The Growing Importance of Payments Risk Expertise

Payments risk is no longer confined to a single payment rail or transaction type. Financial institutions and businesses today must manage risk across the ACH Network, checks, wire transfers, real-time payments, and a growing number of emerging payment methods.

As the payments ecosystem becomes more interconnected, professionals need a broader understanding of how risks differ across payment channels—and how to effectively manage them.

That need has helped elevate the importance of Nacha’s Accredited Payments Risk Professional (APRP) accreditation. In a PaymentsJournal Podcast, Kerry Sellen, Senior Consultant at Nacha Consulting, and Ben Danner, Senior Analyst of Debit at Javelin Strategy & Research, discussed the value of the credential, the knowledge it provides, and the role it can play in career development.

Introducing the Credential

The APRP certification focuses not only on ACH payments, but also on checks, debit and credit cards, prepaid cards, wire transfers, and emerging and alternative payment methods. Any professional in the payments industry can work toward accreditation, although Nacha recommends having at least two years of industry experience before taking the APRP exam.

“It's great hearing of its availability,” said Danner. “I originally thought this was only geared for bankers and financial institutions, but it's really wide open for payment professionals across the space. Not just your Main Street banker, but also your startup fintech teams.”

The Path to an APRP

While the APRP can help professionals build a strong foundation in payments risk, it also offers value to those with years—or even decades—of industry experience. Because the accreditation covers a range of payment types and risk considerations, it often exposes professionals to areas of the payments ecosystem outside of their day-to-day responsibilities.

Sellen’s career path illustrates that point. Even after spending years in the payments industry, she found that pursuing the APRP expanded her understanding of risk management and introduced her to new concepts and payment channels.

Sellen started her career working in ACH payments at eFunds Corporation. She later joined First Data, where she spent the next 20 years serving in a variety of roles across the payments industry.

“My first job was to work with the team to write the requirements for the ACH system to process their ACH payments,” she said. “During my tenure at First Data, I also led teams in the business risk and controls group operations and product development.” After leaving First Data, Sellen joined Nacha where she’s been a senior consultant with Nacha Consulting for the past seven years. “Risk management is always a part of the engagement,” she said

When she registered for the test, one of the study materials included was the Accredited Payments Risk Professional Handbook. At more than 100 pages, the handbook can seem intimidating at first because it covers a tremendous range of payment types and risk concepts. To help remember all the terminology, Sellen created a spreadsheet containing key terms and their definitions.

“What surprised me was the number of regulations and guidelines that the candidate needs to have a general understanding of,” Sellen said. “Whenever I had down time—like waiting for my kids at school or at the doctor's office—I always had my printed spreadsheet with me.”

A Much-Sought-After Expertise

The APRP helps professionals understand the risks associated with different payment types and the controls that can mitigate or manage those risks. That expertise can make a significant difference to a customer’s bottom line.

“I had a client who was experiencing significant fraud,” said Sellen. “I reviewed their policies and procedures, their risk management processes, and I spoke to the risk management team. After gaining a good understanding of their processes and procedures, I made some suggestions on how they could implement additional controls. A few mon