EFTA Reaches 40th Anniversary Milestone

FAIRFAX, Va.–(BUSINESS WIRE)–#EFTA–This year marks the 40th year of the Electronic Funds
Transfer Association (EFTA), an inter-industry trade association that
since its inception has been dedicated to the advancement of electronic
payments systems and commerce. EFTA represents its members on a range of
issues and topics that currently include ATMs, electronic payments and
commerce, debit technology, prepaid, cybersecurity, electronic benefits
transfer (EBT), data privacy, the Consumer Financial Protection Bureau
(CFPB), fintech and mobile payments. Advocacy and industry
representation on Capitol Hill have been the hallmark of its stellar
efficacy.

EFTA’s greatest asset is its Board of Directors and membership, who
represent some of the most prominent payment experts and leaders across
the country. EFTA has provided leadership on the forefront of many major
ground-breaking developments in the payments industry. Accomplishments
and achievements over the last four decades include:

  • Providing commentary that ultimately formed Regulation E which sets
    forth the rules and procedures for electronic funds transfers, the
    guidelines for the sale and issuance of debit cards, and the consumer
    liability rules for unauthorized card usage;
  • Conducting research to develop a five-year forecast of the markets for
    EFT/POS in retail verticals including fast food, petroleum, grocery
    and airline;
  • Insuring ATM ADA compliance by ATM manufacturers and owners;
  • Forming and leading the multi-constituency enterprise comprised of
    private sector and government agencies to support the automation of
    social welfare programs, including SNAP electronic benefit
    transactions (EBT) – arguably the most successful public- private
    partnership the payment services industry has seen;
  • Managing the Shared Network Alliance Council, structured as a forum
    for debit network CEOs to address major issues regarding the
    promulgation of PIN debit to increase the safety and security of
    payment transaction processing in the physical and online environments;
  • Testifying before Congress against proposed legislation limiting ATM
    surcharges;
  • Developing inter-industry guidance to combat ATM fraud;
  • Directing a successful legislative advocacy effort to change ATM
    signage regulation, thereby eliminating frivolous lawsuits;
  • Participating as an industry stakeholder and task force member in the
    Federal Reserve Faster Payments and Secure Payments initiatives;
  • Leading successful inter-industry legislative and regulatory
    educational effort to rescind the government initiative know as
    Operation Choke Point, enabling legitimate, lawful businesses to
    continue to conduct their commerce and banking activities in a
    “normal” manner.

“We used to talk about the evolution of payments, and now we talk about
the revolution taking place in the payments space,” said Kurt Helwig,
President and CEO of the EFTA. “Going forward, financial services
including the emerging fintech industry will have a growing influence on
the creation of new, innovative products and services designed to serve
the customer in a safer, faster and more convenient manner. EFTA will
continue to provide thought leadership as this ever-changing industry
tackles some of the greatest security issues in the online, mobile and
blockchain payments environments that the industry has ever seen. I’m
confident that EFTA members are ready for the challenge.”

“As a board member of EFTA for more than 10 years, one of the aspects of
the organization that I particularly value is EFTA in the role of
‘objective and trusted advisor,’” said Patricia O’Donnell, Chair of the
EFTA Board of Directors. “EFTA continues to inform and educate all
stakeholders in the payment ecosystem of both the intended and
unintended consequences of potential legislative and regulatory activity
and is in a position to do so on behalf of the entire payments industry
which is quite powerful. Additionally, the focus on and inclusion of
fintech organizations has ensured EFTA maintains objective and relevant
perspectives on how technology continues to advance in how we make and
secure all payment transactions.”

About EFTA

The Electronic Funds Transfer Association (EFTA) is a non-profit trade
association dedicated to the advancement of electronic payments and
electronic commerce. EFTA members include the nation’s leading financial
institutions, ATM owners, networks and manufacturers, payment
processors, card companies, software companies, state governments and
technology services providers. For 40 years it has informed debate over
the consumer, business and policy implications of new and existing
payments technology. EFTA accomplishes this through public outreach to
Congress, the administrative agencies, regulators, consumers and the
media. For more information, visit www.efta.org.

Contacts

William Mills Agency
Scott Mills, 678-781-7201
scott@williammills.com