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Letter from the editor

ong gone are the days when
the payments industry flew
under Washington's regu-
L latory radar, when "swipe
fees" had yet to be coined by a coali-
tion of huge, corporate retailers, when merchants and
consumers had little awareness of the acquiring side
of payment processing, and when "square" merely
referred to a type of rectangle, not an early disruptor
of the status quo. Our industry moves so rapidly that
the innovations occurring routinely are breathtaking
and inspiring. Amid all of this, overburdened regula-
tors are making earnest attempts to protect consumers,
often without the requisite knowledge to make truly
informed decisions.

Such is the state of regulation in our sphere today. With
the benefits promised to consumers by the Durbin
Amendment to the 2010 Dodd Frank Act not actually
realized, industry advocates have endeavored to edu-
cate lawmakers and the public and are better prepared
to confront new regulatory initiatives that could cause
more harm than good. This issue's lead article delves
into what federal regulators—who have only a partial
understanding of how the pieces of the payments puz-
zle work in tandem—are targeting right now and what
the repercussions might be if informed voices from the
payments and fintech sphere are not heard.

We pride ourselves on giving informed professionals
in our sphere a place to share their knowledge and ex-
pertise. Among the subjects they explore herein are
fraud trends to watch out for in 2024, the need for pay-
ment startups to develop effective PR strategies that
help them stand out from the crowd, why a new type
of bank charter is gaining appeal in the industry, and
how AI can speed AI innovation needed to combat cy-
berfraud.

In the news, we've highlighted a report from the U.S.
Faster Payments Council on fraud trends and miti-
gation opportunities that urges increased efforts to
combat faster payments exploitation; the increasing
prominence of gift, loyalty and rewards programs in
consumer transactions; controversy over P2P payment
oversight; J.D. Power's 2024 U.S. Merchant Services Sat-
isfaction Study, which revealed heightened dissatisfac-
tion among small and midsize merchants with their
service providers; why reduced debit caps will likely
be bad for banks and consumers; and a New York State
law mandating more transparency in surcharging.

We hope you'll also enjoy the updates, profiles, re-
views and other features included. Please let us know
at greensheet@greensheet.com, and share your news via
press release to press@greensheet.com.

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