Payfacs receive boost from ETA

Once a neglected payments stepchild, payment facilitators (payfacs) have been embraced by the industry's mainstream in recent years. In a nod to the growing significance of payfacs, the Electronic Transactions Association launched the Payments Facilitator Committee on Feb. 23, 2017.

The Washington, D.C.-based ETA, a prominent trade association for the payment technology sector worldwide, stated the committee "will identify current and emerging technology, business, policy and compliance-related issues that shape the continuing growth of this market."

ETA member companies will comprise the committee, which will be chaired by Mike McGirr, Senior Vice President of Compliance and Risk for Adyen, a multichannel payment company. RunSignUp LLC Chief Finance and Operations Officer Kevin M. Harris will serve as the committee's second in command. RunSignUp provides technology to facilitate events for runners and race directors.

"It is an honor to be selected as the first chairperson of ETA's Payments Facilitator Committee," McGirr said. "This is an unmatched opportunity to encourage relevant discussions with key segments of the payment industry and offer strategic insight into payments facilitators' impact."

As the established, valued experts on payment facilitators within the ETA, the committee will serve as a resource to enable deeper discussions on emerging industry challenges and assessing opportunities. The committee will also serve to consider public policy matters that may affect this constituency, the ETA noted in a statement about the committee's formation.

"As the sales channel evolves and technology facilitates innovation, the payment facilitator model is emerging as a significant part of the payments ecosystem," said ETA CEO Jason Oxman. "I'm delighted that this committee will create proactive discussions on pressing issues impacting the industry and the accompanying opportunities for expansion of the payment facilitator market."

The committee will hold its first in-person meeting at Transact, ETA's signature event, coming up May 10 to 12, 2017, at the Mandalay Bay Resort and Casino's conference center. For further information about this new committee, as well as the invitation-only Payments Facilitator Day also taking place at Transact and featuring Carl Perry, General Manager at Square Inc., contact Amy Zirkle, ETA Vice President of Industry Affairs at azirkle@electran.org.

Editorial Note:

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