The Georgia Department of Banking and Finance said that Fiserv merchant acquirer limited purpose bank (MALPB) has become the nation’s first chartered MALPB to process card-based payment transactions. The wholly owned subsidiary of Fiserv had its charter application approved by the Department on Sept. 27, received its permit to begin business from the Department on April 11 and processed the first payment transactions under its MALPB charter. The Merchant Acquirer Limited Purpose Bank Act, created an optional bank charter for merchant acquirers that provides direct access to the payment card networks without having to contract with a third-party bank sponsor. Georgia Governor Brian P. Kemp said that the step taken by Fiserv MALPB enables it and other companies to expand and keeps Georgia “the No. 1 state for processing payments.” “As the first-of-its-kind bank charter in the nation, this milestone also reinforces Georgia’s position as the leader in innovation when it comes to financial transactions,” Kemp said. Kevin Hagler, commissioner of Georgia’s Department of Banking and Finance, said: “The issuance of MALPB charters along with the Department’s robust regulatory oversight will help strengthen the vibrant and diverse economy of this state by permitting the safe and sound growth of this critical industry to Georgia.”