Payments

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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.

Current Payments Priorities:

  • Payments Innovation & Disintermediation
  • Payments System Modernization
  • Payment Security, Fraud and Authentication
  • Bank Secrecy Act/Anti-Money Laundering Requirements (BSA/AML)
  • Interchange Legislation & Litigation
  • Debit, Credit and Prepaid Cards
US fights losing battle for bitcoin riches

Paul Smocer, president at BITS, the technology policy division of industry body The Financial Services Roundtable, said that digital currencies appeal to merchants and customers due to lower transaction costs. Their ability to facilitate simpler international funds transfers would also mean companies would see an increase in international sales...

FSR Testifies on Bitcoin & Digital Currency

The increased use of bitcoin and digital currency is providing opportunities to explore, but the risks currently outweigh the benefits, according to Paul Smocer, President of BITS, who testified before the Senate Banking Subcommittees on National Security and International Trade and Finance.

FSR Testifies on Bitcoin for Senate Banking Committee

The increased use of bitcoin and digital currency is providing opportunities to explore, but the risks currently outweigh the benefits, according to Paul Smocer, President of BITS, who testified before the Senate Banking Subcommittee on National Security and International Trade and Finance.

Testimony, Senate Banking Digital Currency Hearing

BITS President Paul Smocer testified in front of the U.S. Senate Banking Committee on Nov. 19, 2013, on digital currency and its implications. Read a copy of his submitted written testimony here.

Regulators Looking to Tame Bitcoin World

The top banking regulator in New York is accelerating his hunt for bitcoin bad guys, announcing that he will hold hearings that could help determine whether virtual currency companies will need to apply for a special “bitlicense” to operate in the state.