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IndustryUpdate

banking charters not only to provide financial advice but ACQUISITIONS
also to manage the accounts, gather deposits and issue
credit; and a review of 14 apps focused on spend track-
ing, savings or investing. CLPS completes integration
of Singapore subsidiaries
AI, IoT disrupting global payments industry
CLPS Incorporation, an information technology consult-
ResearchAndMarkets released the Global Payment ing and solutions service provider, completed the busi-
Innovation Trends 2019 study. Findings include: the ness integration of Infogain Pte. Ltd. and RiDiK Pte. Ltd.,
integration of virtual voice assistants like Alexa, Google its two subsidiaries in Southeast Asia, into its Singapore
Assistant and Siri into billions of consumer electronic Division, CLPS Singapore. CLPS expects the integration
devices has fostered a new form of AI-powered pay- of the two entities acquired in 2018 to achieve overall
ments using voice command; voice-activated payments management and operational efficiency, provide exem-
are projected to see rapid growth between 2019 and plary services, drive overseas business expansion, and
2023; a double-digit share of respondents expressed enhance the company's share of IT services in Southeast
interest in paying via connected car or smart fridge; and Asia.
biometric payments are gaining traction, while crypto-
currency payments have not. Great Hill offers cash for VersaPay

PARTNERSHIPS VersaPay Corp. and Great Hill Partners, a growth-
oriented private equity firm, disclosed that the VersaPay
and an affiliate of Great Hill entered into a definitive
Cutter, ControlScan work together agreement whereby Great Hill will indirectly acquire
all of the issued and outstanding common shares of the
Cutter selected ControlScan to help it reduce cybersecu- VersaPay by way of a statutory plan of arrangement
rity risk. Under the agreement, ControlScan will provide under the Canada Business Corporations Act. Under the
Cutter with 24/7 threat detection and response as a man- agreement, each VersaPay shareholder will receive cash
aged security service. ControlScan is also a longtime PCI consideration of C$2.70 for each VersaPay Share held,
program partner for Cutter. Since 2010, ControlScan has valuing VersaPay's total equity at approximately C$126
helped merchants within Cutter’s portfolios achieve and million on a fully diluted basis.
maintain compliance with the Payment Card Industry
Data Security Standard (PCI DSS), the partners noted.
APPOINTMENTS
Flywire, iSAMS team up for tuition payments
Flywire entered a new integration partnership with Wolfe selects Matt Kerper
iSAMS, a web-based school management and account- Wolfe LLC, the fintech incubator behind GiftYa, Gift
ing solution. Flywire will integrate its comprehensive Card Granny and PerfectGift.com, hired Matt Kerper as
payment and receivables platform for education with its new chief strategy officer. Kerper previously held key
the iSAMS iFinance solution to streamline international strategic positions at RetailMeNot, CashStar and PayPal
payments for K-12 students and their families while among other top companies in the fintech space. “After
simplifying reconciliation for schools. Among the advan- 20+ years in fintech and payments, I was drawn to GIftYa
tages the partners noted are seamless international pay- because I believe it represents the intersection of gifting,
ment options with local currency preferences in over 240 commerce and convenience that will change the way
countries. consumers gift digitally,” Kerper said.

Nacha picks Persistent Systems, Profituity Central Payments hires one, promotes three
Persistent Systems is now a Nacha Preferred Partner for Central Payments, a provider of bank-as-a-service
digital banking solutions, and Profituity is a Preferred platform technology and issuer of prepaid debit cards
Partner for ACH enablement and NSF recovery. As rounded out its executive management team with the
Nacha Preferred Partners, Persistent Systems and addition of a payments veteran and the promotion of three
Profituity join “a select group of innovators contributing senior staff. Heather Schumacher joined the company as
to Nacha’s strategic efforts in support of the ACH pay- senior vice president/chief operations officer. She will
ments ecosystem by removing friction, increasing ease, lead Central Payments; information systems, settlement,
improving cash flow accessibility and efficiency, as well project management, implementations, and quality
as supporting sound risk management and security for assurance functions. Mandy Cooper was promoted to
payments,” Nacha stated. Persistent Systems delivers senior vice president/chief risk officer, Eric Cotton to
digital business acceleration and enterprise moderniza- senior vice president/general manager, and Nikkee
tion solutions.The Profituity ACH platform is cloud- Rhody to senior vice president/managing director of
based enterprise software designed to empower third- Falls Fintech, the company’s fintech accelerator.
party payment processors and high-volume originators.

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