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InsideGS

Empowering and connecting

today’s payments professionals August 26, 2019 • Issue 19:08:02

https://www.facebook.com/TheGreenSheetInc Moving toward a more
diverse industry
https://www.linkedin.com/company/the-green-sheet which now owns First Data.
advancing women in the workforce. "As a leading global
company, we have a responsibility to leverage our resourc-
es and energy to make a positive impact on our employees,
https://twitter.com/The_Green_Sheet diversity isn't just a good idea; it's become a regulatory im-
our clients and our communities," said Vivian Greentree,
senior vice president for corporate citizenship at Fiserv,
By Patti Murphy
throug
For federally regulated financial services firms, workplace
November 11, 2019 • Issue 19:11:01
mote diversity on their staffs.
perative. The 2010 Dodd-Frank Act, among other things,
individual offices of minority and women inclusion to pro-
Multiple ways to help merchants
here's been a major push in recent years toward
required federal financial regulatory agencies to establish h natural disasters
The agencies also were told to develop standards for as-
greater diversity in the workforce, and merchant
sessing diversity and inclusion programs related to U.S.
acquiring is no exception. In February, which
operations of regulated companies, as well as the service
T is celebrated each year as Black History Month,
African American employees.
providers of those companies. Those standards, published
leading acquirer TSYS held weekly celebrations of the his-
in 2015, are voluntary. However institutions are encouraged
tory and heritage of African Americans, and offered an in-
to assess their inclusion policies and practices annually to
depth blog post highlighting the achievements of several
provide those assessments to their primary financial regu-
lators, and also post the assessments to their websites.
and Southwest, and wildfires in the West among them –
"Celebrating diversity and various cultures has always
causing an estimated $306 billion in damages, according
and business conduct."
KPMG, in a 2016 report, noted that while the standards are
been engrained in TSYS' values," said Ashley Thompson,
Contributed articles inside by: A Federal Reserve report paints a stark picture of efforts
recommended practices "failing to adhere to them could in-
to the National Oceanic and Atmospheric Administration.
government relations analyst at TSYS. "Ensuring diversity
crease reputational risk at a time when many firms are un-
Three hurricanes alone – Harvey, Irma and Maria – cost
of thoughts and backgrounds will only lead to more inno-
vation and encourage effective team collaboration."
local economies on the U.S. mainland $265 billion, NOAA
der regulatory and public scrutiny with respect to culture
brought the total to more than $500 billion.
said. Adding damages from other mainland disasters and
those sustained in Puerto Rico and the U.S. Virgin Islands
Major acquirer First Data Corp. has been nationally recog-
By Patti Murphy
nized for its work maintaining a diverse, inclusive work-
place, and was included in the 2018 Bloomberg Equality
Cover Story Education Index, which tracks commitments by public companies to TOC on page 3 the consequences for their homes and natural disasters. Disasters struck small enterprises across
by small businesses to rebound following these disasters,

hen a disaster hits – like
which were concentrated in nine states: North Carolina,
South Carolina, Georgia, Florida, Michigan, Mississippi,
suffers. But some suffer
Arkansas, Texas and California. The report revealed that
Dee and Emily Karawadra .................................................................32 a hurricane, flood
small businesses in these states were hardest hit: 40 percent
W Business owners, in addi
or wildfire – everyone in the affected area
Past successes, future opportunities – Part 1 .......................1 Street Smarts SM This can be daunting. A 2018 survey by Visa revealed the Among affected businesses, 45 percent suffered asset losses
of small firms in the states studied reported losses due to
Adam Atlas ..............................................................................................36 more than others.
recouping lost revenues.
Jeff Fortney .............................................................................................38tion to dealing with
the age and income spectrum, but Hispanic-owned busi-
Hervé Sinelle-Botinelly .......................................................................40 families, face the
nesses and those in the retail, leisure and hospitality sec-
tors were hardest hit financially, the Fed reported.
unenviable task of getting their shops back on line and
By Patti Murphy Finding the balance with family on the payroll ................28
Continued on page 30
more than $25,000.
up to $25,000, and 19 percent lost more than $25,000, accord-
cost of rebuilding a small business following a natural di-
Green Sheet Advisory Board members reflect on successes of the By Dee and Emily Karawadra, Impact PaySystem
ing to the Fed. But foregone revenues, not assets, were the
saster can exceed $859,000. The Federal Emergency Man-
largest source of losses for small business. Sixty-one per-
agement Administration estimates that 40 percent of small
losses are too substantial to overcome.
cent had revenue losses of up to $25,000 and 35 percent lost
businesses never reopen after a disaster, and 25 percent of
those that do reopen fail within a year, because revenue
past year, factors that led to positive outcomes, and challenges Bringing an adult child into your business has pros and cons, but
Contributed articles inside by:
In 2017 the United States experienced 16 natural disasters
and opportunities facing the industry in 2020. the rewards far outweigh the challenges. The key to making it
– hurricanes in the East, massive flooding in the Midwest

Brandes Elitch ........................................................................................20
TOC on page 3
Dee and Emily Karawadra .................................................................32
News work is finding and maintaining work-life balance.
Adam Atlas ..............................................................................................36
Jeff Fortney .............................................................................................38
The value of data: Continued on page 30
News Briefs: how APIs are transforming payments ...................................30
Efma, Capgemini report a wake-up call for banks ..........12 By Connie Spencer-Adams, Womply
Americans kick off holiday season The value of information is clear; however today's information
with record spending ....................................................................12 and data resources are largely compartmentalized, unused and
unavailable. APIs can be leveraged to change this.
Mexican eWallet ToditoCash goes fee free ..........................12 New Products
Allied Wallet accused of campaign
contribution fraud ..........................................................................12 Empower restaurateurs with
Industry Update ...............................................................................13 digital ordering platform.............................................................18
Views Accelerate growth with turnkey
mPOS estate management ........................................................34
The very point of sale: Inspiration
Keep the change ..............................................................................17
By Dale S. Laszig, DSL Direct LLC Valuing new and old in a new year .........................................35
Amid ongoing changes in payments, it's worth noting the analog
technologies of 100 years ago were as disruptive and transforma- Departments
tive to society as today's digital versions are. Letter From the Editors ................................................................... 5
Navigating the challenges of 2020 .........................................32 Readers Speak:
By Victor Fenix, AEVI Is there a place for me in payments? ........................................ 8
Among the challenges ahead in 2020 are consolidation, commod- Spotlight Innovators ......................................................................19
itization and increased competition for merchants and service Resource Guide .................................................................................36
providers alike. But these are not insurmountable.
Advertiser Index ...............................................................................46
Company Profile
Biller Genie:
Automating the invoice-to-payment process ...................23
3