Navigating the payment provider regulatory environment

Darryl

Cumming, Director

of Product Management at NMI, and Scott Talbott, SVP at ETA, outline how payment providers can prepare for increased liability

With a wave of new regulations coming in from Washington DC, the businesses of ISOs, merchants and other leading payments providers stand to incur an extensive impact on their operations.

These shifts require providers to not only examine the latest fraud detection opportunities in far greater depth, but to also place a far more critical importance on fraud prevention, across the whole industry.

Payments providers in the United States may have had an easier time in recent years than those in the European Union – but that is all set to change, and it’s vital that payment providers are ahead of the game when it comes to regulation and compliance.

“What we’re seeing is that the federal regulators in Washington DC have turned their attention to the payments industry. In the past, if a merchant committed fraud, the payments industry could say, ‘We did what we could. It is certainly part of our problem, but it’s not our fault’,” explains Scott Talbott, Senior Vice President of Government Affairs at the Electronic Transactions Association (ETA).

“But, over the last couple of years, the federal regulators have taken the tact that they’re going after the payments industry, saying, ‘We actually disagree, we think you had a role to play here’. And they shifted the liability and the legal standard, to where

Darryl Cumming

TITLE:

Director Of Product Management

INDUSTRY: FINANCIAL SERVICES

LOCATION: CANADA

Darryl Cumming, is a seasoned Director of Product Management with over a decade of experience in FinTech and Payments industries. With a focus on risk underwriting automation, Darryl has developed a reputation for delivering innovative solutions that streamline processes and improve risk assessment accuracy. Darryl’s expertise in the payments industry, including data analytics, and process improvement, has made him a sought-after advisor for organisations looking to stay ahead of the curve in risk underwriting automation and fraud detection.