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Keith Ash

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Money 20/20: Meeting in Person to Tackle Virtual Challenges

Posted by Keith Ash on Nov 22, 2021 2:30:00 PM

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This year’s Money 20/20 conference marked a notable return to large-scale in-person industry events, as thousands of professionals gathered in Las Vegas to discuss all things fintech. It’s unsurprising yet ironic that this group, finally able to meet face-to-face, focused on digital solutions enabling remote commerce.

Here’s an overview of key takeaways from four days of in-depth discussions with clients and other experts in this dynamic sector.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management

How the Global Chip Shortage Could Lead to Headaches for Financial Institutions

Posted by Keith Ash on Nov 9, 2021 9:30:00 AM

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The global supply chain has drawn more mainstream attention over the past year than in generations – or perhaps ever. Supply chain issues have affected everything from shipping container shortages to automobile production to gaming consoles to, believe it or not, credit and debit cards.

A critical factor in most of the items previously mentioned is an ongoing shortage of silicon chips. Such chips are a building block for virtually all electronic products enjoyed by consumers worldwide.

We believe this supply risk should be on the radar of every financial institution, given the importance of keeping customers equipped with active payment cards. With effective planning, issuers can minimize the potential impact on their organizations.

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Topics: Vendor Contract Negotiation, Credit Card, Debit Card, Bank Vendor Management, Credit Union Vendor Management

Durbin 2.0 Part II: Who Weighed In and What They Said

Posted by Keith Ash on Oct 18, 2021 9:30:00 AM

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As discussed in a previous blog, the Federal Reserve began seeking comments on proposed changes to Reg II of the Durbin Amendment in May. At that time, the Fed said that it felt the changes would be non-substantial and would not include more compliance obligations. Currently, the Fed bars issuers from restricting the number of unaffiliated networks for debit card transactions to fewer than two, including one signature network and one PIN network. The new proposal would make issuers responsible for ensuring that all transactions with US merchants can be routed across two unaffiliated networks.

While the Fed characterized this change as a simple clarification, it is anything but, as evidenced by the over 2,600 comments received. It is clear this issue is complex, substantial, and would increase compliance obligations.

We have sorted through the comments posted on the Fed's website and various government sites to summarize the key points for both sides of this argument.

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Topics: Payments, Credit Union Vendor Management, Durbin Amendment, Regulations

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