ANNOUNCEMENTSSmart payments provider and merchant acquiring bank Credorax launched a new company identity, Finaro. Focusing on its core pillars of creating multidimensional solutions to simplify payments and going the extra mile for its merchants, Finaro empowers global commerce by providing the ideal solution for cross-border businesses with its cutting-edge technology and superior support, the company stated. Founded in 2009, the company employs over 350 people, and is based in Israel and Malta, with presence in China Mainland, Hong Kong, the United States and across Europe.
MPC Digital Commerce Event will accept applications for speakers from Jan. 3 through 21, 2022. Experts will take the stage at the 12th annual MPC symposium, a platform created for leading-edge content, thought leadership and networking opportunities, in August 2022. Marla Ellerman, executive director of the MPC Digital Commerce Event, said,“We are grateful to our sponsors, exhibitors and thought leaders whose unique perspectives are shaping the digital commerce ecosystem. Even at the height of the pandemic, thought leaders from Google, PayPal, Intel, U.S. Bank, Arkose Labs and other innovative companies have presented to audience members from around the world at MPC."
Theta Lake, which provides collaboration security and compliance solutions, reported it achieved a marketplace integration with Zoom Video Communications Inc. to include a free version of Theta Lake’s archive, which enables compliance with various regulatory requirements, to Zoom customers. As requirements and challenges for compliance and security become more complex across industries including financial services, government, technology and healthcare, this makes it easier for Zoom customers to adopt and experience the benefits of our archive, ThetaLake stated.
VizyPay was named a gold winner in the App of the Year for Small or Medium Business by the Best in Biz Awards, an independent business awards program judged annually by prominent editors and reporters from top-tier publications in North America. VizyPay received this accolade for its proprietary Cash Discount App for Clover POS systems.
Created to help reduce small businesses’ unpredictable credit card processing costs, VizyPay's cash discount program provides unlimited monthly credit card processing for one flat, low fee based on the merchant's monthly processing volume, VizyPay stated, adding that it has saved small merchants more than $20 million.
RESEARCHA new study from Juniper Research found the total value of mobile money transactions in emerging markets will exceed $870 billion in 2026, up from $555 billion in 2021, representing growth of almost 60 percent. Mobile money in emerging markets includes microinsurance, microloans, microsavings and mobile money transfer. This growth will be driven by the transition of mobile money vendors, such as M-PESA, to the payments-as-a-platform (PaaP) model. This model enables mobile money vendors to offer users access to third-party services such as ecommerce, creating additional revenue streams. Researchers identified PaaP as critical to increasing revenue for mobile money vendors, as smartphone adoption and user expectations grow.
According to Mercator Advisory Group, real-time payments continue on a path to prominence in world markets, where they are currently a domestic phenomenon but are increasingly expected to fill cross-border demand as well. Mercator stated it has been tracking developments and faster value transfers in the United States since same day ACH was launched for credit transfers in 2016. "With our latest research report, International Faster Payments: A Growing Real-Time Presence, we now expand into developments across the globe in various key markets with data and estimated growth in the use of these systems, as well as discussions on upcoming rails and other important initiatives underway.
The Payments Association released The Long and Winding Road to SCA: UK Readiness Status and Key Learnings from Europe, a report on the status of Strong Customer Authentication (SCA) compliance, sharing learnings from Europe, best practices to be followed and the outstanding challenges to overcome. The Payments Association conducted interviews with representatives from international networks, issuers, acquirers, gateways, retailers, technology providers and trade associations. SCA compliance requires the authentication of customers using multiple factors such as possession, knowledge and inherence elements. It is required as part of the Payment Services Directive to prevent remote purchase card fraud, a problem that has grown significantly over recent years—170 percent in the UK since 2011, the association noted.
PARTNERSHIPSCommercial Bank of California and linked2pay entered into an agreement under which linked2pay will serve as the bank's enhanced due diligence (EDD) solutions provider. The cloud-based platform deploys rapidly and will give the bank a highly scalable approach to compliance management at a lower cost while utilizing their established data provider accounts and multifactor preferences, linked2pay stated.
JCB Co. Ltd. and Datachain began a demonstration experiment on interoperability between different blockchains to build a digital currency exchange platform. In the near future, various digital currency and circulation platforms are expected to be launched, the partners stated, including those issued by the private sector in addition to the Central Bank Digital Currency. As existing fiat currencies are widely exchanged, it is essential to develop exchange functions that enable interoperability among digital currency platforms, they added.
European payment service provider Nets and Ethoca, a Mastercard company, formed a partnership to help reduce chargebacks, particularly in cases of friendly fraud, which occur when a customer claims a legitimate charge as fraud—often because they do not recognize it on their bank statement. The partnership will enable better sharing of confirmed fraud and dispute information, along with rich purchase details, between Nets’ merchant and issuer customers; by sharing this information will improve the dispute resolution process, help reduce chargebacks and create better customer experiences, the partners affirmed.
Unbanked, which connects traditional enterprise and banking systems with blockchain, established a holiday fundraising program for Toys for Tots, an annual program run by the United States Marine Corps that collects new, unwrapped toys and distributes them to less fortunate children in local communities. Through the program, Unbanked hosted a crypto payment profile that allowed people to donate in 28 different digital currencies. Unbanked said it recently added this feature alongside its crypto-friendly debit card and global bank accounts to more seamlessly facilitate financial transactions using blockchain.
ACQUISITIONSCelero Commerce acquired Everest Payment Solutions. With the addition of Florida-based Everest, Celero, a top 10 non-bank payment processor in the United States, will serve over 45,000 merchants processing more than $18 billion in annual card volume, Celero stated. “The Everest team deploys bundled technology solutions in the local communities it serves to help these businesses achieve sustainable growth,” said Kevin Jones, founder, and CEO of Celero. “Their approach and culture align with our commitment to the SMB space, providing entrepreneurs with the technology and support needed to compete and win.”
SnapCheck, a platform for business payments modernization, agreed to be acquired by an investment group aligned exclusively with Payroc WorldAccess LLC. By combining the transformative SnapCheck platform with Payroc’s ACHeck21 Fintech Cloud solution, the buyer indicated it foresees the emergence of an entirely new dimension in payments. SnapCheck is a high-speed, highly secure and universally accepted solution dedicated to eliminating paper checks, Payroc stated, adding that it is an open-ecosystem platform for paying anyone anywhere with the familiar form of a check, but without all the problems inherent in paper.
Fortis, a payment and commerce technology provider, is expanding its enterprise resource planning and value-added reseller channels by acquiring VIP Integrated Payments. VIP has been serving U.S.- and Canada-based businesses for 25 years, offering merchants and B2B businesses native accounting software integration, credit card and ACH/EFT payments, automated settlement, omnichannel connectivity, and a range of other financial and commerce services on multiple technology platforms. Miah Green, CEO of VIP Integrated Payments, and his full team will be integrated into the greater organization.
APPOINTMENTSBill.com hired Sarah Acton as its chief marketing officer, reporting to the company's CEO and founder René Lacerte. Recently, she led marketing and sales at Athos, a wearables company in the athletic performance space where she drove the adoption of products across the major professional sports leagues, elite collegiate teams and key programs within the Department of Defense. She was also responsible for marketing leadership at Yahoo! And global brand oversight at LinkedIn. Before that, she owned a small retail business where she experienced first-hand the rewards and challenges that come with entrepreneurship.
Jordan Burris has joined Socure as senior director, product market strategy, public sector. Burris will be instrumental in replicating Socure’s commercial success and leadership in its rapidly expanding public sector business, built to support the government’s digital transformation, the company stated. Prior to his role at Socure, Burris served as the Chief of Staff in the White House Office of the Federal Chief Information Officer.
He was responsible for orchestrating the execution of technology and cybersecurity efforts across two presidential administrations to include the oversight of the federal government’s $90 billion technology budget. Before joining the government in 2017, Burris worked for Deloitte, helping both commercial and public sector clients improve their cybersecurity risk management practices.
Simpay expanded its executive leadership team with the appointment of industry veteran Michael Hervis as senior vice president of enterprise sales. In his role, Hervis will focus on building a sustainable and profitable International Channel of large scale clients, partners, and ISVs. About the appointment, Hervis said, "I am excited to bring my 20 years of experience and proven track record of building high-performing business units, growing emerging markets and successfully turning around underperforming sectors to Simpay."
Pushpay promoted Maria Telles to the role of vice president of human resources. "As Pushpay continues to grow as a global company, Maria’s leadership in New Zealand, the United States, and beyond will be instrumental to the success of the organization," the company stated. "Her leadership and passion for people will help the company continue to build a thriving workplace culture, navigate hybrid work, and stand out in a competitive talent market." 
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