Kelley: In 2020, Advocacy Focused on Innovation and Security

By Jodie Kelley, CEO, ETA

Over the past decade, payments technology has changed our lives in ways that we now take for granted. The payments ecosystem is providing powerful new tools that improve consumers lives, help small business thrive and power the new digital economy. That pace will continue to accelerate, as technology powers the products and services to meet consumer’s growing demands and evolving business needs.

In 2020, ETA will focus our advocacy efforts on supporting policies that will allow the payment industry to continue to develop secure, convenient, inclusive products and services that build a better and more efficient economy.

We will push for a regulatory and policy environment that supports, rather than stifles, innovation and fosters the kinds of advances that the convergence of “fin” and “tech” are providing our economy. Here’s where we will focus our efforts:

Privacy
Payments companies are combining innovation and data to power security solutions that protect commerce from fraudsters. We oppose efforts to codify specific technology as payments security measures – which restrict innovation and hamper efforts to keep up with fraudsters – and support a national privacy data standard that recognize the use of data to detect and prevent fraud. We will push for a uniform national breach notification standard, to ensure certainty and predictability for both consumers and ETA members when businesses are made victims of a data breach.

Promoting Artificial Intelligence
ETA will continue to educate policymakers on the use and development of advanced technologies like artificial intelligence (AI). AI is unlocking so much potential. Today, advanced data analytics help prevent money laundering, augment cybersecurity for merchants, financial institutions and payments companies, and flag potentially fraudulent payments activity in real-time. Tomorrow, it will power solutions that will change the way we conduct commerce. ETA members are constantly and consistently raising the bar on the standards they meet to develop and deploy AI technologies.

Creating a Modern Workforce
ETA understands our members need a skilled, prepared 21st-century workforce to power their growth. In this new decade, we need increased educational opportunities and other solutions to foster sophisticated talent. To promote innovation, we will lobby for legislation that promotes a more diverse and talented workforce for our members, including programs that give STEM educational and career opportunities to underrepresented populations and support skilled immigration.

Other Priorities
As our members expand, we will push for changes that bring certainty to online small business lenders and provide a remedy on conflicting federal and state laws on cannabis. We will also continue to push for FinTech charters and regulatory “sandboxes” that encourage innovation.

ETA predicts more states will introduce laws that directly affect the payments industry, including privacy legislation and tax changes. We will oppose the application of new or expanding of existing taxes to the payments industry, and efforts to add burdensome and costly measures like real-time sales tax collection. Canadian policymakers are exploring many of the same issues- privacy, data security, and AI. ETA will continue to work with the Canadian government to advance good public policy.

Engage with ETA
ETA is evolving to be as nimble and innovative as the industry itself and will continue to provide world-class advocacy for the payments technology ecosystem. Our members are our most important resource in this effort. Your stories, expertise, perspectives and passion are invaluable tools to bring to the table with policymakers. Engage with us in 2020 and together, we can foster another incredible decade of innovation and security.