SOUTH SAN FRANCISCO–An application for a bank charter filed by Stripe, which provides a platform to help businesses accept payments both online and in-person, has been accepted by the Georgia Department of Banking and Finance.

In this case, Stripe is seeking a Merchant Acquirer Limited Purpose Bank (MALPB), which if completed will bring Stripe even closer to directly accessing payment card networks, according to PYMNTS.

PYMNTS is reported that the charter being sought by Stripe will allow it to broaden its payment processing offerings — in this case, to obtain direct membership in the U.S. with Visa and Mastercard and to process payments without a sponsoring bank (known as a BIN sponsor).  

Not a Replacement

According to the PYMNTS analysis, “Stripe’s membership with the card networks is a complement to existing processing and settlement activities and will not lead to a replacement of existing banking relationships or acquiring BIN sponsorships — nor is the MALPB a signal that Stripe is expanding into additional, traditional banking activities.”

The report added that the scope of the charter is limited to merchant acquiring and does not include deposit taking or similar banking activities.

A Stripe spokesperson told PYMNTS that “over the past few years, as Stripe’s business has grown, we’ve significantly expanded the number of banking and other partners we work with,” adding that the Georgia MALPB is a “step follows in this strategic direction.”