ANNOUNCEMENTSThe ACH Network set a record in February: volume exceeded 100 million automated clearing house (ACH) payments per banking day, an increase of 7.2 percent over February 2018. February's total network volume exceeded 1.9 billion payments.
FIS a provider of financial services and payment technology, reported that Bank of the West moved to a hosted FIS core banking platform. This is expected to help the bank meet the future needs of its customers with the stability and recoverability of a secure, cloud-based environment. "As the banking environment continues to grow more competitive, the tools and services that meet the changing needs of our customers are critical," said Jacob Sorensen, executive vice president and chief information officer at Bank of the West.
Jack Henry & Associates Inc. said it is in active onboarding with the Zelle Network to launch JHA PayCenter, a proprietary payments hub that provides financial institutions with a single integration point to faster payment networks, including Zelle and the RTP network from The Clearing House. "JHA PayCenter centralizes and streamlines how financial institutions send and receive real-time payments," the company stated.
SourceMedia's PaymentsSource heralded the 25 Most Influential Women in Payments for 2019. All were chosen for their ability to guide complex organizations through uncertain times while creating an environment that welcomes new talent. Honorees will be recognized in a ceremony at the annual Card Forum event on May 21 in New Orleans. The full list is available at www.paymentssource.com/list/the-most-influential-women-in-payments-2019.
Mobile gifting and payment platform Bitmo stated it raised over $3 million in new seed round capital. The Bitmo mobile platform enables consumers to gift directly from their mobile wallets. Bitmo also enables users to split and even exchange card value from one store to another for free, the company said, adding that it eliminates the need for physical gift cards and creates a community among users.
RESEARCHAccording to BRP's Real-Time Retail report, customers want access to a single cart to shop across channels and be able to reach their carts via phone, computer or in store. They want to "start anywhere and finish anywhere," BRP stated. Fifty-six percent of respondents indicated they were likely to shop at a retailer that allowed them to have a shared cart across channels instead of a retailer that does not offer this, yet only 7 percent of retailers offer this shared cart concept.
Managed security and compliance solutions provider ControlScan released a new report in collaboration with the Merchant Acquirers' Committee. Among the findings were that despite more secure POS systems and transaction methods, human error outside of those systems is frequently exploited. Also, 89 percent of SMBs believe their business is at little to no risk of being breached. The report details data points leading to this belief, and how each is a misconception.
First Data Corp. released its first nationally representative study of more than 2,000 German consumers, examining their preferred payment methods, as well as key factors that influence the adoption of card and contactless payment methods, including security, accessibility and age. According to the study, 42 percent of respondents believe contactless payments are more convenient, almost twice as many as those who view cash as more convenient (22 percent); 54 percent believe cash will become obsolete in a few years; and 52 percent prefer card payments.
As consumers become increasingly comfortable using biometrics to unlock devices and log into accounts, interest is growing in bringing biometrics to physical cards to provide simple-to-use multifactor authentication for in-store transactions. Thus, the Secure Technology Alliance released, Biometric Payment Cards, an introductory resource that explains the business case, impact and considerations for providing fingerprint-based biometric payment cards.
PARTNERSHIPSBluefin, a provider of payment security technologies and Payment Card Industry (PCI)-validated point-to-point encryption (P2PE) solutions partnered with Cardknox to provide users of Cardknox's omnichannel payment gateway the benefits of Bluefin's PCI-validated P2PE solution. Cardknox specializes in developer-friendly payment solutions that integrate with hardware and software for access to in-store, online and mobile payment processing.
Global payments provider Elavon and Union Bank agreed to extend their multiyear alliance for the third time in their 25-year partnership. The agreement adds a focus on expanding into vertical markets such as healthcare, as well as on enhancements with tools and services to make it easier for clients to manage and grow their business. Union Bank's merchant customers are expected to benefit from Elavon's investment in new payment technologies and tools and services to streamline business functions.
Payments and software company SpotOn Transact LLC and smart terminal maker Poynt Inc. joined forces to deliver an all-in-one payment and marketing solution for small and midsize businesses (SMBs). Poynt's Smart Terminal is part of a connected commerce platform designed for merchants. Combined with SpotOn's omnichannel platform, the technology will be part of a turnkey, in-store solution designed to allow merchants to easily manage their business analytics, appointment scheduling, web design, POS software, marketing initiatives, customer reviews and loyalty programs.
ACQUISITIONSFirst Data acquired ayCash, a German-based provider of cashless payment terminals and digital merchant services. Founded in 2008 by Hans Hezel, ayCash operates well-known digital properties YesCash and Cash4Less and offers technical solutions for Girocard and credit card acceptance to DACH-based merchants. ayCash services include the ability for businesses to buy or rent high-speed card acceptance terminals (stationary and wireless) as well as support for dispatch, installation and maintenance.
Mastercard agreed to acquire Ethoca, a global provider of technology solutions that help merchants and card issuers collaborate in real-time to identify and resolve fraud in digital commerce. The Ethoca suite of products adds to Mastercard's commitment to drive greater protection in the digital space, integrating with its suite of fraud management and security products.
Prepaid Technologies, a provider of business payment solutions, acquired Karmic Labs' dash, a San Francisco-based purchasing-card portfolio and expense management solution, along with other select Karmic Labs assets. The deal adds several key members of Karmic's staff to the Prepaid Technologies team, with team members now operating throughout North America. The addition of the dash platform also adds a robust expense management solution and an extensive card portfolio to Prepaid Technologies' suite of offerings, including payroll programs, business purchasing cards, rewards and incentives, and per-diem card offerings, Prepaid Technologies noted.
APPOINTMENTSComdata Inc., a Fleetcor company, hired Justin King as its senior vice president of product and innovation for the company's North American trucking business. With 17 years of experience in the payments industry, King will be responsible for growth initiatives for Fleetcor's trucking business. Before joining Comdata, King served as the vice president and global head of small business product at Visa, where he led his team to drive product growth and innovation for the global small business portfolio.
Kristen Mathews joined the New York office of Morrison & Foerster as a partner and member of the firm's Global Privacy + Data Security Group, which comprises more than 60 lawyers across the United States, Europe and Asia. Mathews has focused on data privacy and cybersecurity for more than 20 years and comes to the firm from Proskauer Rose LLP, where she served as head of its privacy + cybersecurity group. Her experience includes advising clients on complying with data laws, such as the General Data Protection Regulation and the California Consumer Privacy Act; protecting data in critical transactional matters, such as in M&A deals; and preventing, preparing for and responding to cybersecurity breaches.
Sphere, a provider of end-to-end integrated payments and security software, hired Daryl Seaman as its chief information officer. In this role, he will lead the information technology group, overseeing all aspects of new development. He will also be responsible for maintaining the integrity of production processing in a secure operating environment and providing world-class support services to clients. Seaman is a 35-year veteran of the payments industry, having served in executive information technology roles at two leading acquirers, First Data and TSYS.
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