The American Transaction Processors Coalition (ATPC) continued their Capitol Hill leadership on May 8th by holding the annual Congressional Payments 101. The ATPC was the first organization to host a Capitol Hill fly-in and is proud to continue this “staff briefing” tradition on behalf of America’s Payments Processors.
This year’s presentation, “Understanding the Payments Processing Industry and its Role in the U.S. and Global Economy,” was held at the Rayburn House Office Building and included the following presenters:
- Andrea Blinkhorn, VP of Corporate Affairs, FIS
- Chris Stromberg, VP, Head of U.S. Government Affairs, Paysafe
- Beth Gross, Director, Government Relations, Discover
- West Richards, ATPC Executive Director (Moderator)
The payments processing industry is the critical backbone of the U.S. and global economies, supporting consumers and businesses with day-to-day transactions and services. The industry employs more than 90,000 people in the U.S., processing approximately one trillion global transactions annually. Payments processing companies are headquartered across the country, with the world’s largest concentration in Georgia’s “Transaction Alley.” These companies make up an essential part of the financial services industry, innovating and ushering the way for development of new payments technologies and services for consumers to make transactions.
“As we continue to grow through the largest revolution in payments from physical to digital,
it is critical that lawmakers and their staff understand how this industry works, why it matters, and it’s vital role in the rest of the economy,” said ATPC Executive Director, Richards. “It is a complex ecosystem with many different players working to ensure the movement of money runs smoothly and this year’s payments 101 provided an opportunity for members and staff to hear from industry leaders about the important role our companies play.”
Topics covered included:
- Corporate overviews from presenters: how they fit into the payments ecosystem, what their companies do to enable payments; and the breadth of companies involved in processing a transaction
- Differences between credit card brands like Discover, American Express and Visa
- The relationship between merchants and credit card networks; and how a transaction works today for an in-person (card present) payment
- Overview of the payments processing regulatory environment
- The tools and approaches companies take to keep payments secure for cardholders, including measures to prevent fraud and other illicit activity
- The critical role AI has and will play in payments processing
- Ways in which cryptocurrency is and will impact the payments landscape
- The future of payments technology and the impact it will have on consumer access, speed, and cost
- Current public policies that are important to the payments industry
The ATPC will hold its annual Capitol Hill Fly-In (and board meeting and Government Relations Future Leaders class) June 10-11.
