Page 14 - GS230201

IndustryUpdate

cates its deposits to financing renewable energy and/or PayJunction, Plaid team up
carbon-reducing projects. on A2A money transfers

Greenpenny said it chose Jack Henry to increase auto- PayJunction, a developer of payment processing tech-
mation and boost efficiencies, enabling employees to nology, integrated with Plaid, a consumer-permissioned
spend more time with customers, delivering a high- network powering the digital financial ecosystem, to
touch, personalized experience using digital channels, enable PayJunction customers and partners to deliver
the partners stated. With Jack Henry, the bank expects to a better pay-by-bank experience. Integrating Plaid’s
gain access to an open, comprehensive technology suite, secure account-to-account (A2A) bank connectivity tech-
including core processing, real-time payments, bill pay- nology with PayJunction’s payment gateway will allow
ment capabilities, fraud detection and more. B2B and B2C businesses to easily extend to their cus-
tomers a simple way to pay for goods and services via
Ingenico, Fujitsu Frontech team up on palm vein ID direct bank transfer, whether online or via invoicing,
PayJunction stated, adding that it routes the transactions
Payment acceptance solutions provider Ingenico and via the low-cost ACH processing rails, which can result
Fujitsu Frontech North America, through its subsidiary in significant savings versus payments made with credit
Fulcrum Biometrics Inc., unveiled what they described and debit cards.
as "the world’s most secure, accurate and seamless bio-
metric payment solution based on palm vein identifica- The partners additionally noted that according to Nacha,
tion." more than 29 billion ACH Network payments were
made in 2021, valued at close to $73 trillion.
This innovation enables merchants to speed up check-
out, minimize the risks of fraud and streamline the cus-
tomer experience, the partners stated, adding that the ACQUISITIONS
solution enables contactless payments, reduces queues
and transforms in-store commerce. Marqeta to acquire Power Finance

Designed on Ingenico’s AXIUM range, its Android pay- Global card-issuing program Marqeta entered into an
ment terminals, the solution allows consumers to iden- agreement to acquire credit card program management
tify themselves and authenticate their payments by mov- platform Power Finance Inc. The deal is expected to
ing the palm of a hand over a near infra-red sensor—no close in the first quarter of 2023, subject to satisfaction
need to take out a credit card or enter a PIN. of customary closing conditions. Power’s cloud-native
platform offers credit card program management ser-
MagTek, Xpress-pay devise vices for companies creating new credit card programs.
card-present mobile solution
As part of this acquisition, Power Finance CEO Randy
MagTek, a world supplier of secure payment technol- Fernando will lead the product management of Marqeta’s
ogy, and Xpress-pay, a Software-as-a-Service digital bill credit card platform. The combination of Marqeta and
payment solution provider, collaborated using MagTek's Power’s platforms allows Marqeta to directly offer its
tDynamo card reader authenticator and Xpress-pay's customers the tools they need to create innovative credit
cloud-based epayment service. This mobile, handheld products that meet the changing demands and expecta-
solution is built to meet the needs of in-person payments tions for credit cards from consumers and businesses,
for organizations in the retail, restaurant, hospitality and Marqeta stated.
service sectors.
Zafin gains FINCAD
Select businesses, like insurance companies, are required
to meet compliance measures where the fees for services Zafin, an SaaS cloud-native product and pricing plat-
and transaction fees must not be commingled; the retail form for banks and credit unions, acquired FINCAD, a
industry is unique in that they are allowed to pass fees global leader in pricing and risk analytics of financial
onto the consumer, the partners stated. Having a pay- derivatives and fixed income products. By acquiring
ment solution that addresses either scenario, they noted, FINCAD, Zafin expands its product portfolio and ana-
can be critical to success. By integrating the MagTek lytics capabilities to become one of Canada’s largest
tDynamo with the Xpress-pay payment application, B2B fintech companies with significant global pres-
merchants and consumers are both able to benefit from ence including more than 450 institutional clients, over
lower card-present interchange costs associated with in- 60 ecosystem partners, and more than 500 employees
person transactions, they added. spread out across 13 global offices, the company stated.

FINCAD provides derivative and fixed-income pricing,
modeling and risk analytics to banks, asset management
firms, insurance companies and hedge funds. The addi-

14