The Durbin amendment introduced routing choice for merchants requiring debit card issuers to enable at least two payment card networks to process all debit card transactions. It dramatically changed the debit landscape and reduced merchant cost, but many debit card issuers didn’t enable routing choice for Card-Not-Present (CNP) transactions.
The Fed responded by requiring all issuers to enable routing choice for all transactions starting on July 1, 2023. The change, estimated by CMSPI to save upwards of $3 billion per year should be part of all CNP merchant payment strategy going forward to reduce cost and improve payment reliability.
The webinar started with Christian Johnson of CMSPI presenting the current debit landscape and quantifying the potential savings for fintech merchants. Followed by a roundtable discussion with Bryan Manka of PULSE, Rodney Robinson of TabaPay, and Christian discussing which transactions made the most sense to route and real-world examples of how fintechs can quickly adapt to take advantage of the savings.
Key Takeaways:
· How debit routing changed on July 1 for CNP transactions
· New routing options and how fintech merchants should adjust
· Real-world examples of how other fintechs are taking advantage of the savings
Speakers:
· Rodney Robinson – TabaPay, CEO, and Co-Founder
· Christian Johnson – CMSPI, Senior Economist – Advocacy & Insights
· Bryan Manka – PULSE, Senior Product Manager, Emerging Platforms
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