A lot of the legal risk for banks and traditional payment companies would go away under the law, said Anita Boomstein, a partner at Manatt, Phelps & Phillips.
A court decision brings much needed clarity to the complex world of money transmitter licensing by holding that the transmission of information alone is not engaging in the business of money transmission under Pennsylvania law, writes Anita Boomstein, a partner with Manatt, Phelps & Phillips, LLP.