FI and Retailer Groups Set Aside Differences over Security Concerns

Feb. 17, 2014

FI and Retailer Groups Set Aside Differences over Security Concerns Retailers and financial institutions, groups that have had an increasingly adversarial relationship as the cost of payment acceptance rises, have banded together in the wake of highly public security breaches. A consortium of national trade organizations representing merchants and banks on Friday said they are establishing a cybersecurity partnership enabling a higher degree of information sharing about payment and data security efforts, the shift to mobile payments and the growing threat of card-not-present fraud.

“We are committed to working together to ensure customer personal and financial information is secure and protected,” said Tim Pawlenty, CEO of the Financial Services Roundtable (FSR). “Exploring avenues for increased information sharing and collaborating on innovative technologies and safeguarding data will be critical in defending against common enemies.”

The FSR, along with the Retail Industry Leaders Association, led the formation of the group. Other associations that have signed on to the effort include: the American Bankers Association, the American Hotel & Lodging Association, The Clearing House, the Consumer Bankers Association, the Financial Services Forum, the Food Marketing Institute, the Electronic Transactions Association, Independent Community Bankers of America, the International Council of Shopping Centers, the International Franchise Association, the National Associations of Convenience Stores, the National Grocers Association, the National Restaurant Association and the National Retail Federation.