A new report from Aite Group reveals the key challenges facing the merchant acquiring industry today: regulation, economics and technology. Based on surveys and interviews with merchant acquiring executives, conducted primarily in-person at the Electronic Transactions Association (ETA) Annual Meeting in Las Vegas in April 2010, the report examines new technologies and sheds light on three trends that will shape the industry in coming years.
Sixty-one percent of respondents viewed regulation as the top challenge facing the industry, referring specifically to Payment Card Industry (PCI) compliance and federal and state mandates. Compliance with this new legislation will be very costly for merchant acquirers to implement. Half of the surveyed population named economic factors as the second most important issue, and 63% ranked technology as the third major industry hurdle faced by merchant acquirers in 2010 and 2011.
“The acquiring industry has faced some turbulent times over the last two years,” said Adil Moussa, analyst with Aite Group and co-author of this report. “The state of the economy, increased competition, regulatory changes from US federal and state governments, and PCI compliance have all contributed to market changes that merchant acquirers have struggled to address. There are, however, steps the industry can take to ease the burden of meeting new challenges, among them stepping back and reassessing its focus on certain elements, like mobile technology, which has taken up more resources than demand warrants. The industry should also give serious consideration to enacting industry standards for security issues.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more