29 Apr

Operation Choke Point: Dead or Alive, It Can’t Be Ignored

Although the Operation Choke Point initiative came into effect over two years ago and the financial industry has taken many measures to respond, the high degree of uncertainty for banks, Third Party Payment Processors (TPPPs) and Third Party Senders (TPSs) continues to plague the industry as seen in recent headlines from CommerceWest Bank and Plaza Bank, with settlements totaling over $6 million. This atmosphere of uncertainty was apparent in a session titled “Payroll Processors & Operation Choke Point” at last week’s PAYMENTS 2015 Conference in New Orleans, where attendees expressed their challenges with the current environment.

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