Tuesday, January 8, 2019
Paya Inc.'s Jan. 8, 2018, acquisition of First Billing Services, is the latest example of private-public partnership (PPP) growth, payments analysts noted. Atlanta-based Paya revealed it will integrate FBS's online billing and software applications into its Paya Connect platform. Company representatives said the consolidated technologies will drive efficiencies and electronic payment adoption in underserved municipal and utility sectors.
Jeff Hack, CEO at Paya, told The Green Sheet that FBS' specialized applications are designed for government entities and complement Paya's flexible, vertically tailored solutions. "This results in flexible and frictionless payments to sectors that have historically offered very limited payment options to their customers," he said.
Pat Dorsey, founder and CEO of Dayton, Ohio-based FBS, added, "We're proud to have created a one-stop, integrated billing and payments platform for our customers. As part of Paya, FBS will continue to provide the outstanding service our customers have come to expect, while delivering a broader set of capabilities."
In a Nov. 6, 2018, interview with Inside Cybersecurity, Ari Schwartz, managing director of cybersecurity services at Venable, cited the National Institute of Standards and Technology as an example of government and private-sector collaboration.
"The NIST Cybersecurity Framework demonstrates a great model for a successful partnership," Schwartz said. "The CSF [Cybersecurity Framework] is in widespread use among many industries. The release and support for CSF profiles in financial services and health care demonstrates this."
In an April 16, 2018, blog post, Secretary of Commerce Wilbur Ross called NIST a critical component of national and economic security. Initially developed for energy, banking, communications and industrial defense, the flexible NIST framework is adaptable to both government and business environments, he noted.
"From the very beginning, the Cybersecurity Framework has been a collaborative effort involving stakeholders from government, industry and academia," added Under Secretary of Commerce for Standards and Technology and NIST Director Walter G. Copan. "The impact of their work is evident in the widespread adoption of the framework by organizations across the United States, as well as internationally."
Established in 2011, FBS has specialized in digital solutions that simplify and enhance consumer payments to municipal governments and utility companies. Hack said the FBS acquisition is part of Paya's strategy to invest in high-growth vertical markets in need of integrated payment and software solutions.
As Paya expands its Paya Connect platform, the company's partnerships will enable businesses to grow and scale across multiple industries. For example, Paya recently acquired Stewardship Technology to expand its presence in faith-based and nonprofit verticals, Hack stated.
Hack further noted that integrating FBS software with utility and municipal ERP systems and client-facing tools will facilitate the following improvements:
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