Mobile Payments Transactions and Contractual Considerations

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Mobile payments products and services are being designed and implemented through strategic partnerships with financial institutions, payment card networks, merchants and technology companies. Mobile payments providers who enter into contractual agreements with consumers and other entities should consider certain key transactional issues.

Speakers will provide an overview on the following:

• Discussion of current landscape of technology trends and what the emerging technologies are in the mobile payments space;
• The contracting process between a bank and a consumer for mobile payments solutions, discussion of various types of mobile payment solutions, and issues that banks consider in drafting their agreements with consumers;
• Discussion of considerations for financial institutions when contracting with mobile payments service providers, including key contractual provisions that are expected to be in banks’ third party service provider agreements as noted in the OCC Risk Management Guidance on Third Party Service Providers (October 30, 2013); and
• Discussion of use and ownership of data from the perspectives of the consumer and service providers in mobile payments transactions that require careful contractual structuring.

Speakers:

• Grace Powers, Associate General Counsel, Bank of America
• Chris Ford, Partner, Morrison & Foerster
• Stephanie Sharron, Partner, Morrison & Foerster
• Judy Mok, Associate, Morrison & Foerster