requirements, and secure direct access to US card networks.
The charter approval positions Checkout.com to offer US enterprise merchants what Reynolds describes as "a truly different choice"—a digital-first, enterprise payments proposition designed as a powerful alternative to legacy and incumbent market players rather than a one-size-fits-all solution.
As Checkout.com transitions from regulatory approval to operational execution, the company's ability to deliver on its performance promises will determine whether the charter translates into meaningful market share gains in the highly competitive US payments landscape.