Mercury, fintech company has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank, N.A. The move places the company into the bank organisation phase. Mercury must still meet remaining conditions and secure final authorisation from the OCC.
With the OCC’s conditional approval, Mercury enters the bank organization phase, during which it will work to satisfy remaining requirements and obtain final authorization from the OCC, as well as pending approvals from the FDIC and the Federal Reserve. Throughout this period, customers will continue using Mercury exactly as they do today, with the same accounts, same products, and same support.
As Mercury Bank becomes fully operational, customers will gain capabilities they can’t access today: Zelle built directly into Mercury Bank accounts for person-to-person and business payments, an expanded suite of lending products for businesses and individuals, and deeper payments infrastructure for faster money movement and more direct control over how payments are processed.
