Transaction Trends

Jacob Bennett, Chief Risk Officer at National Merchants Association

Even a seasoned payments professional can feel like a stranded traveler in the desert when it comes to keeping up with the latest regulatory developments in this fast-moving industry.

And this year is unlike any other.

With a change in the White House, there is a tremendous amount of uncertainty in the payments industry when it comes to new legislation and regulation affecting almost every agency influenced or controlled by the government.

That’s why ETA’s Professional Development Committee’s ETA CPP Review Training Sessions at TRANSACT are so vitally important.

“Domain 6: Regulatory, Compliance, and Security,” scheduled 2 p.m. to 3 p.m. Thursday, May 11, will provide the latest information and analysis available to ensure that payment professionals have the tools they need to stay ahead of the game.

Along with my colleague, Lindsay Sugarman, ETA CPP, ETA YPP, we are working tirelessly to make the session as engaging, innovative, and interesting as possible.

Updates to PCI compliance rules create a burden for companies required to comply with those regulations, especially when there is no shortage of ways to do so. The best weapon in tackling PCI compliance is knowledge and our goal is to share best compliance program practices in the session.

An expected restructuring of the federal financial regulatory framework — including a widely-anticipated attempt to repeal or restructure the Dodd-Frank Act — is a constant source of conversation. Instructions to federal financial regulatory agencies to relax regulatory requirements are also on the table and anti-money laundering (AML) is sure to be at the forefront of regulatory focus and will help shape much of the payments industry’s direction ahead.

Those major overhauls in policy and regulation are critical to our industry and will create a great deal of static for professionals. These expected changes will shape the future of how and with whom we do business.

Clarity is needed now more than ever.

With an extensive background in underwriting and risk, I am sinking my teeth into these issues to provide the best possible perspective and cutting-edge education. Our trio of educators will present key instruction on how professionals can best work with merchants to ensure best practices implementation during this tumultuous time.

As a member of the ETA Professional Development Committee, I believe that the ETA CPP program is incredibly important and sets the standard for professional performance in the payments industry as a symbol of excellence. The fact that these educational sessions are available supports the goal of disseminating quality, accurate information to continue to grow that standard of excellence.

I hope you will join us in our efforts to continue to enhance the reputation of payments professionals everywhere.