By John Ginovsky
ABA's new Emerging Payments Advisory Group will study and
discuss the rapidly changing environment of payments and their associated
technology.
Its purpose is "to put bankers from banks of all sizes into
the same room to identify areas of common interest and to speak with one
voice," says Ken Clayton, executive vice president, Legislative Affairs and chief
counsel.
The diverse team of bankers will work to identify policy
trends, risks, and opportunities in the changing payments environment and
determine next steps to promote the interests of all stakeholders in the
payment system.
"Banks have a long history of developing and delivering
safe, convenient forms of payment," says Frank Keating, ABA president and CEO.
"By identifying key issues and educating policy makers, our goal is to ensure
that the payment system continues to provide consumers with reliable, safe, and
efficient access."
One likely major topic of conversation will revolve around
the continuing development of mobile payments. "We need to peel back the layers
of all the various participants. Mobile payments-exactly what does that mean?
Who's the credible source for holding or transferring funds?" Clayton said.
Adds Steve Kenneally, ABA vice president, Center for
Regulatory Compliance, "The group will likely discuss and identify the threats
and opportunities that this changing market presents."
The bottom line, says Clayton, is that ABA, through this
group, will help its members to cope with changing technologies, while being an
advocate on related policy changes, "engaging in the public debate and
ultimately how the changing environment will affect and serve consumers."
The group already has held a telephone conference and
expects to meet in Washington D.C. in April, Kenneally says.
Member banks participating in the group are:
Bank of America, Charlotte, N.C.
Citizens Bank, Flint, Mich.
Eastern Bank, Lynn, Mass
Fifth Third Bank, Chicago
First Bethany Bank and Trust, Bethany, Okla.
Northwest Financial Corp., Arnolds Park, Iowa
PNC Financial Services Group, Inc, Pittsburgh
Regions Financial, Birmingham, Ala.
U.S. Bank, Minneapolis
United Bank, Griffin, Ga.
Wells Fargo, Minneapolis
Zions Bank, Salt Lake City.
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About the Author
John Ginovsky is contributing editor of ABA Banking Journal and editor of the publication's TechTopics e-newsletter.
For more than two decades he has written about the commercial
banking industry. In particular, he's specialized in the
technological side of banking and how it relates to the
actual business of banking. He previously was senior editor
for Community Banker magazine (which merged with ABA Banking Journal) and was a staff writer for ABA's Bankers News. You can email him at
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[This article was posted on March 5, 2013, on the website of ABA
Banking Journal, www.ababj.com.]
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