In January of 2011, we sat down with Victoria Strayer, Senior Director of Enterprise Business Compliance, who spoke to us about the current legislative landscape in the payments industry.

What do you consider to be one of your major accomplishments in your career?

We were put to the test with Regulation Z and UDAP (informally known as ZUDAP), and were quite successful within our project, technology and client teams. However, where we really felt the benefits is when we took what was learned from ZUDAP and applied it to the similar Canadian regulation (CANREG), and then even further to the BIS Consumer requirements for the UK.

Is there anything new, innovative or ground-breaking coming from your area that you can share with us? What is a new trend in your field or area of expertise?

One interesting trend is how topical compliance has become. A few years back it was just something that happened in April and October. Now with PCI, Consumer Protection legislation, Durbin, Mobile, and EMV, it is top of mind. This very volatile landscape has brought with it many vendors who are holding educational webinars and offering compliance services or products. The IRS regulations for Merchant Tax Reporting in the U.S. are a prime example.

How has the relationship between buyers and sellers changed since your career began?

Early in my career the transaction experience was completely paper based, and now payments are facilitated using multiple payment forms, payment accounts, and leverages technology as a cornerstone on all sides of the equation.

We are also now on the radar of policymakers more than ever and there is an awareness among consumers and merchants that is more heightened than at any other time. Much of this has been driven by the concerns regarding security and protection of data. The Internet has further changed all aspects of the buyer-seller relationship; within the transaction itself and in how merchants and consumers are supported.

The pricing model has also become much more complex. Interchange categories have grown from double digits to literally hundreds of interchange rates. Pricing to consumers had become so complex and disclosures so lengthy that legislators stepped in to call for a complete overhaul. We are no longer an industry that can quietly manage itself in the background; we are now center stage.

Where do you see TSYS in 10 years and how are you preparing for it today?

I see client partnerships that are thriving and a relationship with industry players, such as payment networks, that has evolved to a more level playing field. For that vision to materialize, we will need to continue our active role in policymaker education and advocacy. Our subject-matter experts must be actively involved in emerging technologies from a product, security, compliance and financial perspective. Sharing this information is key for our clients, particularly those who count on TSYS for guidance.