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 months later, the client called and said the number of fraud cases had significantly decreased.”

In addition to signaling professional credibility and expertise, accreditations such as the APRP are important for career development. They can make individuals more attractive candidates for new opportunities and advancement, particularly in payments risk, compliance, and fraud management.

There are several important accreditations related to the APRP. The Accredited ACH Professional (AAP) designation focuses on the rules and regulations governing ACH payments and is valuable both for professionals who are new to ACH and for those with years of experience in the industry.

The Accredited Faster Payments Professional (AFPP) designation focuses on faster payment systems such as Same Day ACH and FedNow. As these payment methods grow, the AAP, AFPP, and APRP accreditations will become increasingly important for organizations hiring the next generation of professionals to build payment applications and develop new payment capabilities.

“Nacha is a highly respected institution across the banking and payments industry,” Danner said, adding that Nacha accreditations carry a significant industry weight, which is very important for career development.”

Getting Started

For anyone interested in taking this year’s exam, it’s important to register as early as possible and begin studying as soon as the APRP handbook is received. Applicants can also attend Nacha’s Payments Institute or participate in Payments Association training programs designed specifically for APRP test prep.

The annual test window begins on Aug. 3 and runs through Aug. 29.

“If you have worked in payments for years, you will add a highly respected qualification to your resume,” Sellen said. “If you’re relatively new to the field, you will give yourself an edge over the competition.”

The post The Growing Importance of Payments Risk Expertise appeared first on PaymentsJournal.

Introducing the Credential

The Path to an APRP

A Much-Sought-After Expertise

Important Related Professional Designations

Getting Started