News from the Wire

ETA releases Payment Facilitator Guidelines

Friday, October 21, 2016 — 12:59:41 (EDT)

Washington, Oct. 21, 2016 -- The Electronic Transactions Association (ETA), the global trade association representing the payments technology world, today released new Payment Facilitator Guidelines offering guidance and practices to these new entrants regarding settlement, registration, funding delays, fraud, security, and related issues. Authored by Double Diamond Group on behalf of ETA, these new guidelines will help promote the growth of the Payment Facilitators segment as it brings new technology companies into the payments industry. The Payment Facilitator Guidelines will be the cornerstone of benefits for companies that join ETA, the trade association of the payments industry.

"Payments Facilitators are a growing segment of ETA's membership, and this project is the first of many aimed at providing insight to this new vertical," said Jason Oxman, CEO of ETA. "The ETA Payment Facilitator Guidelines will set forth best practices to provide guidance to these new entrants in every respect."

Payment Facilitator Guidelines include:

• Guidance for underwriting submerchant accounts;
• Enhanced underwriting due diligence for submerchants;
• Guidelines for risk management of submerchant accounts;
• Risk management guidance for submerchants requiring enhanced due diligence

"Payment Facilitators are facing dynamic changes in most every facet of their business," said Todd Ablowitz, CEO of Double Diamond Group. "I'm excited to work with ETA on this project that will help ensure the success of this rising segment of the payments industry."

For questions on the Guidelines, please contact Amy Zirkle, azirkle@electran.org .

About ETA The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.

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Source: Company press release.