FSR advocates on behalf of members that provide and use payment products and services to promote fair competition, innovation and a vibrant payments industry.  Advocacy efforts focus on identifying trends, opportunities and challenges in a dynamic payments ecosystem, and addressing regulatory and compliance issues.


CTO Corner: e-Cash and Bitcoin and Future of Money

November 1, 2014

In May 2013, I wrote a CTO Corner about Bitcoin1 where I reviewed how it works as well as factors that are both driving and inhibiting its acceptance in the marketplace. This article updates my assessment based on events that have occurred during the 18 months.

Bitcoin is an electronic cash system using peer-to-peer networking, digital signatures and cryptographic proofing to enable irreversible payments between parties. Back in the 1990s, at the start of the commercialization of the Internet, there were many start-up companies offering different e-cash schemes and other innovative payment schemes, but only PayPal succeeded because it addressed the need for on-line payment options for Internet auctions, such as eBay.

I Got Hacked: What I’m Doing Next

October 29, 2014

This week I got hacked. I wouldn’t be writing this if it had been the first time but I’ve been an unlucky, serial victim of theft. So what am I doing next? I’m changing absolutely nothing.

Payments Innovation Critical To Beating Cyber Threats

October 17, 2014

Greater focus on addressing cybersecurity challenges across all industries is critical in defending against common enemies and today’s White House announcement on cybersecurity will continue to advance this important discussion.

CTO Corner: The Future of Payments

July 1, 2014

Over the last few years, we have seen a growing number of new innovative product offerings in the payments area. Three events are contributing to this accelerating rate of innovation:

Warp speed payments? Millennials Aren’t Impressed

July 1, 2014

Speeding up the process of authorizing, clearing, and settling payments in the U.S. is a hot topic of debate in the financial services industry and in the federal government, particularly at the Federal Reserve.

Letter re: Liquidity Coverage Ratio – Liquidity Risk Measurement, Standards, and Monitoring, 5/20/14

May 20, 2014

FSR and other trade associations representing the financial industry respectfully request that the Federal Reserve Board, OCC and FDIC issue guidance that will delay the effective date of new requirements to calculate a daily liquidity coverage ratio (“LCR”). It is critical for banking organizations to receive this assurance, particularly in light of (i) the short period of time remaining until the original proposed effective date for daily LCR reporting (January 1, 2015) and (ii) the substantial challenges that banking organizations subject to the Proposal would face in implementing the proposed daily calculation requirement between when final rules are issued and the end of the year.

Students, Know Thy Checkcasher

April 30, 2014

If this rule goes through, it will not only shift a significant burden back to the schools, but more egregiously will limit the choices students have to receive their loan refunds. Building a successful financial future often starts with the banking relationship students form as they venture out of the nest for the first time in college. The DOE is harming those it purports to want to protect.