ACI Prepaid Card Compliance Conference Highlights Three Important Considerations that Your Payments Providers Should be Making to Create Successful Payments Programs
The American Conference Institute (ACI) hosted its 10th National Forum on Prepaid Card Compliance last week in Chicago, bringing together a faculty of regulatory and enforcement officials, compliance experts, and outside counsel specializing in prepaid card regulatory compliance, to discuss the legal and regulatory challenges faced by the industry. Our own CCO David Wilford was invited to attend the conference and spoke about the legal and regulatory considerations for international payments programs. With laws regarding prepaid changing so rapidly, these are the three key topics that were discussed at this year’s conference that your payments provider’s in-house counsel should be cognizant of in order to create a successful payments program:
- Third-party risk management: With third-party oversight remaining a big concern, it is important to choose a payments provider that will manage your business’ third-party risk, ensuring that it aligns with your compliance program. Ongoing due diligence procedures are imperative to mitigating third-party risk and staying compliant with new rules and regulations as they come into place.
- Federal and state regulatory conditions: Industry leaders need to understand the impact of these evolving conditions and be on top of new and emerging issues. This is especially important for designing an international payments program where regulations may differ from country to country.
- New and emerging payments programs: With technology changing so quickly,it is going to be increasingly important to understand how new payments programs will fit into the big picture. Many of these new payment technologies will have the potential to become attractive forms of revenue but they are also riddled with regulatory, compliance, and security uncertainties.