{
 "jurisdiction_id": "US",
 "jurisdiction": "United States",
 "url": "https://payments.gi/jurisdictions/united-states/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 56,
  "source_register": 115
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w1a-licensing-authorisation-market-access",
   "standing_position": "The US has NO single EMI/PI regime; it operates a dual federal/state model. Federally, money transmitters are 'Money Services Businesses' (MSBs) regulated by FinCEN under the Bank Secrecy Act; state-level Money Transmitter Licences (MTLs) authorise actual operation. There is no bank-PSP vs non-bank EMI dichotomy as in the UK/EEA — non-bank PSPs use the state MTL route, while banks operate under federal/state charters (OCC/FDIC/Fed). Stripe's 2025 MALPB charter bid signals a route toward direct scheme access.",
   "findings": [
    {
     "finding": "At the federal level, money transmitters are treated as Money Services Businesses (MSBs); with few exceptions, every MSB must register with the US Treasury via the BSA e-Filing System using FinCEN Form 107 within 180 days of establishment.",
     "instrument_type": "federal_registration",
     "source": "Wolters Kluwer / FinCEN",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "FinCEN MSB registration does NOT satisfy state licensing; firms need both FinCEN registration AND state money transmitter licences in every state where they operate.",
     "instrument_type": "federal_rule",
     "source": "FinCEN Fact Sheet on MSB Registration Rule",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "An MTL is required in 49 US states to send or receive money on behalf of others; Montana exempts most money transmission from state licensing — the canonical federalised divergence case (nest US-FED -> US-MT/US-NY/US-CA).",
     "instrument_type": "state_licence",
     "source": "Remitso state-by-state guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "State MTL requirements include NMLS application, FBI fingerprint background checks, surety bonds ranging from roughly $25,000 to $2,000,000+, and minimum tangible net worth typically $100,000–$500,000; bonds/fees range from $250 (Montana) to $500,000+ (California).",
     "instrument_type": "state_licence",
     "source": "State money transmitter laws / MTL (NMLS) — primary statutes",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Stripe applied in April 2025 for a Merchant Acquirer Limited Purpose Bank (MALPB) charter in Georgia to reduce reliance on sponsor banks and gain direct access to Visa and Mastercard networks, mirroring Fiserv's precedent.",
     "instrument_type": "charter_application",
     "source": "Mordor Intelligence US Payments Market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "The US lacks a unified safeguarding regime equivalent to UK CASS or EEA PSD2. State MTLs impose 'permissible investments' requirements: licensees must hold qualifying liquid assets equal to outstanding payment obligations, backed by surety bonds and minimum net worth. Conduct is enforced through state regulators (examinations at licensee expense), federal BSA/AML obligations, and CFPB consumer-protection authority. There is no single federal financial-promotions regime for payments.",
   "findings": [
    {
     "finding": "State MTL holders must maintain permissible investments — qualifying liquid assets equal to outstanding payment obligations — alongside surety bonds and minimum tangible net worth, functioning as the US safeguarding mechanism.",
     "instrument_type": "state_licence",
     "source": "State MSB/MTL statutes & FinCEN MSB registration (fincen.gov)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "As part of MTL processes, licensees may be subject to examinations by state regulators (generally at the licensee's expense) and must submit audited reports including executive background, surety bonds, minimum net worth and/or collateral requirements.",
     "instrument_type": "state_supervision",
     "source": "Wolters Kluwer",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Federally, MSBs must maintain an anti-money-laundering program, keep records of certain transactions, conduct KYC/KYB, monitor transactions and file SARs to FinCEN, under the BSA (31 CFR 1010.100(ff)).",
     "instrument_type": "federal_rule",
     "source": "finhost.io / FinCEN",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "CFPB issued a January 15, 2025 EFTA/Regulation E Compliance Aid clarifying that both non-bank P2P payment providers and the depository institution holding the consumer's account have error-resolution obligations, and that private network rules offering less protection than federal law cannot be relied upon.",
     "instrument_type": "federal_guidance",
     "source": "CFPB regulations (consumerfinance.gov)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/united-states/#w2-stablecoins-digital-money",
   "standing_position": "The GENIUS Act (enacted July 18, 2025) established the first US federal framework for payment stablecoins, generally prohibiting issuance by anyone other than a 'permitted payment stablecoin issuer' (PPSI). It creates a dual federal/state track: issuers under $10bn outstanding may opt into a certified 'substantially similar' state regime; above the cap they must transition to the federal regime within 360 days or obtain a waiver. Implementing rulemaking by OCC, FDIC, Treasury/FinCEN and OFAC is in train as of 2026; the effective date is the earlier of 18 months after enactment or 120 days after final rules.",
   "findings": [
    {
     "finding": "The GENIUS Act was enacted July 18, 2025 and generally prohibits any person other than a permitted payment stablecoin issuer from issuing a payment stablecoin in the United States, establishing a regulatory framework for payment stablecoin activities.",
     "instrument_type": "federal_statute",
     "source": "OCC Bulletin 2026-3",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "The Act provides clear federal preemption of host-state licensing/chartering for federal qualified payment issuers and approved IDI/credit-union subsidiaries (Sec. 5(h)); issuers under $10bn consolidated outstanding may opt into a state regime certified 'substantially similar' by a Stablecoin Certification Review Committee (Treasury, Fed, FDIC).",
     "instrument_type": "federal_statute",
     "source": "Paul Hastings",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Once a state-qualified issuer exceeds the $10bn cap it must transition to the federal regime within 360 days or obtain a federal waiver; the GENIUS Act effective date is the earlier of 18 months after July 18, 2025 enactment or 120 days after final implementing regulations.",
     "instrument_type": "federal_statute",
     "source": "Paul Hastings / OCC",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "PPSIs are treated as BSA financial institutions, subject to AML, sanctions, customer identification and due-diligence obligations, and must have the technological capability to block, freeze and reject impermissible transactions and comply with lawful orders.",
     "instrument_type": "federal_statute",
     "source": "Congress.gov S.1582 text",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "FDIC approved a notice of proposed rulemaking (Dec 2025) adding §303.252 establishing application procedures for FDIC-supervised state nonmember banks/savings associations to issue payment stablecoins through a subsidiary under section 5 of the GENIUS Act.",
     "instrument_type": "federal_rulemaking",
     "source": "FDIC press release / Federal Register",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "The US has no single statutory operational-resilience regime equivalent to EU DORA; resilience is delivered through supervisory guidance from the prudential banking agencies. The cornerstone is the June 2023 Interagency Guidance on Third-Party Relationships: Risk Management (Fed/FDIC/OCC), applying to all supervised banking organisations. Operational resilience and cybersecurity remain top supervisory priorities per the OCC's FY2025 operating plan.",
   "findings": [
    {
     "finding": "In June 2023 the Federal Reserve Board, FDIC and OCC issued final uniform Interagency Guidance on Third-Party Relationships: Risk Management (final as of June 6, 2023), replacing each agency's prior guidance and applying to all supervised banking organisations.",
     "instrument_type": "interagency_guidance",
     "source": "Federal Register / OCC Bulletin 2023-17",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "The guidance applies to all institutions supervised by the Federal Reserve, including those with $10bn or less in total consolidated assets, and sets sound risk-management principles across the full life cycle of third-party relationships.",
     "instrument_type": "interagency_guidance",
     "source": "Federal Reserve CA Letter 24-02",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "The OCC views operational resilience and cybersecurity as top issues for the federal banking system, reiterated as key priorities in its FY2025 Bank Supervision Operating Plan, citing ransomware and DDoS threats.",
     "instrument_type": "supervisory_report",
     "source": "OCC Cybersecurity and Financial System Resilience Report 2025",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "The interagency guidance expects banks to assess a third party's operational resilience and incident-reporting/management processes, including business-continuity test results, telecom redundancy, and dependency on single providers for multiple activities.",
     "instrument_type": "interagency_guidance",
     "source": "Federal Reserve FRRS guidance",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/united-states/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme rules (Visa/Mastercard) govern most US card acceptance, overlaid with PCI DSS and the federal interchange/routing regime. Debit interchange is capped under the Durbin Amendment (Dodd-Frank §1075) via Federal Reserve Regulation II at 21 cents + 5bps + 1 cent fraud adjustment for issuers with $10bn+ assets, with mandatory dual-network routing. Regulation II's standard faced a major 2025 legal challenge. Credit interchange remains unregulated by statute and is the subject of the long-running merchant antitrust litigation.",
   "findings": [
    {
     "finding": "The Durbin Amendment (Dodd-Frank §1075) authorises the Federal Reserve to ensure debit interchange fees are reasonable and proportional; issuers with under $10bn in assets are exempt, and networks/issuers cannot restrict a merchant's choice of routing network.",
     "instrument_type": "federal_statute",
     "source": "Congress.gov CRS R41913",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Regulation II, promulgated by the Federal Reserve in June 2011, sets a universal debit interchange cap of 21 cents plus five basis points of transaction value, with a one-cent fraud-prevention adjustment.",
     "instrument_type": "federal_rule",
     "source": "Cooley",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "In August 2025 a federal district court (on remand from the Supreme Court in the Corner Post litigation) held Regulation II's interchange standard contrary to the Durbin Amendment and vacated it, while staying its own vacatur pending appeal by the Federal Reserve.",
     "instrument_type": "litigation",
     "source": "Cooley",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "The Fed had separately proposed lowering the debit interchange base component to 14.4 cents, with Senator Durbin urging an even lower cap citing average per-transaction processing cost falling to 3.9 cents in 2021.",
     "instrument_type": "proposed_rule",
     "source": "durbin.senate.gov",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w5-payment-corridor-dynamics",
   "standing_position": "The US is the world's largest remittance-sending market. The US-Mexico corridor is the single largest remittance corridor globally (~$65bn annually), with the US providing ~97% of remittances to Mexico. Average US-Mexico transfer fees sit slightly below 5% for a $200 transfer (Q1 2025 World Bank data). Cross-border rails run via SWIFT correspondent chains (now ISO 20022), card networks, and emerging stablecoin/API providers. A new US 1% tax on cash-based transfers takes effect in 2026.",
   "findings": [
    {
     "finding": "The US-to-Mexico transfer is the single largest remittance corridor in the world, with roughly 1.6 million households relying on US-sourced payments as their most important income source.",
     "instrument_type": "corridor_data",
     "source": "FedPayments Improvement",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "In the US-Mexico corridor the average fee is slightly below 5 percent of value for a $200 remittance, per Dallas Fed analysis of Q1 2025 World Bank data.",
     "instrument_type": "corridor_data",
     "source": "Dallas Fed",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Inbound remittances to Mexico fell 16.2% YoY to $5.2bn in June 2025 (steepest decline since 2012 per Banxico); the US drove ~97% of Mexico's inbound remittances in Q2 2025; a US 1% tax on cash-based transfers begins in 2026.",
     "instrument_type": "corridor_data",
     "source": "FXC Intelligence / Banxico",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "USA→Mexico and USA→India are among the largest and most intensely competitive corridors, contested by incumbents Western Union, Remitly and Wise; Western Union is acquiring Intermex amid declining Mexico volumes.",
     "instrument_type": "market_structure",
     "source": "Remitso / FXC Intelligence",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w6-industry-structure-commercial-dynamics",
   "standing_position": "The US payments market is moderately concentrated at the network layer (Visa/Mastercard duopoly) but increasingly contested by vertically integrating fintechs. The acquiring layer is led by Fiserv, FIS/Worldpay (now Global Payments), JPMorgan and Stripe/Block. Only a handful of providers exceed one million domestic clients. Embedded/ISV-channel payments dominate, with 82% of top-50 providers by volume using the ISV channel in 2025.",
   "findings": [
    {
     "finding": "The US payments sector is dominated by Visa and Mastercard networks that jointly process more than $20 trillion worldwide, remaining moderately concentrated yet increasingly contested by vertically integrating fintechs.",
     "instrument_type": "market_structure",
     "source": "Mordor Intelligence US Payments Market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "In TSG's 2025 Directory only Square, Stripe, QuickBooks Payments, Global Payments and Worldpay exceeded one million domestic clients; ~70 entities process over $10bn in annual US volume; over 40% list Wells Fargo as a sponsor bank.",
     "instrument_type": "market_structure",
     "source": "TSG Payments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Embedded payments dominate: 82% of the top-50 providers by volume used the ISV sales channel in 2025 (up from 72%); 61% directly marketed surcharging or cash-discount/dual-pricing programs (up from 51% in 2024 and 43% in 2023).",
     "instrument_type": "market_structure",
     "source": "Businesswire / Yahoo Finance",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Stripe reported $1.4 trillion in 2024 payment volume (38% YoY growth) and its first profitable year, raising its valuation to $91.5bn via private tender; PayPal, Block and Affirm are broadening into full-stack digital finance.",
     "instrument_type": "private_company_signal",
     "source": "Mordor Intelligence",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w7-legal-litigation",
   "standing_position": "The defining US payments litigation is the ~20-year Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720) over Visa/Mastercard swipe fees. A revised ~$38bn settlement announced November 10, 2025 (cutting posted credit interchange by 0.1pp for five years, capping standard consumer cards at 1.25% for eight years, and expanding surcharging rights) drew heavy merchant opposition and faces 2026 damages trials. Separately, Regulation II's debit standard was vacated by a district court in August 2025 (stayed pending appeal).",
   "findings": [
    {
     "finding": "On November 10, 2025 Visa and Mastercard announced a revised settlement in MDL 1720 (litigation dating to 2005) lowering swipe fees by 0.1 percentage point for five years, capping standard consumer rates at 1.25% for eight years, and granting expanded surcharging rights up to 3%.",
     "instrument_type": "litigation",
     "source": "The Daily Record / CNBC",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Merchant groups (NRF, NACS) condemned the settlement; in December 2025 retailers filed objections alleging it perpetuates the interchange conspiracy and grants excessive antitrust immunity; a federal judge is expected to consider it in 2026.",
     "instrument_type": "litigation",
     "source": "Payments Dive",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Visa and Mastercard face two damages trials in 2026 — the first in April in New York (merchants including 7-Eleven, Dick's, Nike) and a second in September in Chicago led by GrubHub.",
     "instrument_type": "litigation",
     "source": "Payments Dive",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "US swipe fees totaled $111.2bn in 2024 (up from $100.8bn in 2023, quadruple 2009 levels) per the NRF, underscoring the commercial stakes of the litigation.",
     "instrument_type": "market_data",
     "source": "The Daily Record / CNBC",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w8-merchant-acquiring-risk",
   "standing_position": "US merchant acquiring is led by Fiserv (largest non-bank acquirer), FIS/Worldpay, JPMorgan Chase, Bank of America, and fintech-native players Stripe, Block (Square) and Toast. Acquirers settle on behalf of digital payment companies and ISOs. The market is consolidating (Global Payments-Worldpay), shifting to ISV/embedded distribution, and increasingly offering surcharging/dual-pricing. PCI DSS governs cardholder-data security across the acquiring chain; sponsor-bank relationships (e.g. Wells Fargo) remain the dominant access route for non-bank acquirers.",
   "findings": [
    {
     "finding": "Major US merchant acquirers include JPMorgan Chase, Bank of America Merchant Services, Fiserv, FIS, Global Payments, Shift4, Worldpay, Elavon, Square (Block) and Stripe; merchant acquirers process card transactions for retailers and settle on behalf of digital payment companies and ISOs.",
     "instrument_type": "market_structure",
     "source": "Research and Markets / Payments Dive",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Providers like Stripe and Toast focused on SaaS/ISV-enabled merchants are the largest YoY growers of nominal volume; Stripe is expected to exceed $1 trillion in US-sourced payment volume in 2026; Toast (restaurant-focused) ranks ~13th-14th by US processing volume, growing ~24% YoY.",
     "instrument_type": "market_structure",
     "source": "Digital Transactions / TSG",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Surcharging/cash-discount/dual-pricing programs are now marketed by 61% of top providers (up from 43% in 2023), reflecting expanding merchant surcharging rights — a key acquiring-risk and merchant-economics shift.",
     "instrument_type": "market_structure",
     "source": "Businesswire / TSG",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Stripe's April 2025 Georgia MALPB charter application aims to reduce reliance on sponsor banks and gain direct Visa/Mastercard access — a structural shift in non-bank acquiring access.",
     "instrument_type": "charter_application",
     "source": "Mordor Intelligence",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w9-product-innovation-market-development",
   "standing_position": "The US operates a dual instant-payments landscape: The Clearing House's RTP (launched 2017) and the Federal Reserve's FedNow (launched July 2023). Both are 24/7/365 and irrevocable; FedNow settles in central-bank money while RTP settles between participating banks. Adoption is accelerating but lacks a government mandate, and interoperability between the two rails remains a barrier. Open banking (CFPB §1033) is in regulatory limbo after the 2024 rule was reopened and enjoined. A retail CBDC is not being pursued; FedNow is distinct from a CBDC.",
   "findings": [
    {
     "finding": "The US operates two competing instant payment rails — FedNow (Federal Reserve, launched July 2023, settling in central-bank money with zero counterparty risk) and RTP (The Clearing House, launched 2017) — both 24/7/365 and irrevocable.",
     "instrument_type": "rail",
     "source": "Spherepay / ClearingPost",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "More than 1,500 financial institutions participate in FedNow as of early 2026; in 2025 FedNow processed roughly 8.4 million transactions worth $853.4bn, while RTP surpassed $1.3 trillion in 2025 (a 428% increase from $246bn in 2024).",
     "instrument_type": "rail_data",
     "source": "Spherepay / ClearingPost",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "There is no US mandate to adopt faster payments, and lack of interoperability between FedNow and RTP impedes growth; banks increasingly adopt a multi-rail strategy with 58% of US banks using both.",
     "instrument_type": "rail",
     "source": "American Banker / PYMNTS",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "The CFPB's October 2024 Personal Financial Data Rights (§1033 open banking) final rule was challenged by banks, and in 2025 the CFPB moved to vacate it and reopened rulemaking via an August 2025 ANPR; in December 2025 it planned an 'interim' final rule that may permit data-access fees.",
     "instrument_type": "federal_rulemaking",
     "source": "Cooley / American Banker / CFPB",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w10-consumer-protection-app-fraud",
   "standing_position": "US consumer protection for electronic payments rests on the Electronic Fund Transfer Act (EFTA, 1978) implemented by CFPB Regulation E (12 CFR Part 1005), covering disclosures, error resolution, unauthorised-EFT liability, prepaid accounts and remittance transfers (Subpart B). Unlike the UK PSR's mandatory APP-fraud reimbursement, the US has NO equivalent mandatory authorised-push-payment reimbursement regime — Reg E protects against unauthorised transfers, with authorised-but-induced payments a continuing gap. A January 2025 CFPB proposal to extend Reg E to stablecoins/crypto is unlikely to be finalised.",
   "findings": [
    {
     "finding": "Regulation E implements the EFTA, establishing the basic framework of rights, liabilities and responsibilities for electronic fund and remittance transfers; rulemaking authority transferred from the Federal Reserve to the CFPB in 2011 under Dodd-Frank, restated at 12 CFR Part 1005.",
     "instrument_type": "federal_regulation",
     "source": "CFPB / NCUA",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Reg E requires financial institutions to investigate alleged errors promptly, report results within three business days of completion and correct errors within one business day; errors include unauthorized EFTs, incorrect EFTs and statement omissions — protections center on unauthorized transfers.",
     "instrument_type": "federal_regulation",
     "source": "Consumer Financial Services Law Monitor",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Subpart B of Reg E (added February 2012) implements the Dodd-Frank remittance-transfer protections for consumers sending money to individuals and businesses in foreign countries.",
     "instrument_type": "federal_regulation",
     "source": "NCUA / CFPB",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "On January 10, 2025 the CFPB issued a proposed interpretive rule to extend EFTA/Reg E to stablecoins, cryptocurrencies and other novel electronic payments by interpreting 'funds' broadly — widely seen as unlikely to be finalised under the current administration but potentially relevant to private litigation and state enforcement.",
     "instrument_type": "proposed_rule",
     "source": "WilmerHale / McDermott",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/united-states/#w11-aml-cft-financial-crime",
   "standing_position": "Sentinel.gi payments-context position: US AML/CFT for payments rests on the Bank Secrecy Act administered by FinCEN, with MSBs/money transmitters subject to registration, AML programs, KYC and SAR filing. The framework is undergoing modernisation: an April 7, 2026 FinCEN NPRM would shift AML/CFT programs to an effectiveness-based, risk-driven model and elevate FinCEN's supervisory role. Enforcement is escalating, notably a late-2025 data-driven operation against Southwest-border MSBs. GENIUS Act PPSIs are now BSA financial institutions with mandated sanctions-compliance programs.",
   "findings": [
    {
     "finding": "OFAC-OFSI comparative overview codifies a managed-divergence posture; FinCEN GTO/CMLN advisory and continued OFAC procurement/TCO/ISIS designations sustain a high-tempo enforcement posture. The structural signal is the bilateral US-UK divergence architecture itself, not the individual designations.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) jurisdiction risk tracker — US (issue 2)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w12-correspondent-banking-settlement-access",
   "standing_position": "US settlement runs over the Fed's Fedwire Funds Service (RTGS) and CHIPS (The Clearing House); Fedwire completed its single-day ISO 20022 cutover on July 14, 2025 (CHIPS migrated April 2024). Master-account/settlement access is governed by the Federal Reserve's August 2022 Account Access Guidelines — six risk-based principles with three-tier review — with Reserve Banks retaining discretion, a key constraint for novel/fintech charters. Globally, correspondent banking continues a structural decline (~25% fewer relationships 2011-2020) driven by AML/CFT compliance costs and de-risking, concentrating access and raising costs in thinner corridors.",
   "findings": [
    {
     "finding": "The Federal Reserve adopted ISO 20022 for the Fedwire Funds Service in a single-day implementation on July 14, 2025 (rescheduled from March 10, 2025), discontinuing the proprietary FAIM format; CHIPS migrated in April 2024.",
     "instrument_type": "settlement_infrastructure",
     "source": "Federal Reserve Financial Services / PCBB",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "In August 2022 the Federal Reserve Board finalised Account Access Guidelines for master-account and payment-service requests, grounded in six risk-based principles with applicants tiered into three review categories; the decision rests with the 12 Reserve Banks, and legal eligibility alone does not guarantee an account.",
     "instrument_type": "federal_guidance",
     "source": "St. Louis Fed",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "The number of active correspondent banks declined ~25% between 2011 and 2020 (about 4% in 2020 alone) while payment volumes rose, driven by stricter AML/CFT rules and de-risking — increasing concentration and transaction costs in countries with limited access.",
     "instrument_type": "market_data",
     "source": "IMF Note 2025/002 / Congress.gov CRS",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "BIS (November 2025) notes a sustained decline in correspondent banking across all regions combined with greater concentration, contributing to rent-seeking and higher transaction costs; the SWIFT MT/MX coexistence period ended November 2025, making ISO 20022 the global cross-border standard.",
     "instrument_type": "market_data",
     "source": "BIS speech sp251127a / Finextra",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month US payments commercial activity is dominated by consolidation among acquirers and processors plus stablecoin/instant-rail product launches. Headline deals: Global Payments' acquisition of Worldpay (closed Jan 9, 2026) with simultaneous divestiture of Issuer Solutions to FIS; Capital One-Discover ($35.5bn); Shift4-Global Blue ($2.5bn); Western Union-Intermex. Product: Global Payments' Genius POS platform launched Q2 2025; Fedwire ISO 20022 cutover; Stripe's $91.5bn valuation tender.",
   "findings": [
    {
     "finding": "Global Payments completed its acquisition of Worldpay and divestiture of Issuer Solutions simultaneously on January 9, 2026, repositioning as a pure-play merchant solutions provider; the deals were announced April 17, 2025 (Worldpay net purchase price $22.7bn / $24.25bn total value; Issuer Solutions to FIS for $13.5bn).",
     "instrument_type": "commercial_event",
     "source": "Global Payments SEC 8-K (FY2025/FY2026)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Capital One announced (February 2025) plans to acquire Discover Financial Services for $35.5bn, aiming to challenge Visa and Mastercard network dominance.",
     "instrument_type": "commercial_event",
     "source": "Mordor Intelligence",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Shift4 Payments agreed (February 2025) to acquire Global Blue for $2.5bn, adding 400,000+ luxury retail locations and tax-free shopping capabilities.",
     "instrument_type": "commercial_event",
     "source": "Mordor Intelligence",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Global Payments launched its next-generation Genius POS platform in Q2 2025, citing strong commercial traction and significantly increased monthly sales.",
     "instrument_type": "commercial_event",
     "source": "Global Payments SEC 8-K / DEF 14A",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "In September 2025 JPMorgan Chase and Plaid announced a data-transfer agreement with a pricing structure (specifics undisclosed), reflecting the shift toward fee-bearing open-banking data access.",
     "instrument_type": "commercial_event",
     "source": "Congress.gov CRS IF13117",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  }
 ]
}