Payment facilitators who follow industry risk management best practices can now be recognized for their efforts, using a new program from the Electronic Transactions Association (ETA).
This week, ETA – a nonprofit trade organization for the payments industry – introduced its new Self-Regulation Program (SRP), intended to acknowledge industry players who are developing and following appropriate risk management policies.
ETA based its program on two documents: ETA’s Risk Guidelines for Merchant and ISO Underwriting and Risk Guidelines for Payment Facilitators. Consultants Rich Consulting and Double Diamond Group oversaw ETA working groups’ creation of the guidelines, which follow network rules, government regulations and other industry best practices.
The SRP has multiple components for different roles within the industry. Acquirers, ISOs and payment facilitators can all attest to their adherence to the guidelines.
“The ETA Self-Regulation Program affirms the payments industry’s commitment to maintaining robust risk management programs and provides a benchmark for the industry,” Jason Oxman, CEO of ETA, said in a press release.
“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,” he said.
ETA said that it will verify the practices of businesses that choose to participate in the program and will make lists of participants available to regulators.