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ATM Acquirers Alliance renamed to fit evolving payments world

August 30, 2013

The IPayments Forum and the ATM Industry Association have jointly announced the formation of the Integrated Payments Alliance, formerly known as the ATM Acquirers Alliance.

According to Lyle Elias, IPF chairman and a founding director of ATMIA, the mission of the newly named organization is to develop a framework for interoperable integrated payments that includes vertical industries such as money services businesses, mobile operators, and merchant acquirers, as well as government regulators.

"Our aim is to develop standards and best practices for integrated payments, and to advocate for the critical role of cash in the electronic payments value chain," Elias said.

ATMIA and the Integrated Payments Alliance will soon publish best practices for cardless ATM transactions. 

"The time is right for cardless transaction standards to be developed and adopted by the payments industry," Elias said. "In the past we've struggled with payments interoperability because of too many proprietary protocols and competing business models."

Elias and  ATMIA CEO Mike Lee are working on a white paper for the new Alliance that will build a "futurological" model for a concept of intermodal currency, which Elias predicts will dominate the future of payments and money.

"The future of payments is through developing intermodal money systems, where all forms of value transfers are readily available, secure, reliable and instant," Elias said. "Intermodal money will revolutionize payments the same as intermodal transportation revolutionized shipping and global commerce."

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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