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volume 8 • fall 2015
Nicole Ibbotson doesn’t hesitate to bring her legal documents to the InComm
gym for review on the elliptical machine or stationary bike. As general counsel for the Atlanta- based company’s financial affiliate, the former half-Ironman competitor knows a thing or two about multi- tasking and stamina.
“InComm is in 32 countries and constantly expanding, so it’s defi- nitely a challenge to stay on top of new legislation and regulation,” Ibbotson says. To stay current, she networks and participates on the NBPCA’s government affairs and ETA’s prepaid committees, reviews industry news, speaks at confer- ences and reaches out directly to regulators. “Government outreach is a key part of my day-to-day activi- ties,” she notes. “In this highly regulated industry, I need to know people at every regulatory agency, regardless of whether or not they directly regulate InComm.”
Putting Compliance to Work
Ibbotson, who previously worked in private law practice, is most proud of creating new business opportuni- ties for InComm by solving third- party regulatory compliance needs. “We work with some of the largest retail, technology and wireless companies in the world. When they offer a new technology or product that has a payments element, we can take over and manage that portion,” Ibbotson explains. “This allows our partners to focus on their core business and ensures the new offering will be fully compliant.”
The U.S. has an extremely compli- cated regime of state money transmission laws, which she says represents a significant barrier to payments innovation. InComm is fully licensed, but obtaining these licenses costs up to $2 million and takes up to two years, which can be a major challenge to new entrants. She says it took a quarter of the capital and time to become an Authorised Payments Institution in Europe, and Ibbotson is concerned that the disparity could leave the U.S. at a disadvantage.
Although she is worried about the potentially stifling effects of regula- tion, Ibbotson also is excited about the possibilities of new payments technologies taking hold. She recently organized a fintech event through the Technology Association of Georgia to help startups under- stand complex financial regulations and also leads InComm as founding
Best Advice
“Whether you’re networking, selling or negotiating, remem- ber to smile, remember their name and remember their point of view.”
member in a new MSB trade association to raise awareness of alternative payment providers, promote more consistent ap- proaches to state licensing and reduce barriers to innovation.
For anyone pursuing a career in payments, she suggests becoming an early adopter. “Try out mobile payment apps, buy virtual currency, send a remittance,” she says, noting that doing so will help you be more effective in your job.
“Ultimately, the best lawyers see different viewpoints,” Ibbotson concludes. “I learned this firsthand with my entrepreneur husband acting as CEO, developer, marketer, salesperson and industry newcomer prior to growing and selling two companies. Understanding these roles helps me see the big picture and motivates me to work harder to find solutions.”
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nicole iBBoTson
General Counsel, InComm Financial Services Inc.