Empowering Merchants Globally: A Glimpse into MRC's Advocacy Initiatives

In the dynamic realm of eCommerce, payments, and fraud prevention, the Merchant Risk Council (MRC) stands as a beacon of advocacy for merchants worldwide. The MRC has been at the forefront of driving impactful changes and giving merchants a significant voice in key initiatives globally. Here's a snapshot of the MRC's recent endeavors:

Japan

The MRC actively engages with the financial regulator in Japan (METI (Ministry of Enterprise, Trade, and Industry), contributing to discussions around the potential introduction of mandates for Secure Customer Authentication (SCA), e.g. 3D Secure. This week, the regulator sought continued support and collaboration in sharing three working papers they have in progress on the project, highlighting the MRC's pivotal role as a significant contributor on behalf of our merchants operating in Japan.

Europe

MRC was invited by the European Parliament to contribute to the production of the upcoming PSD3 and PSR Directive and Regulation. MRC focus is on first party misuse and the need for bad actors on the consumer side of a payment transaction to be recognized in the regulation. MRC submitted a suggested text to the relevant department, highlighting the gap.

The European Commission has invited contributions from members of the PSMEG (internal payments advisory group to the Commission, on which MRC is represented) for its meeting on January 19, focusing on possible priorities around payments for the next five years (2024-2029). MRC will present on the top priorities identified by the Merchant-Issuer Executive Committee, underscoring the MRC's commitment to influencing regulatory change, and ensuring the merchant voice resonates in pivotal discussions.

APAC

With collaboration from Adyen, MRC is launching a document outlining the rate of 3D Secure roll-out in the Asia-Pacific region, highlighting where it is mandated, where it has been implemented and plans. This crowdsourced document aims to provide up-to-date insights into 3DS implementation, mandated regions, and crucial timelines. A similar document covering 3DS activity in Europe proved hugely beneficial to MRC members operating there and resulted in millions of US dollars in savings for members who were able to plan their implementations accordingly. 

Australia

The MRC is actively participating in face-to-face meetings with Australia's financial regulator, the Reserve Bank of Australia, with AusPayNet, and with AusPay+. These engagements are pivotal in navigating and influencing payments requirements across the industry in the Australian market.

United States

Keeping a keen eye on regulatory developments, the MRC delves into proposed rules by the Consumer Financial Protection Bureau (CFPB). The focus includes expanding oversight to the growing fintech/banking sector and establishing an Open Banking framework to drive innovation. The MRC actively gathers input for comment periods, fostering merchant involvement in shaping industry regulations.

Card Network Engagement

Scheduled engagements with major card networks, including Visa and Mastercard in February, showcase the MRC's commitment to staying abreast of industry developments. MRC expects to include additional networks in the future to ensure merchants are abreast of the major card network rules across the board.

MIEC Optimization

MRC is exploring innovative ways to optimize the work of the Merchant Issuer-Executive Committee (MIEC) by introducing sub-groups with key focus points such as compelling evidence standardization and SCA implementation and performance analysis.   

Payers Editorial:

The MRC contributes to industry discussions, finalizing a piece on the future evolution of the of the Visa Compelling Evidence 3.0 rule. The article, set to be published in mid-December, reflects the MRC's position as a respected industry thought leader and advocate for merchants.

The MRC's advocacy efforts exemplify its dedication to shaping a robust and balanced payments landscape, ensuring a powerful merchant voice in the ever-evolving global payments ecosystem. As a global trade association, the MRC is committed to advancing secure and profitable eCommerce by bringing together a diverse range of industry professionals. Through collaborative initiatives, thought leadership, and innovative solutions, the MRC continues to drive positive change and empower merchants in navigating the complexities of the digital landscape. Join the MRC in their mission to foster a secure and thriving eCommerce ecosystem for all.

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