The PCI Security Standards Council honored Conformance Technologies Inc. for having fulfilled the role of participating organization in the council for 10 years. "Participating organizations are critical in our mission to educate, empower and protect the payment card marketplace," said PCI SSC General Manager Stephen Orfei. "We look forward to continuing this collaboration in the decade ahead."
The Electronic Payments Coalition praised U.S. House Financial Services Committee Chairman Jeb Hensarling, R-Texas, for leading efforts to repeal the Durbin Amendment as part of the Financial CHOICE Act. In his opening remarks preceding a congressional session on the proposed bill, Hensarling called out multiple economic and business challenges brought on by the passage of the 2010 Dodd-Frank Act, assuring his peers that the CHOICE Act is designed to remedy these challenges and enact stronger consumer protection measures.
FIME stated that its EMV (Europay, Mastercard and Visa) Level 3 test platform Savvi 3.0 – used by acquirers, processors, merchants, value-added resellers and independent software vendors globally for terminal integration testing – is now available in the United States. It has expanded testing functionality and an extensive range of international and domestic payment scheme qualifications. The platform helps address ATM fraud, EMV processing time, certification backlog, and contactless EMV testing, the company added.
Insights Success Media Tech LLC selected G2 Web Services LLC as one of the 10 Fastest Growing Financial Solution Provider Companies of 2016. The honor commemorates G2 Web Services' payment risk management solutions and history of providing proprietary merchant risk data, advanced technology, data science and expert investigation services. "G2 Web Services is an industry innovator and an outstanding workplace, which provides comprehensive and enduring solutions to the clients," said Vikram Suryawanshi, Managing Editor at Insights Success.
Mastercard launched Mastercard Developers, a gateway that the company said enables Mastercard partners to access a diverse range of application programming interfaces (API) across payments, data and security. The platform also includes a new and experimental API category that enables partners to test new technologies and applications.
"We see Mastercard Developers as empowering our customers, partners and their developers in their efforts to innovate and grow their own businesses," said Oran Cummins, Senior Vice President for APIs at Mastercard. "The new platform will serve as a key way to integrate Mastercard technology and services into their digital solutions in an easy and cost-effective way."
Net Element Inc. joined the ranks of the South Florida Business Journal's Top 25 Fastest-Growing Technology Companies. This list recognizes the fastest growing technology companies in the region based on growth over a two-year period. All companies honored with the 2016 Technology Award will be listed in an upcoming special section of the journal.
PreCash Inc. stated that it officially became Noventis Inc. to reflect its mission to serve new markets and deliver faster bill payments at a lower cost to a broad base of businesses. "Building on our success as PreCash, Noventis is well positioned to make digital payments more accessible and affordable for small to medium-sized businesses," said Steve Taylor, Noventis Chief Executive Officer.
Ripple Labs Inc. reported that it completed a $55 million Series B financing round and will use the funds to accelerate growth, pursue strategic partnerships and grow its international team. The company also formed the Global Payments Steering Group, an interbank group that will oversee the creation and maintenance of Ripple global payment transaction rules and formalized standards. Founding members include Bank of America, Merrill Lynch, Santander UK PLC, UniCredit Group, Standard Chartered PLC, Westpac Banking Corp. and Royal Bank of Canada.
SafeBreach Inc. was named a SINET 16 Innovator Award Winner for 2016. Awarded annually by the Security Innovation Network, the awards recognize the world's most innovative technologies and compelling emerging companies. SafeBreach was recognized for its one-of-a-kind virtual hacker platform, which incorporates the complete Hackers' Playbook of breach methodologies, and manages a distributed network of breach simulators from a centralized location, SafeBreach noted.
The Swych Mobile Gifting Platform, along with the newly unveiled Swych GiftBot, won the Best of Show award at the Finovate Fall 2016 conference. Swych's new patent-pending GiftBot, a first-of-its-kind personal gifting assistant that makes gifting possible from the apps that consumers use most often, such as Facebook, Skype and iMessage, was introduced at the conference and is now available in both the Apple Inc. and Google Inc. mobile app stores.
ThreatMetrix extended an agreement with the San Jose Earthquakes, building on ThreatMetrix's securing of online ticket sales for the Quakes. The agreement also includes stadium branding, customer engagement and match tie-ins. "We're thrilled that as an Official Quakes Team Partner, we're able to deepen support for our hometown soccer club and continue to expand our community footprint," said Armen Najarian, Chief Marketing Officer for ThreatMetrix.
Transfast expanded its global presence with the addition of new offices in Tampa, Fla., and London, so it now has 22 offices in 16 countries. Transfast said it expanded its offices in London to establish deeper roots in one of the most important financial centers of the world and that the new Tampa office will centralize its U.S. operations. The Transfast network currently operates across 120 countries with 200,000 payout points in the Americas, Middle East, Asia, Europe and Africa.
Vantiv Inc. indicated it supports Apple Pay on the web, which enables ecommerce websites to offer single-touch checkout for customers shopping in the Safari web browser on iPhone, iPad and Mac. Vantiv stated its clients have already begun to share praise for Apple Pay's new capabilities and how it will help their consumers. Savid Shabeer, Vantiv Vice President of Merchant Product, said, "Apple Pay on the web is a game changer."
Wal-Mart Stores Inc. revealed it is set up to process payments on ChaseNet, JPMorgan Chase & Co.'s closed-loop network, at its more than 5,000 Walmart and Sam's Club locations in the United States, as well as through the Sam's Club ecommerce website. "Walmart is always looking for innovative ways to improve the payment experience for our customers while also creating competition in the payments industry," said Mike Cook, Senior Vice President and Assistant Treasurer at Wal-Mart.
Research released by Accenture PLC revealed that despite the potential for small and traditional businesses to become successful digital platform companies, as few as 10 percent of new startups focused on this business model will become profitable, independent entities in the coming years.
Accenture's Five Ways to Win with Digital Platforms, published in collaboration with the G20 Young Entrepreneurs' Alliance, assessed the ability of 16 economies to support the growth of digital platforms. It indicated that China, India, the United States, the U.K. and Germany are at the top of the Accenture Platform Readiness Index.
The 2016 AFP Electronic Payments Survey, underwritten by JPMorgan Chase found a majority of organizations intend to use same-day automated clearing house payments for last-minute bill payments, while 38 percent anticipate they will use it for emergency payroll. The survey also found that business-to-business payments by paper check increased slightly from 2013, breaking the previous downward trend in check use.
A Better Than Cash Alliance report unveiled 10 tangible steps governments and companies can take to transcend a cash-dominant economy and embrace digitization of payments. Significant evidence supports the benefits of transitioning from cash to digital payments, but implementation is often difficult, in part, because successfully creating an economy where digital payments are widely available requires a collaborative approach between many players in the public and private sectors, the alliance noted.
Incumbent electronic payment enterprises must improve customer journeys, maximize security, minimize complexity and add value beyond pure payments if they hope to compete against small fintech startups and global digital giants, according to a new report by The Boston Consulting Group. The report, Global Payments 2016: Competing in Open Seas, is BCG's 14th annual study of the global payments business. It offers a comprehensive overview of the industry, including revenue trends, retail payments by region, and shifting dynamics in wholesale transaction banking, BCG noted.
A Juniper Research Ltd. study indicated the global value of contactless POS terminal transactions, conducted in store via cards, as well as mobile and wearable devices, will approach $500 billion annually by 2017, up from an estimated $321 billion in 2016. According to Juniper's POS Terminals: Market Strategies & Segment Forecasts 2016-2021, the surge in contactless-enabled POS terminal deployments in 2015 will spur contactless payment adoption.
Credit, debit and prepaid payment cards in circulation worldwide totaled 18.08 billion at the end of 2015, up 5.8 percent over 2014, according to The Nilson Report. "By 2020, payment cards are expected to increase 21.3 percent to 21.93 billion," said David Robertson, Publisher of The Nilson Report. "Mastercard and UnionPay are projected to be the only global general purpose brands to increase their share. RuPay and Elo are projected to lead domestic general purpose cards."
According to research done by Payscout Inc., 92 percent of U.S. consumers have purchased through an online marketplace over the past year, and sales by third-party vendors on the two biggest U.S. marketplaces, Amazon.com and eBay, accounted for about 27 percent of North American online retail sales in 2015. "This represents a tremendous opportunity for small-and-medium-sized ecommerce companies," said Cleveland Brown, Payscout CEO.
An Osterman Research Inc. and Trustwave Holdings Inc. report revealed many businesses fail to conduct frequent security testing despite believing that it's critically important to securing their systems and data. One in five of the 126 businesses surveyed admitted they don't do any security testing, despite the fact 95 percent of survey respondents also reported encountering one of the 12 most common security issues associated with security vulnerabilities.
CDS Software and Payment Savvy LLC partnered to offer the users of CDS' CollectOne PaymentSavvy's billing and payment solutions. "While there are many options available to our customers, we are especially excited to partner with PaymentSavvy, given their proven products, top-notch technology and dedicated 24/7 customer support," said Brett Menzie, Director of Sales at CDS.
eBay Inc. and Sellbrite Inc. formed a strategic partnership to offer merchants a new way to integrate with eBay and multiple ecommerce shopping cart platforms, including Magento, WooCommerce, BigCommerce, and Shopify. The integration is a continuation of eBay's efforts to help streamline the selling experience for not only mid-market businesses, but businesses of all sizes who want to sell across multiple channels, the companies stated.
Entrata Inc. entered a strategic alliance with Visa Inc. to introduce an improved payment and authorization program to the multifamily-housing industry. The resulting program introduces a lower cost payment method for Visa debit cardholders and reduces the number of steps it takes to authorize and process rent payments. According to the partners, the new framework eliminates phone authorizations, restricts fees for credit and debit card payments, and reduces debit card fees for participating properties.
IBM and China UnionPay collaborated on a loyalty bonus points exchange among multiple banks using blockchain technology. The IBM China Research Lab and China UnionPay E-payment Institute created the business platform as a permissioned network for the exchange of bonus points. The joint effort will also integrate online and offline channels using blockchain, the companies stated.
JotForm Inc. reported that it is the first online form builder to offer Square Inc. integration as a way to collect payment through online forms. The online form builder from JotForm enables users without programming skills to create donation forms, order forms and registration forms. Adding Square to a form requires only a Square account and a few extra clicks, JotForm said.
Lenovo Group Ltd., Intel Corp., Synaptics Inc., and PayPal Inc. collaborated to bring simple, safe authentication experiences to enterprises and consumers alike. The collaboration enables Lenovo customers to authenticate to online Fast IDentity Online (FIDO)-enabled services like PayPal by using a fingerprint instead of a password. This biometric authentication system will implement current FIDO standards, bringing established FIDO biometric authentication capabilities to the desktop computer, the companies noted.
Mastercard and Stripe Inc. stated that Mastercard Send is now using the instant payouts feature from Stripe. Instant payouts are available to U.S.-based sellers – including drivers, delivery people, errand runners, caregivers and other contractors – in marketplaces running on Stripe Connect. Examples of marketplaces on Stripe include Postmates, Instacart and iCracked.
The NFC Forum signed liaison agreements with the Car Connectivity Consortium, the FIDO Alliance and the Smart Ticketing Alliance. The stated goal of the alliances is to collaborate on joint projects to advance the adoption and usability of near field communication (NFC) in key markets and technology sectors, including automotive, public transportation and digital identity.
Fraud prevention and authentication provider Pindrop Security signed a reseller agreement with omnichannel solution provider Genesys. As part of the agreement, Genesys global sales teams can offer Pindrop's Fraud Detection System with the Genesys Customer Experience Platform to prevent fraudulent phone calls into contact centers, reduced agent productivity and financial loss.
Rakuten.com partnered with Payoneer to allow merchants worldwide to sell on Rakuten.com and get paid in their local currency via Payoneer. "Payoneer came highly recommended by top cross-border merchants, so it seemed like the perfect fit," said David Pourjahan, Director of Business Development, Rakuten.com. Partnering with Payoneer allows Rakuten.com to tap Payoneer's strong customer base, according to the companies.
Continuing its strategic plan to further develop its integrated electronic payment processing platform and consolidate with other merchant acquirers and ISOs, Applied Merchant Systems recently completed a merger with BlueSquare Resolutions LLC. BlueSquare co-founder Sabin Burrell, now a significant shareholder and senior executive of AMS, will continue to serve as CEO of BlueSquare. "Sabin Burrell and BlueSquare are tremendous additions to the family," said Jonathan Severn, CEO of AMS.
Digital Check Corp agreed to an asset purchase from Burroughs Inc. that includes the people, products, and expertise supporting the SmartSource, Elite, Quantum DS, and ReceiptNow family of products. The acquired assets will become an integrated part of Digital Check's operation and take on the Digital Check brand name. The acquisition broadens Digital Check's product lineup and global network of reseller and partner relationships, the company said.
Payment solutions provider Intrix Technology Inc. acquired the assets of Maas Global Solutions. MGS is the owner and operator of Paymentsite, a payment platform that includes end-to-end encryption and is certified for EMV processing. The acquisition enhances Intrix' technology capabilities, merchant base and vertical reach. Intrix expects to accelerate sales and revenue growth through the combined brand of products, the companies noted.
YapStone Inc. welcomed Bruce Dragt to the company as Senior Vice President of Product. Dragt joins YapStone after having held executive leadership positions at Wells Fargo & Co., i2 Ltd., Financial Settlement Matrix. Most recently he worked for First Data Corp., where he held multiple senior roles over a 13-year period, including Senior Vice President of Global eCommerce, Merchant Products.
Clearent LLC reported that Dana Odom is its new Vice President, Integrated Software Vendors Channel Manager. Odom joins Clearent from TSYS Merchant Solutions, a global credit card and payments processor, where he was Senior Director of Integrated Payments Sales & Strategy. In his new role at Clearent, Odom will lead an integrated partner sales team.
Mozido Inc. named Vince Padua as its Executive Vice President of Product and Development. "Vince's strong product and platform development background, proven business acumen and contributions to successful technology development perfectly align with our growth strategies," said Todd Bradley, CEO of Mozido. Padua has more than 15 years of experience driving innovation within companies including IBM, Dell and Intel Corp.
Base Commerce LLC added David Schoenecker and Anna Lam to its executive team as Chief Marketing Officer and Vice President of Sales, respectively. They will be charged with using the company's momentum to achieve national recognition as a premiere technology company and innovator in the payments industry, Base Commerce said. Schoenecker has nearly 20 years of marketing and business development experience; Lam has a track record of success in sales and customer service that spans more than 25 years.
ShopKeep appointed Mike Sommers as its new Senior Vice President of Product Management. Reporting to CEO Michael DeSimone, Sommers will lead expansion of the features and capabilities of ShopKeep's POS system. Sommers appointment reflects an increased focus on providing enhanced POS solutions for ShopKeep's three largest verticals: retail, quick-service and full service restaurants, ShopKeep stated.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next