News:

ABA Ads Urge Payments Innovations, Not Mandates

By ABA
ABA Banking Journal | July 27th, 2015

ABA this week is running ads in Capitol Hill publications and on D.C.-area talk radio stations urging Congress to let the payments industry continue to develop innovative solutions to secure payments — and not mandate static technologies such as chip-and-PIN, which is fast becoming out of date.

“Innovation is driving the payment industry to create better ways to protect your financial data. However, some want Congress to mandate a specific technology to secure payments,” ABA President and CEO Frank Keating says in the radio ad. “That would be a costly mistake as today’s technology will quickly be out-of-date.”

Visit LetsInnovateNotMandate.com for more. The initiative is sponsored by ABA’s Card Policy Council, which represents major card-issuing banks and card networks.