Conducting Business During A Pandemic
By Carolyn Homberger, ACI and ATPC COVID-19 Taskforce
My role at ACI Worldwide includes overall responsibility for global risk management and information security. Like so many leaders in similar roles, I was understandably concerned when I learned of the then coronavirus epidemic in late December 2019. ACI immediately activated a Crisis Management Team to monitor the developing situation and coordinate our global response. As I considered the potential impacts of a pandemic and the limited experience businesses around the world had dealing with this type of threat, I saw an opportunity to do even more. I reached out to American Transaction Processors Coalition (ATPC) executive director West Richards about forming a coalition to share information, ideas, and best practices as the situation evolved. We quickly agreed to create a COVID-19 Taskforce that would advise both ATPC members and government agencies.
The Taskforce, which I chair, is in regular communication with U.S. Government entities in the legislative and executive branches, including the U.S. Secret Service and the Department of Treasury, sharing updates on many important topics from economic stimulus to fraud to cybersecurity. At the same time, ATPC continues to provide recommendations to better serve businesses and the general public. Let me offer an example of one such recommendation.
The extraordinary circumstances of the pandemic have made it particularly challenging for the U.S. government to distribute relief and stimulus funds to individuals. ATPC’s COVID-19 Taskforce identified that providing funds to the unbanked and underbanked — the people who needed it most — was one of the key pain points in the process. We then recommended a pre-paid debit card solution to Consumer Financial Protection Bureau (CFPB) director Kathy Kraninger, and, working together, our coalition was able to quickly facilitate the distribution of those cards. Our relationships, coupled with our members’ technological advantages and deep experience in electronic payments, allowed us to rapidly execute an impactful solution to meet a critical need of consumers. In simpler terms, you might say, “We used what we are good at to help others.”
Payments companies like ACI provide critical infrastructure, and we invest considerable resources in technology. This investment allows us to quickly adapt our business with little disruption, which benefits payments ecosystems and the consumers they serve around the world. In the case of this pandemic, we had technologies already in place to enable our employees to quickly work remotely. This readiness enabled us to put our full focus on helping our bank, intermediary, merchant, and biller customers around the globe. We provided the digital banking, eCommerce, and contactless payment solutions that assisted retail and service-based businesses of all sizes in reopening while keeping employees and customers safe.
As an aside, I want to note that, while digital payments are making it easier for consumers to complete transactions, cash will never vanish completely. It’s important to remember the risk of contracting an illness when you handle cash is low. You also never want to disinfect cash by placing it in a microwave – that’s a dangerous myth. The best measure to prevent the spread of germs after handling cash or any other potentially contaminated surface like a pin pad, stylus pen, or touch screen is to wash your hands and avoid touching your face.
Unfortunately, we may not see a coronavirus vaccine until 2021, which means the world could continue to experience additional, localized outbreaks for a significant time. Though we are still five months away from Black Friday, we can expect it to look very different this year. I doubt anyone will be surprised when I say we will likely see an even greater focus on eCommerce transactions this holiday shopping season.
Beyond promoting the power of partnering with your peers, the main takeaway I would share with organizations is to learn and grow from this experience by continuing to invest in and innovate their technology infrastructure. Technology brings us together (but at a safe distance) and gives us the ability to respond and adapt quickly, which is essential in maintaining a successful business and growing economy.
About The Author
Ms. Homberger is the executive vice president, chief risk officer as well as a member of the American Transaction Processors Coalition board of directors and also the ATPC COVID-19 Taskforce chair. In her role, she drives ACI’s risk management vision and strategy, including acquisition integration. Her current focus is on continuing to advance and evolve ACI’s risk management and information security functions to develop a risk management organization that is best in class in the payments industry.
Prior to becoming chief risk officer, Ms. Homberger held a number of senior and operational leadership positions at ACI, including leading global sales, ACI On Demand (the company’s SaaS and Platform business), and customer management and maintenance.
Prior to joining ACI Worldwide in 2006, Ms. Homberger worked at GE Healthcare, where she held finance leadership roles and completed the Financial Management Program (FMP). Ms. Homberger is a board member of the American Transaction Processors Coalition (ATPC) and Women in Payments. She is also very active in her local community. She is Six Sigma Green Belt Certified and holds her MBA from Fordham University and a Bachelor of Science from Miami University.
About ACI Worldwide
ACI Worldwide delivers real-time, any-to-any electronic payment solutions for banks, intermediaries, merchants and billers. ACI's portfolio of solutions makes fast, simple, and secure payments possible around the world by connecting more ways to pay with more payment capabilities than any other provider.