Keeping bad actors out of the payments system is an important part of a payment facilitator’s job. But keeping up with a fast-moving risk environment can be daunting.
The Electronic Transactions Association’s (ETA) Self-Regulation Program (SRP) was announced last month as a voluntary self-attestation program for payments companies who attest to following the ETA Guidelines on Merchant and ISO Underwriting and Risk Monitoring or Payment Facilitator Guidelines. Rich Consulting and Double Diamond Group authored the original guidelines in concert with ETA and its committees, which follow network rules, government regulations and other industry best practices.
To further help companies who wish to participate in ETA SRP, Rich Consulting and Double Diamond Group have introduced a new program to help them prepare and attest to their compliance.
“Self-regulation is a critical function, enabling payments companies to avoid government intervention and protect the payments ecosystem,” Deana Rich, CEO of Rich Consulting, told PaymentFacilitator.
“Fortunately, it’s not something companies have to figure out on their own. We’ve developed this program to help them make sure they’ve done what they need to do to prepare for the ETA’s verification process,” she said.
“Helping payment facilitators and other industry players develop robust risk management and compliance programs is at the heart of what we’ve always done. That experience forms the basis for this latest effort. Our expertise can help companies prepare and stand behind their risk management practices,” said Todd Ablowitz, CEO of Double Diamond Group.
“I see this as equivalent to the dawn of PCI. Like PCI, in the coming years, an entire ecosystem will be built around readiness and compliance with the SRP. We took our industry-leading program and augmented it to again lead the industry by driving the readiness for this incredibly important initiative. The SRP’s success is synonymous with the industry’s success and as such, we are excited to participate,” he said.
Ablowitz and Rich are co-founders and publishers of PaymentFacilitator.
ETA is a trade association representing the payments technology industry. The group released the second edition of its Payment Facilitator Guidelines last week, reflecting the latest industry rule changes.