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Table of Contents

Lead Story

Blazing tech trails for commerce

Ann Train

News

Industry Update

Fed, FDIC, OCC toughen up on FI cybersecurity

U.S. Supreme Court to rule on credit card surcharging

ATM industry shifts EMV into high gear

Retailers pin hopes on early holiday shoppers

Views

Fewer Americans unbanked;more using prepaid cards

Patti Murphy
ProScribes Inc.

What Is Money20/20? - Part One

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
Be bold, be innovative, be different

John Tucker
1st Capital Loans LLC

Payment trends to watch in 2017

Oren Levy
Zooz Inc.

Which merchants fit you best?

Jeff Fortney
Clearent LLC

Pot shop processing remains risky business

Theodore F. Monroe
Attorney at Law

Company Profile

Residual Sheriff LLC.

Features

Nancy Drexler

New Products

End-to-end, omnichannel payment platform

Worldpay Total
Worldpay US Inc.

Ready-to-deploy infrastructure for payfacs

FACe
Network Merchants Inc.

Inspiration

Telephone prospecting: How good are you?

Departments

Letter From the Editors

Readers Speak

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

November 14, 2016  •  Issue 16:11:01

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Industry Update

RETAIL BRIEFS

ANNOUNCEMENTS

FStech honors ACI

ACI Worldwide earned honors at the 2016 FStech Payments Awards. The ACI UP eCommerce Payments solution was recognized in the Best Online Payments Solution (Merchant) category. ACI was identified as delivering a solution that combines connectivity to a global network of more than 350 card acquirers and alternative payment methods, with flexible payment infrastructure based on an open application programming interface (API).

Cambridge Global receives award

Cambridge Global Payments was named Innovative Payments Technology of the Year by financial research and advisory firm PayStream Advisors. The award recognizes automation software providers that deliver standout solutions designed to streamline costly, time-consuming back-office finance processes. Cambridge was recognized for its online payment platform delivered in over 170 countries worldwide.

CardinalCommerce awarded Canadian patent

CardinalCommerce was granted a notice of allowance by the Canadian Patent Office for its Universal Merchant Platform. The Canadian patent complements similar international and U.S. patents held by the company. Its Cardinal Consumer Authentication solution is part of the Universal Merchant Platform, which gives merchants and financial institutions total control over their authentication strategy while protecting their online payments, the company said.

ETA creates payfac guidelines

The Electronic Transactions Association released new payment facilitator (payfac) guidelines, offering guidance and practices to new entrants regarding settlement, registration, funding delays, fraud, security and related issues. Authored by Double Diamond Group LLC on behalf of the ETA, the guidelines are expected to help promote the growth of the payfac segment, as it brings new technology companies into the payments ecosystem.

FS-ISAC opens risk center

The Financial Services Information Sharing and Analysis Center established the Financial Systemic Analysis & Resilience Center. The FSARC is part of a long-term strategic initiative that performs deep analyses of systemic cyber risk across financial products and practices. Its creation is part of the financial industry's ongoing commitment to maintain the integrity of the U.S. financial system through tactics that prevent, detect and mitigate malicious cyber activity.

FTC issues data breach response guide

The Federal Trade Commission's Data Breach Response: A Guide for Business and companion video and business blog were released to help businesses determine steps to take and whom to contact in the event of a data breach. Several key actions are identified in the guide, including securing physical areas, cleaning up websites and providing breach notification. The guide also offers a model data breach notification letter.

Ingenico recognizes hackathon winner

Ingenico Group named team Kairos as the winners of its Money20/20 Hackathon challenge. Tasked with developing new commerce experiences using Ingenico's in-store, online and mobile software development kits, 450 developers created over 100 projects to compete for a chance to win a number of prizes. Candidates were judged on the simplicity, creativity, impact and design of their respective projects.

ILPA introduces SMART Box

The Innovative Lending Platform Association, in partnership with the Association for Enterprise Opportunity, introduced the SMART (Straightforward Metrics Around Rate and Total cost) Box. It is a model pricing disclosure and comparison tool focused on empowering small businesses to assess and compare finance options. SMART Box disclosures exist for term loans, lines of credit and merchant cash advances; they reflect product differences, while utilizing common pricing metrics, calculations and standardized language.

Investment boosts JetPay

JetPay Corp revealed that payment veteran Larry Stone invested $19.6 million in the company through a combination of debt investment of $9.5 million and an equity investment of $10.1 million in shares of previously authorized convertible preferred stock. Stone will also join the JetPay board. Proceeds from the investment will be used to repay existing debt and provide working capital to support JetPay's growth strategy, the company noted.

PayCommerce finalizes investment round

PayCommerce reported that Tritium Partners LLC made a $22 million investment in the company to drive growth, increase global market share and accelerate the expansion of PayCommerce's correspondent-banking consortium and network. "The investment from Tritium Partners allows us to better serve our customers by continuing to transform the global payments landscape with our innovative cross-border payments platform," said Abdul Naushad, PayCommerce Chairman and founder.

Secure Payments Task Force solicits input

The Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for comments on its efforts to enhance payment identity management, data protection and information sharing related to payments risk and fraud. It created an online survey to gather comments on how the task force is addressing challenges related to the three focus areas. The goal is to help ensure that the solutions being pursued will meet industry needs.

ThreatMetrix secures additional funding

ThreatMetrix reported closure of a $30 million mezzanine growth capital effort through existing partner Silicon Valley Bank. According to the company, this brings its aggregate financing to $84 million to date. The growth capital will be used to expand the company's global data center, fuel sales and marketing for new markets, and bolster business operations into 2017. "We've achieved significant corporate milestones that signal the next growth phase in our trajectory as a SaaS company," said Reed Taussig, CEO of ThreatMetrix.

USAT lands minuteKEY

USA Technologies Inc. added MinuteKey Inc. to its list of ePort Connect customers. USAT integrated 3,400 minuteKEY kiosks to Quick Connect, its secure API, which is designed to enable MinuteKey to quickly and securely process cashless transactions as well as track the acceptance of cash, credit and debit cards, and mobile wallet payments. The minuteKEY kiosks feature an intuitive user interface, small footprint, and remote diagnostic and troubleshooting capabilities, USAT stated.

Visa expands VTS program

Visa Inc. disclosed it is allowing third-party partners to offer the Visa Token Service (VTS). By expanding access to VTS to new partners – including technology companies, device manufacturers, card issuers, Internet-of-Things companies, wallet providers, merchants and others – Visa believes it will be able to more quickly and easily offer secure digital payment services on any device in the market. Gemalto NV and Inside Secure are among the initial enterprises participating in the VTS partner program, Visa noted.

RESEARCH

Accenture reports on banks, blockchain

According to a new Accenture report titled Blockchain Technology: How banks are building a real-time global payment network, nine out of 10 banking professionals surveyed at large U.S., European and Canadian commercial banks said their company is exploring the use of blockchain technology for payments. The 32 banking professionals involved in the survey indicated the initiatives are designed to reduce costs, speed payments, reduce errors and drive new revenues.

ATMIA provides biometric security guidance

The ATM Industry Association published a new industry guide. Titled ATM Biometric Security, the manual covers various methods of biometric identification, biometric templates and scanners, liveness testing, and potential types of attacks on biometrics. In addition, the guide gives recommended countermeasures, things to watch in ATM biometrics, suggested reading, and useful links.

Capgemini, LinkedIn release global fintech report

Half of banking customers across the globe are using the products or services of at least one fintech firm, according to the first World FinTech Report (WFTR) from Capgemini and LinkedIn, in collaboration with Efma. The inaugural report quantifies and tracks customer response to the rise of fintechs, includes the views of financial services industry executives at fintechs and traditional financial institutions, and summarizes how innovation is key in the emerging industry landscape.

"Fintechs are largely gaining momentum by meeting needs traditional players have yet to address, but many fintechs lack the transparency required to earn the trust of their consumer audiences to capitalize on these opportunities," said Penry Price, Vice President, Marketing Solutions at LinkedIn. Details about the report can be found at www.worldfintechreport2017.com.

Cardtronics studies health of cash

The 2016 U.S. Health of Cash Study by Cardtronics reported that people are individually defining payment convenience by embracing today's unprecedented menu of ways to pay. The report stated consumers are using a blended mix of payment options, with 85 percent of respondents using at least two types of payment methods each month and 55 percent using at least three. Additionally, the study found cash is the most commonly used form of payment in brick-and-mortar stores, at 89 percent usage.

PARTNERSHIPS

AmEx, Intuit join forces

Intuit Inc. and American Express Co. partnered to give qualified QuickBooks Online small business customers access to short-term and low-cost financing from AmEx to pay vendors and ease the cash flow crunch. By combining automated accounting processes with increased access to quick financing and payment options, the integration is designed to provide small businesses with timely funding to pay vendors, stay competitive and reduce accounting headaches.

Anovia works with Fuzse

Anovia Payments LLC forged a new partnership with Fuzse, a financial technology startup focused on ecommerce solutions for software and application developers. Anovia's Trio payments platform will power Fuzse's proprietary ecommerce solutions targeting independent software vendors needing embedded payments infrastructure for end-users, the partners stated. "Fuzse will be a real difference-maker for software companies," said Anovia Payments CEO Kevin Jones.

Cayan integrates with RedIron

Cayan LLC stated it is now working with retail commerce provider RedIron Technologies Inc. RedIron integrated into Cayan's Genius Platform, a cloud-based payment solution devised to mitigate the business challenges associated with integrating payment at the POS. With this partnership, RedIron is expected to enable retailers to benefit from future-proofed POS systems that provide omnichannel capabilities to promote flexibility, efficiency and security, the companies stated.

CO-OP aligns with Early Warning

CO-OP Financial Services formed a strategic partnership with Early Warning Services LLC to offer credit unions access to the Zelle Network. Early Warning's Zelle Network enables members of participating credit unions to send money to anyone with a U.S. bank or credit union account and credit union members to send and receive faster P2P payments via online and mobile devices. The partnership will enable Early Warning to offer Zelle capabilities to participating credit unions by late 2017.

DocuSign teams with Stripe

DocuSign Inc. partnered with payment processor Stripe Inc. to develop DocuSign Payments, a platform designed to save time and effort by providing a way to collect payments and signatures in one step to deliver what DocuSign stated will deliver a superior customer experience, instant payment and an error-free contract-to-payment process. DocuSign Payments is slated for release in early 2017 and is supported by Apple Inc., Google Inc. and Authorize.net, DocuSign noted.

Elafris, NLR collaborate

Artificial intelligence (AI) provider Elafris Inc. joined forces with NLR Resources Inc. to bring technology and payment processing services to companies using the Elafris platform. The partnership integrates NLR payment processing into the Elafris communication platform. "We were impressed with Elafris' AI messaging capabilities," said NLR Director of Business Development Rok Daneshfar. He added that millennials "spend more time in messengers than in social media platforms," so enabling payments within messengers makes total sense.

G&D integrates with Rittenhouse

Giesecke & Devrient GmbH, a provider of end-to-end solutions for smart wearable devices, reported it has developed a new solution for wristbands that will have prepaid payment services from Rittenhouse Payment Solutions bundled in. "Enabling cashless event participation in a fun and secure way is a great extension of our business in EMV cards and mobile payments and banking," said Scott Marquardt, President of G&D's U.S. Mobile Security organization.

Magento, Signifyd fight fraud

Magento Commerce reported that it will integrate Signifyd's machine learning capabilities directly into the Magento Commerce platform. With this integration, Magento expects to elevate its merchants beyond fraud scoring tools and eliminate their liability for fraud through Signifyd's Guaranteed Payments.

"Our partnership with Signifyd significantly changes how merchants manage orders and review losses and fraudulent chargebacks," said Mark Lenhard, Senior Vice President of Strategy and Growth at Magento.

Mastercard, Fit Pay align

Mastercard partnered with Fit Pay Inc. to bring Mastercard contactless payments to consumer wearables and Internet-of-Things devices. Integrating the Fit Pay platform with the Mastercard Digital Enablement Service (MDES), the companies will work with manufacturers to provide cardholders a range of secure, contactless payment-enabled devices that can be used at Mastercard merchant locations around the globe, the companies said.

PayJunction teams with Sycle

PayJunction and audiology practice management solution provider Sycle partnered to integrate PayJunction's Smart Terminal with Sycle's software. Together, PayJunction and Sycle have eliminated the lengthy, painstaking process of EMV Level 3 certification for medical practices, the companies stated. Free to qualified medical practices, the Smart Terminal processes EMV card, mag ­stripe card and contactless payments such as Apple Pay. It also supports advanced features such as electronic signature capture and digital receipts, PayJunction noted.

Shopgate, Guidance go mobile

Shopgate Inc., a mobile website and native app developer for online merchants, reported that it partnered with digital commerce solutions provider Guidance Solutions Inc. to give merchants best-in-class mobile experiences for customers. Jointly, Shopgate and Guidance aim to accelerate the mobile revenues of merchants using aggressive mobile initiatives centered on smart strategy and mobile optimization. The alignment of the companies' distinct technologies is expected to help mid-market and enterprise merchants take advantage of the unique selling power of mobile apps.

TransFirst, Raintree partner

TransFirst and Raintree Systems Inc., a technology company that provides practice management and electronic medical record management solutions to the healthcare industry, formed a strategic partnership. Under the terms of the alliance, TransFirst will be the integrated provider of electronic payment solutions to Raintree Systems' healthcare clients, which include such specialties as physical therapy, behavioral therapy, pediatric therapy, rheumatology, pain management, oncology and bariatrics.

Unity FI, MTS strike alliance

Unity FI Solutions signed a partnership agreement with Money Transfer Systems Inc. Under the terms of the agreement, MTS will sell Unity FI's non-competing payment and processing solutions to its corporate and financial institution customers. "This partnership will increase our exposure among some of the nation's largest banks and offers us the opportunity to further position ourselves in the marketplace," said Dan Miller, co-founder of Unity FI.

Visa, Intel team on security

Visa and Intel Corp. agreed to collaborate to bring payment and data security technologies to the growing world of connected devices ‒ from personal computers and mobile devices, to intelligent appliances and wearable accessories. The companies said they will work together to integrate data security solutions into Intel chip sets and help device manufacturers build more secure payment functionality into their products.

ACQUISITIONS

East Commerce purchases BCRE

East Commerce Solutions Inc. acquired Boston Cash Register Exchange, a cash register and POS systems company. The acquisition continues East Commerce's expansion and establishes an office to support its growing customer base in the Boston area. "Our acquisition of Boston Cash Register Exchange complements our efforts to expand our product offerings with increased point of sale technology innovation" said Ed Medeiros, East Commerce CEO.

Payroc gains iTransact

Payroc LLC acquired the assets of The iTransact Group LLC. According to Payroc, the transaction is a notable expansion of its payments business, adding 300 trusted adviser referral partners and 6,000 merchants with more than $1.3 billion in annual processing volume. Payroc additionally noted that it acquired mobile POS technology, a proprietary ecommerce gateway and a proprietary integrated payment facilitator platform to enhance delivery of customized vertical market payment solutions for micro, small and midsize merchants.

APPOINTMENTS

ACI appoints Aretakis

ACI Worldwide named Eve Aretakis as its Executive Vice President of Application Development. With more than 20 years of senior leadership experience, Aretakis has held executive roles at leading companies such as Siemens and Unisphere Networks, ACI noted. "I am thrilled to become a part of the talented OneACI team, to advance our Universal Payments application development, and ultimately help our great customers accelerate growth," Aretakis said.

Cramp joins Motionsoft

Motionsoft Inc. appointed veteran technology executive John Cramp as its CEO. Cramp has over 25 years of leadership experience in Fortune 500, startup and growth companies with expertise in electronic payments, finance and information technology, Motionsoft stated. Companies where Cramp has held senior executive positions include Solveras, Telkonet, CardSystems Solutions Inc. and Seneca.

Bizfi taps Donovan

The Bizfi board appointed John Donovan as the company's CEO. Donovan is a 30-year veteran in the payments and alternative finance industry, serving both small businesses and consumers. During nearly two decades of working with Mastercard, Donovan helped conceive and develop new products, launch a global card program and grow the company's global electronic payments offerings; his prior tenure with Lending Club was also pivotal in the creation of the direct-to-consumer fintech industry, Bizfi said.

Scharf steps out, Kelly steps in

Visa reported that Charlie Scharf is resigning as CEO effective Dec. 1, 2016, and the board has voted to appoint Alfred F. Kelly Jr. as his replacement. Kelly, a current Visa board member, is the President and CEO of Intersection Co. and the former President of AmEx. Kelly joined Visa in October 2016 as CEO designate. As part of the transition, Scharf will serve as an adviser to Kelly for several months.

Valentino signs with JetPay

JetPay named Gene M. Valentino as Chief Strategy Officer for its payment processing operations. Before this appointment, Valentino was founder and CEO of JetPay's most recent acquisition, CollectorSolutions Inc. "Gene is an experienced payments leader and entrepreneur," said Diane (Vogt) Faro, JetPay CEO. "His ability to recognize trends and deliver transformative solutions in niche markets will be of great benefit to his new role."

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems