More States Join Fintech Licensing Harmonization Push (1)

More fintech payments companies are benefiting from streamlined state licensing procedures as 23 states band together to make that process easier.

Currently, 11 companies are involved in the second pilot of multistate licensing initiative led by Washington state’s Department of Financial Institutions. They’ve received 72 licenses altogether, according to a June 24 news release from the Conference of State Bank Supervisors. Three other companies went through the group’s first pilot and four dropped out of the second round.

The initiative, part of the CSBS’ Vision 2020 program to address regulatory challenges faced by fintech lenders and payments providers, has grown ...