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have 17-year-old kids in Brazil saying they can compete
with companies like First Data. Vantiv has endeavored to
"All this stuff is happening at once. Before it was like, wow, help educate regulatory
there's an ATM; we spent 10 years going, wow, there's an
ATM. Then it was, oh, there's an Internet – 10 years of that. agencies on how the
And now this is like all these new things hitting you – the
convergence, the disruption, the risk and the opportunity industry works.
– all at once. It's the Big Bang of payments."
impacted in one way, shape or another, and it's really
important that we do that both for our own protection,
and also for our clients and their consumers," Ellman said.
Vantiv has endeavored to help educate regulatory agencies
on how the industry works. Ellman said that in an attempt
to cleanse the system, the government can overreach,
which can increase costs and negatively affect consumers,
as well as stifle innovation. "I don't necessarily agree the
level of pressure is appropriate to the problem," he said.
"So we are working very hard to work cooperatively ... but
also to articulate our position."
Ellman lauded the ETA's efforts in this arena, stating
Jonathan Ellman, Senior Vice President, Regulatory that the association has done a fabulous job and has
Compliance and Government Affairs at Vantiv been a strong voice for the industry in working through
regulatory issues. "Today, at this conference, they released
From a comfy corner of Vantiv's busy booth at Transact a comprehensive set of guidelines for ISOs and processors
14, Jonathan Ellman, Vantiv's Senior Vice President, on how they should underwrite, monitor and otherwise
Regulatory Compliance and Government Affairs, sat manage their relationships with their customers," Ellman
down with The Green Sheet to share insights about recent said.
developments in the regulatory sphere and how they are
affecting the payments landscape.
Ellman said that regulation has risen dramatically on
the industry since the financial crisis that gripped the
country with the collapse of Lehman Brothers in late 2008.
"Merchants who are providing goods and services to
consumers are being asked to provide those services and
goods in a manner consistent with consumer advocates in
the government," he said.
Ellman noted that, by executive order, the government
launched an interdepartmental initiative called Operation
Choke Point, which is specifically focused on our industry
as "the best vehicle they could see to make sure that bad- Jason Oxman, Chief Executive Officer at the
acting merchants are cleansed from the ecosystem." Electronic Transactions Association
In the midst of ensuring that myriad activities deliver
In response, the industry is establishing more of a robust, the desired punch for Transact 14 attendees, Electronic
comprehensive and dynamic culture of compliance Transactions Association Chief Executive Officer Jason
within organizations. "This means every department is
Oxman believes the show's rebranding captures the
expansion of the industry to include global technology
companies entering the payments business.
56
have 17-year-old kids in Brazil saying they can compete
with companies like First Data. Vantiv has endeavored to
"All this stuff is happening at once. Before it was like, wow, help educate regulatory
there's an ATM; we spent 10 years going, wow, there's an
ATM. Then it was, oh, there's an Internet – 10 years of that. agencies on how the
And now this is like all these new things hitting you – the
convergence, the disruption, the risk and the opportunity industry works.
– all at once. It's the Big Bang of payments."
impacted in one way, shape or another, and it's really
important that we do that both for our own protection,
and also for our clients and their consumers," Ellman said.
Vantiv has endeavored to help educate regulatory agencies
on how the industry works. Ellman said that in an attempt
to cleanse the system, the government can overreach,
which can increase costs and negatively affect consumers,
as well as stifle innovation. "I don't necessarily agree the
level of pressure is appropriate to the problem," he said.
"So we are working very hard to work cooperatively ... but
also to articulate our position."
Ellman lauded the ETA's efforts in this arena, stating
Jonathan Ellman, Senior Vice President, Regulatory that the association has done a fabulous job and has
Compliance and Government Affairs at Vantiv been a strong voice for the industry in working through
regulatory issues. "Today, at this conference, they released
From a comfy corner of Vantiv's busy booth at Transact a comprehensive set of guidelines for ISOs and processors
14, Jonathan Ellman, Vantiv's Senior Vice President, on how they should underwrite, monitor and otherwise
Regulatory Compliance and Government Affairs, sat manage their relationships with their customers," Ellman
down with The Green Sheet to share insights about recent said.
developments in the regulatory sphere and how they are
affecting the payments landscape.
Ellman said that regulation has risen dramatically on
the industry since the financial crisis that gripped the
country with the collapse of Lehman Brothers in late 2008.
"Merchants who are providing goods and services to
consumers are being asked to provide those services and
goods in a manner consistent with consumer advocates in
the government," he said.
Ellman noted that, by executive order, the government
launched an interdepartmental initiative called Operation
Choke Point, which is specifically focused on our industry
as "the best vehicle they could see to make sure that bad- Jason Oxman, Chief Executive Officer at the
acting merchants are cleansed from the ecosystem." Electronic Transactions Association
In the midst of ensuring that myriad activities deliver
In response, the industry is establishing more of a robust, the desired punch for Transact 14 attendees, Electronic
comprehensive and dynamic culture of compliance Transactions Association Chief Executive Officer Jason
within organizations. "This means every department is
Oxman believes the show's rebranding captures the
expansion of the industry to include global technology
companies entering the payments business.
56
