Thursday, September 6, 2018
The Electronic Transactions Association's Self-Regulation Program (ETA SRP), launched Sept. 4, 2018, is the ETA's latest bid to formalize best practices across diverse service providers. The global trade association said it designed the initiative to improve security and reduce risk by officially recognizing companies that adhere to industry best practices.
Jason Oxman, CEO of the ETA, has long avowed that payments industry stakeholders are principled technology providers that go above and beyond minimal compliance standards. While merchant acquirers and third-party service providers use advanced technologies to protect consumer data and critical financial infrastructures, their contributions deserve additional recognition, he stated.
"The ETA Self-Regulation Program affirms the payments industry's commitment to maintaining robust risk management programs and provides a benchmark for the industry," Oxman said. "The ETA SRP also demonstrates to various federal regulatory bodies that our industry is not only capable of self-regulation but will continue to take concrete steps to mitigate instances of abuse."
Oxman additionally recognized expert underwriters with advanced risk skills for their efforts to improve security and mitigate risk. He noted their insights inform previously published merchant onboarding guidelines for acquirers and payment facilitators. These documents are grounded in principles and regulatory standards of payment card brands, processing networks and legislative bodies, and regularly updated by ETA committees, he added. The ETA SRP leverages the collective knowledge base of the following resources:
ETA Guidelines on Merchant and ISO Underwriting and Risk Monitoring provides tools for payment companies to work toward a common goal of self-regulation of the payments industry.
The association'sPayment Facilitator Guidelines, developed by ETA working committees, outlines the nuances and requirements of onboarding sub-merchants by payfacs while helping them identify illegal and fraudulent transactions.
Committee members said instituting voluntary best practices creates a roadmap for boarding merchants and identifying irregular activity. Companies that follow the guidance and attest they have implemented the guidelines will become designated ETA SRP participants. The attestation process will confirm participating ETA members have met risk management requirements. These eligible members will be listed as ETA SRP participants, they stated.
Jeff Sloan, CEO at Global Payments Inc., said Global fully supports the new initiative, which is available to third-party service providers in the payments ecosystem who underwrite merchants or ISOs. Sloan called the program "a tangible step taken by the payments industry to ensure stakeholders are committed to utilizing best practices."
In addition to being listed on the ETA's site, participating ETA SRF companies can display a certificate on websites and in promotional materials. Attested companies will be eligible to speak at ETA events. They will also receive discounted rates to services by ETA member legal firms and educational programs related to risk management and security.
Additional information about the ETA SRF program can be found at www.electran.org/industry-affairs/srp-eta-self-regulation-program .
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.