Financial Industry and Payment Processing
We handle licensing, development, service and outsourcing agreements for some of the world’s preeminent financial and payment processing institutions. We represent clients in payment processing and clearinghouse agreements. We handle agreements to cover various back-office and administrative functions in the financial services industry, including general ledger, teller, ATM agreements, data storage agreements and co-location agreements, as well as software agreements such as customer relationship management software, risk analysis products, identity background search related to customer acquisition, loan servicing, data feeds and trading platforms. Other clients also include hedge funds seeking technology licenses, outsourcing agreements or database licenses, banks and insurers outsourcing significant back-office functions and electronic brokers.
We have particular experience with:
- Customizing licenses, development agreements, collaboration agreements and outsourcing agreements to address the unique needs of the payment processing industry.
- The impact of the Gramm-Leach-Bliley regulations on outsourcing agreements.
- Both acquiring and distributing software products to facilitate operations within financial services companies, such as CRM software, email and electronic communications management, risk analysis products and loan servicing products.
Recent assignments include:
- We regularly represent a leading financial payment processing company in the negotiation of credit card and other electronic payment authorization, processing and related services both in the United States and throughout the world.
- We represented a financial services provider in an outsourcing transaction for a third party management of our client’s customer and prospect databases.
- We negotiated several agreements for a large insurance company with various technology vendors that support our client’s IT infrastructure, including third party software development, licensing, maintenance and support.
- For a commercial bank, we negotiated an outsourcing services agreement for a third party service provider to provide all bank-related functionality (general ledger, teller, ATM, back office).
- For a hedge fund and fund of fund manager, we negotiated a services agreement to modify and maintain virtually all of the manager’s back office operations for its portfolios of hedge funds and funds of funds.
- We negotiated a master services agreement for a Wall Street investment bank with IBM, whereby IBM would, among other services, capture and maintain (archive) all of the bank’s electronic communications worldwide.
- We regularly represent one of the world’s largest hedge funds in all manner of its technology infrastructure agreements, including outsourcing agreements and in-licensing financial products.