- The size and scope of the online transaction laundering problem;
- Transaction laundering’s sophistication over previous methods for hiding illegal e-commerce; and
- How payments industry stakeholders are working to detect transaction laundering and mitigate the associated business risks.
Guest Analysis: ControlScan Releases Online Transaction Laundering White Paper
Guest Analysis: How the $40 Billion Chargeback Problem Impacts the Entire Payments Ecosystem
- Merchants are hit with fines and fees, extra labor costs, loss of goods/services and even the potential loss of processing privileges.
- Issuers assume additional customer support costs as managing cardholder disputes costs time and money.[2]
- Consumers even feel the pain with increased fees, more friction in the sales process due to increased fraud prevention measures and, ultimately, increased prices.
- Increased efficiencies – The expert level of understanding required to manage chargeback disputes is significant. Manual processing, reconciliation and reporting, as well as interaction with various banks often results in inefficiency - some of which may not always be evident on the balance sheet.
- Effective use of resources – Near real-time notification of the dispute enables quick resolution without draining staff and resources once escalated to the exhaustive chargeback management process.
- Eliminated chargeback fees and penalties due to excessive chargebacks – Collaboration allows for the prompt resolution of disputes before fees and penalties can be imposed.
- Avoiding additional losses of goods and services – Merchants rarely receive back the original merchandise or service provisioned, adding to the total amount of losses. Organizations with a recurring business model or subscription services must also take into account services rendered when chargebacks occur, as these non-tangible goods cannot be returned.
- Reduced compliance burden – Properly filing chargebacks with the correct reason codes and documentation is time-consuming. Chargeback notices eliminate the need for this by allowing the issuer to pass the dispute to the merchant to handle directly.
- Enhanced customer experience – By looping the merchant in to communicate with the customer directly, issuers can foster a positive customer experience by making the dispute process more quick and efficient.
- Lowered dispute costs and improved efficiency – Automating the dispute process has been proven to decrease costs by 50 percent without sacrificing customer service [1].
Guest Analysis: 4 Reasons Why your MPOS Strategy is Failing
ETA Expands Policy Advocacy with New Director of Regulatory Affairs
ETA Expands with new Director of Regulatory Affairs
WASHINGTON, DC ─ The Electronic Transactions Association (ETA), the global trade association of the payments technology industry, today announced the next step in its continued expansion of government relations activities with the hiring of seasoned public affairs professional Mary Albert as the Director of Regulatory Affairs. “Mary brings extensive experience in regulatory and legislative affairs to our growing ETA team,” said Jason Oxman, CEO of ETA. “Her background in the technology and telecommunications industry is important for our members, particularly as ETA now represents all four mobile network operators, the largest mobile handset manufacturers, and the nation’s leading technology innovators.” Albert joins ETA at a time of immense growth for the association, with more than 50 new technology companies joining since last year. ETA has greatly expanded its advocacy program with the launch of ETAPAC, and ETA’s Federal and State Government Relations Committees have grown to include the nation’s largest financial and technology companies. ETA now advocates before state regulators, federal courts, and more than a dozen federal technology and financial industry regulatory agencies. “I'm thrilled to add Mary to the team during such an exciting time for our industry,” said Scott Talbott, SVP of Government Affairs for ETA. “Her experience and knowledge of the regulatory environment will strengthen ETA's ability to represent our members' interests in DC and across the nation.” Albert joins ETA from COMPTEL, where she served as Assistant General Counsel and Secretary. Albert also worked as in-house counsel at a technology company, as a lawyer in private practice, and as a staff attorney at the Commodity Futures Trading Commission. She holds a BA from Wells College and a law degree from Georgetown University Law School. “I am thrilled to join ETA’s dynamic team,” said Albert. “ETA members are bringing exciting innovations in payments technology to consumers, and I look forward to helping regulators understand the need for policies that advance innovation.” For media inquiries, contact Meghan Cieslak, 202.677.7406 or meghan.cieslak@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 $4.5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.August 13, 2015: Fundamentals of a Payment Processing Company
SPEAKERS
HOLLI TARGAN Attorney and Partner Jaffe, Raitt, Heuer & Weiss, PC Holli Targan is an attorney and partner at Jaffe, Raitt, Heuer & Weiss, where she is Chairman of the Jaffe Electronic Payments Practice Group. She is a past President of the Electronic Transactions Association and concentrates her practice on contracts, compliance, and mergers and acquisitions in the payments industry. [spacer height=22] PEGGY BEKAVAC OLSON President Strategic Marketing Peggy Bekavac Olson is president of Strategic Marketing, a marketing firm specializing in serving payments industry companies. Strategic Marketing’s clients range from card brands, acquirers, processors, gateways and POS manufacturers to ISOs, agents and merchant level sales. Formerly head of marketing for Vital Processing Services and TSYS, today Peggy serves on the Board of Directors for W.net – the Women’s Network in Electronic Transactions and on the program planning and communications committees for the Electronic Transactions Association. She is also a marketing guest columnist for the popular payments publication The Green Sheet.ETA Announces Payments’ Premier Fintech Event: TRANSACT Tech
Registration open for the San Francisco hub of payments innovators
Washington, DC – The Electronic Transactions Association (ETA), the global trade association representing the payments technology world, announced today the launch of their new event TRANSACT Tech, an educational and networking event for payments innovators and disruptors. Sponsored by PayPal and Discover, the inaugural TRANSACT Tech will take place November 10, 2015 in the hub of technology, San Francisco. Registration is open now at http://www.electran.org/conferences-events/2015-transact-tech/ “ETA is nurturing innovation and building bridges among entrepreneurs, investors, and industry titans in payments,” said Jason Oxman, CEO of ETA. “Following our enormously successful TRANSACT 15 event in San Francisco in April, TRANSACT Tech is the perfect platform for payments and technology companies to connect.” TRANSACT Tech brings leaders in fintech, P2P, cloud, mobile, authentication, and security together to network and build products and services that will revolutionize commerce. Attendees include senior level executives from the Bay Area including financial institutions, technology companies, investment and VC firms, and industry analysts. TRANSACT Tech is the newest addition to ETA’s educational and networking event program across the country, including the sold-out Transaction Alley Day in Atlanta and Silicon Alley Day in New York. ETA Members can register for $59, and non-members for $99. Join the most innovative companies in payments, technology and global commerce at TRANSACT Tech. Register today: http://www.electran.org/conferences-events/2015-transact-tech/. For media inquiries, contact Meghan Cieslak at 202-677-7406 or mcieslak@electran.org. For information on ETA membership and events, please contact Del Baker Robertson, 202-677-7404 or dbaker@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.September 29, 2015: Policy Threats from Washington, DC
SPEAKERS
ED MARSHALL Partner Partner, Arnall Golden Gregory LLP Edward A. Marshall is a partner and the chair of the business litigation practice at the Atlanta-based law firm, Arnall Golden Gregory LLP, where he also serves as co-chair of the payment systems team. Ed is an active participant in the ETA’s Lawyers and Risk, Fraud, and Security Committees, and represents card issuers, payment processors, and ISOs in a variety of legal matters. He also established the American Bar Association’s subcommittee on Payment Systems Litigation in 2014. Recently, Ed was selected as one of Georgia’s “Top 40 Under 40” by the Daily Report, Atlanta’s leading legal newspaper. [spacer height=22] SCOTT TALBOTT Senior Vice President, Government Affairs Electronic Transactions Association Scott is Senior Vice President, Government Affairs at ETA, where he directs the overall policy strategy and manages the daily legislative and regulatory advocacy efforts. He has received numerous accolades in his tenure, including being named a top lobbyist by The Hill, a newspaper based on Capitol Hill, in 2009 and 2011-2015, as well as a “winner” for his work during the economic collapse of 2008 by Washingtonian magazine. In 2010, he appeared in the Oscar-winning film “Inside Job”. Once named NPR’s favorite bank lobbyist, he is a frequent contributor to both national and international media. Talbott joined the ETA in 2014 after spending 20 years as the top lobbyist for a large financial services trade association. He also worked in the tax departments of Arthur Anderson and Ernst & Young. He received his B.A. from Georgetown University, cum laude, and his J.D. from George Mason University School of Law.ETA Signs Joint Trade Letter to NIST on Privacy
July 30, 2015
Please click here to view a joint trade letter to National Institute of Standards and Technology (NIST) on its draft Internal Report 8062—“Privacy Risk Management for Federal Information Systems”. The letter argues that the NIST standard, while meant to help the government address its own internal privacy challenges could be applied to the private sector.
JULY / AUGUST 2015
COVER STORY
25 YEARS OF ETA EXCELLENCE During the past quarter century, ETA has grown from a small group of like-minded professionals to the leading global organization connecting and advocating for the payments community. Hear from past presidents as they share their personal reflections on the growth and future of ETA and its members. [divide]FEATURES
SLOW ROAD TO CONSUMER ADOPTION While investors are clearly enthused about Bitcoin, statistics show that U.S. consumers are not. With a still shaky reputation and less-than-compelling incentives, the cryptocurrency has years to go before mainstream acceptance is possible, say experts. TRANSACTION TRENDS EXCLUSIVE CE SERIES: FINDING BITCOIN Although the industry has yet to strike Bitcoin gold, payments professionals should learn how it works and benefits retailers, and become familiar with its potential outside of payments. Overstock.com accepts the cryptocurrency and offers a fascinating potential use case example. After you read the article, be sure to take the online quiz to earn two CE credits! [/two_third][one_third_last] View MULTIMEDIA version Download PDF version [/one_third_last] [divide]DEPARTMENTS
@ETA Announcements and ideas from ETA’s CEO Jason Oxman INTELLIGENCE Vital facts and stats from the electronic payments world POLITICS & POLICY Timely political, economic, and advocacy updates affecting your business COMMENTS Thoughts on cyber liability and exposures across the payments industry AD INDEX PEOPLE Vinay Gupta explains “smart contracts” and introduces “ether,” a cryptocurrency used on a of transaction processing network. [clear]ETA Sends Letter to Senators in Support of S. 754 the Cybersecurity Information Sharing Act of 2015
July 30, 2015
The Electronic Transactions Association (ETA) urges the Senate to take up and pass S. 754, the Cybersecurity Information Sharing Act (CISA) of 2015. Passing cybersecurity information sharing legislation is a top priority for ETA members.
ETA’s full letter to US Senators can be viewed by following this link.
ETA Submits Letter to NY DOL Regarding Proposed Regulations of Payroll Debit Cards
July 31, 2015
The Electronic Transactions Association (“ETA”) hereby submits its comments in response to the Department of Labor’s proposal to adopt regulations governing the use of payroll debit cards. ETA is the leading trade association for the payments industry, representing over 500 companies that offer electronic transaction processing products and services. ETA’s members include financial institutions, transaction processors, payments networks and others that may be impacted by any rules or regulations the Department may adopt relating to payroll debit cards.
Guest Analysis: EMV Lessons from Our Neighbors to the North
ETA Submits Comments in Support of the American Bankers Association’s Petition For Reconsideration
August 18, 2015
The Electronic Transactions Association (ETA), through undersigned counsel, hereby submits these comments in support of the American Bankers Association (ABA) Petition For Reconsideration and modification of the exemption from the Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227, that the Commission granted in the above-captioned proceeding in response to the ABA’s Petition for Exemption for certain automated calls from financial institutions to mobile devices.
ETA’s full comments can be viewed here.
CEO Perspective: Innovate, Don’t Regulate
U.S. Representatives Host Event with the Congressional Payments Technology Caucus in Atlanta
Congressional Research Service Publishes Study on the EMV Chip Card Transition
September 11, 2015
Consumer financial card fraud due to data breaches of card information is an ongoing problem in the United States. The majority of breaches are carried out against point-of-sale (POS) systems, and are facilitated by what many consider to be the weak link in the U.S. retail sales payment process: the continued use of magnetic stripe cards (also referred to as stripe-and-signature cards). These cards are what most U.S. consumers think of when referring to financial cards.
ETA & PCI Host Payments Security Policy Day In Washington, DC
ETA Hosts Executive Payments Fly-In in Washington, DC
October 22, 2015: Effective Fraud Prevention for Payment Processors
- How to protect your merchants and your company from fraud
- New revenue opportunities with added value for top merchants
- How fraud prevention can be simple, affordable and real-time
- Creating a safer, more profitable ecosystem with one API integration
- Critical backend underwriting when reviewing new merchant account applications