Experienced fraud management expert Mike McGirr appointed to Vice President of Compliance at Reach to build and lead a new risk and compliance team
In line with its ambitious growth targets, the appointment will secure Reach’s global compliance across markets and enable retailers to make the most of cross-border ecommerce opportunities
Reach , the global ecommerce payments enabler, today announces the significant appointment of fraud and compliance management expert, Mike McGirr, as Vice President of Compliance.
With more than 20 years’ experience in the payments space, McGirr, the former SVP of Risk and Compliance at payments platform Adyen, will be responsible for driving the execution of Reach’s risk and compliance programs, and allowing the business to reach its ambitious growth targets.
As cross-border ecommerce volumes continue to surge to an expected $1.2 trillion in 2022 , and businesses seek expansion into new markets, compliance is fast becoming a critical component for merchant success. The financial and reputational damage caused by non-compliance with regulatory and payment scheme demands can threaten the survival of a business. Costly penalties, recurring charges and even license withdrawals face merchants which lack the resources and in-house expertise to meet rigorous compliance obligations. For example, failure to implement PCI-DSS standards for online card payments can result in fines of up to $500,000 depending on merchant category or location.
With payment acceptance impacted by differing regulations and payment industry mandates across various markets, businesses are seeking to outsource risk and liability functions so that they can focus on their core business operations. Reach’s expertise in handling compliance obligations on behalf of clients has been a major factor in its strong growth over 2021, and will take on even more importance in 2022 and beyond as ecommerce taps into new customer bases worldwide.
As a core part of his new […]
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