ETA Announces Corporate Self-Regulation Program, Demonstrating Payments Industry Commitment to Fighting Fraud
WASHINGTON, Sept. 4, 2018 /PRNewswire/ -- The Electronic Transactions Association (ETA) today announced the ETA Self-Regulation Program (ETA SRP) which seeks to improve security and reduce risk in the payments industry by identifying and acknowledging underwriters who have a deep understanding of the risks associated with financial services.
ETA SRP is based on the ETA's Risk Guidelines for Merchant and ISO Underwriting and the Risk Guidelines for Payment Facilitators which were created, and are regularly updated, by ETA members with expertise in the relevant areas. The Guidelines are grounded in the Operating Regulations of the various payment networks, existing governmental regulations, and industry best practices for risk management. They are a tool to assist those developing risk management policies within the payments industry.
"The ETA Self-Regulation Program affirms the payments industry's commitment to maintaining robust risk management programs and provides a benchmark for the industry," stated Jason Oxman, CEO of ETA. "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."
The ETA SRP provides ISOs, Payment Facilitators and acquirers the ability to demonstrate reliability and industry acumen by attesting that they adopt and utilize either the ETA Guidelines on Merchant and ISO Underwriting and Risk Monitoring or the ETA Payment Facilitator Guidelines.
"The creation of the ETA Self-Regulation Program represents a tangible step taken by the payments industry to ensure stakeholders are committed to utilizing best practices," said Chief Executive Officer of Global Payments Inc., Jeff Sloan. "Global Payments is pleased to support this program as a way to help the industry self-regulate risk."
Through the attestation process, ETA will verify the risk practices of ISOs, acquirers and Payment Facilitators, publish those companies' names, and present them to regulators as ETA SRP participants. To learn more about the program, visit 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 $6 trillion in purchases in the U.S. and deploying payments innovation to merchants and consumers.
Media Contact: Laura Hubbard, 1-202-677-7406, [email protected]
SOURCE ETA
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