An efficient market system for providing mortgage credit to people who want to buy a house should have certain core characteristics: it should provide consumer choice, it should provide consumer protections, it should allow for
innovation by market participants, and it should facilitate transparency.»
By developing a set of guidelines that all
participants in the payments marketplace can work within, the goal is to ensure safety, security and ease of use for merchants and consumers while allowing for
innovation and competition among
market participants.