v3.26.3
Settlement Assets and Obligations (Tables)
 9 Months Ended
Sep. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Settlement Assets
The Company's consolidated settlement assets and obligations were as follows:
(in thousands)September 30, 2026December 31, 2025
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants(1)(2)
$2,522 $2,455 
Card settlements due from networks9,712 16,092 
Subtotal12,234 18,547 
MTL Customer cash and cash equivalents (restricted in nature)(3)
967,670 1,252,349 
MTL Short-term investments525,000 25,000 
Total settlement assets$1,504,904 $1,295,896 
Settlement Obligations:
MTL Customer account obligations$1,454,913 $1,244,975 
Subscriber account obligations36,969 32,031 
Total customer/subscriber account obligations1,491,882 1,277,006 
Due to customers' payees(4)(5)
14,223 20,257 
Total settlement obligations$1,506,105 $1,297,263 
(1)Allowance for estimated losses were $5.8 million and $7.1 million as of September 30, 2026 and December 31, 2025, respectively.
(2)Excludes merchant funds held at member banks of $121.6 million and $103.9 million on September 30, 2026 and December 31, 2025, respectively.
(3)Excludes funds held under agency arrangement with member banks, balances remain under the control of the member banks (therefore not the assets or obligations of the Company). Agency owned accounts held $46.1 million and $50.3 million at September 30, 2026 and December 31, 2025, respectively.
(4)Includes $9.7 million and $16.1 million as of September 30, 2026 and December 31, 2025, respectively, of card settlements due from networks and the remainder is included in restricted cash on our Unaudited Consolidated Balance Sheets.
(5)Excludes amounts due to customer payees that are held in bank-owned FBO accounts which are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $148.5 million and $151.8 million at September 30, 2026 and December 31, 2025, respectively.
Schedule of Settlement Obligations
The Company's consolidated settlement assets and obligations were as follows:
(in thousands)September 30, 2026December 31, 2025
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants(1)(2)
$2,522 $2,455 
Card settlements due from networks9,712 16,092 
Subtotal12,234 18,547 
MTL Customer cash and cash equivalents (restricted in nature)(3)
967,670 1,252,349 
MTL Short-term investments525,000 25,000 
Total settlement assets$1,504,904 $1,295,896 
Settlement Obligations:
MTL Customer account obligations$1,454,913 $1,244,975 
Subscriber account obligations36,969 32,031 
Total customer/subscriber account obligations1,491,882 1,277,006 
Due to customers' payees(4)(5)
14,223 20,257 
Total settlement obligations$1,506,105 $1,297,263 
(1)Allowance for estimated losses were $5.8 million and $7.1 million as of September 30, 2026 and December 31, 2025, respectively.
(2)Excludes merchant funds held at member banks of $121.6 million and $103.9 million on September 30, 2026 and December 31, 2025, respectively.
(3)Excludes funds held under agency arrangement with member banks, balances remain under the control of the member banks (therefore not the assets or obligations of the Company). Agency owned accounts held $46.1 million and $50.3 million at September 30, 2026 and December 31, 2025, respectively.
(4)Includes $9.7 million and $16.1 million as of September 30, 2026 and December 31, 2025, respectively, of card settlements due from networks and the remainder is included in restricted cash on our Unaudited Consolidated Balance Sheets.
(5)Excludes amounts due to customer payees that are held in bank-owned FBO accounts which are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $148.5 million and $151.8 million at September 30, 2026 and December 31, 2025, respectively.