The ATM Acquirers Alliance is restructuring its organization to accommodate new industry segments and payments technology and has changed its name to Integrated Payments Alliance.
The name change and restructuring are based on payments industry feedback, said Lyle Elias, chairman of the IPayments Forum and a founding director of the ATM Industry Alliance (ATMIA), the two associations that operate the Integrated Payments Alliance.
We reached out to the ATMIA membership and found there was a consensus among them that the makeup of the group should be inclusive of all payments industry segments, not just ATM acquirers, Elias said in a September 3 press release. The mission and structure of the organization needs to be one of developing a framework for interoperable integrated payments that is inclusive of vertical industries, such as money services businesses, mobile operators and merchant acquirers, as well as government regulators.
The groups aim is to develop standards and best practices for integrated payments and to advocate for the role of cash in the electronic payments value chain, Elias said.
Right now, the payments works is evolving faster than ever before and the ATM is at the core of many innovations such as the increasingly popular cardless ATM transactions. There are even Bitcoin ATMs, linking virtual wallets to hard cash, said Mike Lee, ATMIAs CEO, in a press release.
Cash remains important, accounting for nearly half of all payments in some instances, said David Tente, USA executive director for ATMIA, in the release. Even here in the U.S., cash payments as a percentage of GDP are projected to remain relatively constant for the next decade. Creation of the Integrated Payments Alliance will bring together all stakeholders in this new movement toward cardless transactions and help facilitate the connection of cash to other forms of payment, Tente said.
ATMIA and the Integrated Payments Alliance also plan to publish new best practices for cardless ATM transactions.
The time is right for cardless transaction standards to be developed by the payments industry, Elias said in a press release. In the past weve struggled with payment interoperability because of too many proprietary protocols and competing business models.