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Payments Technology
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Steve Cole A Closer Look at ISO 20022
Mar 22, 2023For most of the last 40 years, the payments industry has primarily relied on the ISO 8583 standard for processing payment transactions. More recently another standard, ISO 20022, has begun making appearances in certain payment applications in the U.S. ISO 20022 is a global standard for exchanging electronic financial messages of all sorts. While it may seem to many that 20022 is a new standard, it has actually been around for almost two decades being first published by ISO in 2004 and has been adopted in a number of countries around the globe.
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Conference Update
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Andrea Rouse MAG Mid-Year Conference and Tech Forum was THE Place to Be
Mar 8, 2023MAG’s conferences continue to grow! With nearly 900 merchants and sponsors in attendance, we once again surpassed previous in-person attendance numbers for our Mid-Year Conference & Tech Forum. The amount of active networking throughout the event created a palpable buzz - supporting the fact that MAG Conferences are the ‘can’t-miss-event’ in the payments industry.
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International Perspective
Dhun Karai The True Cost of Buy Now Pay Later
Feb 13, 2023The Buy Now Pay Later (BNPL) industry appears to be on the brink of a shake-up. On the surface, the deal is simple: consumers have a way to split their purchase into multiple payments over time, and merchants pay service fees to the providers. In theory, the flexibility should drive additional sales to retailers, but is this model the best idea for both consumers and retailers? In this article, Grant Thornton Australia’s Merchant Payments Advisory lead, Partner Dhun Karai, outlines the current BNPL challenges and what the proposed tightening of regulations and increasing consumer discontent might translate to for merchants. She encourages merchants to speak up about their wishes for the future of BNPL products to protect both shoppers and merchants from escalating costs and increase the attractiveness for both sides of the retail industry.
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Evolution in Payments
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Eric Vescera Building the Next Generation of Payments Leaders
Feb 10, 2023We all dream of that day in our professional careers when we hang up our hat and enjoy retirement by relaxing on a beach, partaking in an early morning tee time, spending time with our grandchildren, or taking up tennis lessons. For some, that might be sooner than we think. For others, maybe decades away still.
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Board Member Corner
Jamie Henry Payments, Technology, and the MAG
Jan 5, 2023Payments and technology have changed at a blistering pace in the last 20 years. Today, merchants face many challenges in keeping up with the latest changes in both payments and technology. How do we keep our customers happy, our systems safe, and our costs low all at the same time? Merchants simply cannot be complacent in any of these areas critical to success. But we also should not chase every shiny new payment process or technology that catches our eye. What is a merchant to do?
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Innovate Now
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Chris Storbeck Focus On Innovation
Jan 4, 2023First off, I am excited to have recently joined the MAG and look forward to meeting and working with all of you. Over the last twenty years, I have been fortunate to work for organizations such as InComm, MCX, and most recently FIS where I focused on Real Time Payments. As we grow our innovation efforts and tech engagement, I want to leverage my industry experience as well as my time as a MAG sponsor to develop our opportunities.
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Education
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Leah Collins MAG releases new eLearning course focused on debit routing!
Dec 29, 2022The Merchant Advisory Group is excited to officially introduce Merchant Payments 205: An Exploration of Debit Routing. The new eLearning course covers maximizing the economic opportunities of an effective debit routing strategy through learning how to Interpret the US debit market, implement a debit routing strategy with appropriate processes and controls, understand the basics for completing a technical implementation of debit routing, and identify potential obstacles and considerations.
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Membership Update
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Kristi Simonett Getting Involved with the MAG
Dec 22, 2022Welcome to our new MAG merchant members, an impressive group of 26 merchants, as well as 25 new MAG sponsors! There are many ways to make the most of your MAG Membership or Sponsorship, and we hope you will engage with us in 2023!
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Board Chair Update
Kathy Hanna Payments…“Life in the Fast Lane”
Dec 20, 2022As we approach the end of another year, the speed of change in the payments industry is not slowing down. Many areas of change are accelerating to address issues in the continuing growth of digital payments.
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What's up in Washington
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Beth Provenzano Payments Policy is Having a Major Moment
Nov 9, 2022The Federal Reserve Board Releases the Long-Anticipated Debit Routing Clarification; Bipartisan, Bicameral Credit Card Competition Legislation Introduced
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CEO Update
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John Drechny Creating a Competitive Payments Landscape
Nov 4, 2022A primary goal of the MAG has always been to foster competition in the payments industry. Many people have asked me what this means and what MAG has done to achieve this goal.
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MAG MEMBER HIGHLIGHT
From Student to Teacher in Payments
MAG SPONSOR HIGHLIGHT
Oliver Wyman — The CFPB and BNPL: Perspectives on New Report
MAG INSIGHTS
View past newsletter articlesMEET OUR NEW MEMBERS
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MEET OUR NEW SPONSORS
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The rapid evolution of financial services is being driven by regulatory changes, digital transformation, and the arrival of new fintech players.
We help more than 3,000 financial institutions, retailers and other players meet this challenge with multiple payment methods for both digital and physical transactions.
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