ANNOUNCEMENTSBluefin's Austrian subsidiary, TECS Payment Solutions, secured the German Banking Industry Committee’s Girocard certification based on NEXO v4.0 standards. This enables the extension of the TECS payment platform into Germany, featuring Android SmartPOS terminals from Newland Payment Technology. TECS offers a cloud-based payments platform-as-a-service. With the Girocard's prominence in Germany, TECS’ certification introduces a fresh platform equipped with advanced SmartPOS devices, enhancing Girocard payment processing, Bluefin stated.
Cable, a financial crime effectiveness testing platform, joined The Banking-as-a-Service (BaaS) Association, a central hub for banks and fintechs engaged in BaaS. As regulatory focus on BaaS intensifies, Cable offers specialized technologies for oversight and assurance in this sector, and joining the BaaS Association, which represents over 80 percent of BaaS sponsor banks, solidifies its dedication to promoting financial crime compliance within BaaS, the company noted. In addition, Cable added, this membership aligns Cable with a dynamic network of organizations, fostering collaboration and the exchange of best practices to shape the future of BaaS banking.
PAX Technology CEO Andy Chau was distinguished as one of Jacksonville Business Journal’s 2023 Technology Leaders of the Year. Recognized for his significant influence in both his company and the local business scene, Chau, with PAX since 2011, established Jacksonville, Fla., as its regional hub. His leadership transitioned PAX from providing payment terminals to delivering advanced hardware solutions backed by superior devices and software, PAX stated, adding that Chau introduced the industry's inaugural secure Android payment terminal and pioneered the semi-integration payment method, benefiting businesses globally.
Ecommpay, an international payment service provider, expanded its services to the United States, offering local acquiring and fraud prevention. Ecommpay said that while the U.S. market faces up to 30 percent sales losses from chargebacks, Ecommpay provides its merchants protection from all fraud-related chargebacks. This shield reduces risks like low sales, costly arbitration fees, and operational expenses, Ecommpay added, noting that it also covers all merchant expenses related to this protection with a minor fee per transaction.
Recharge, a prepaid payments provider, launched a pilot B2B service enabling businesses to buy prepaid products, including gift cards, in bulk. This service, Recharge stated, aids companies in rewarding employees with digital prepaid options, offering both cost savings and reduced packaging waste. Recharge's digital catalog boasts over 15,300 products from 800+ global brands; businesses can thus achieve cost efficiency and reduce their environmental impact, the company noted, adding that its B2B venture offers a reliable platform for businesses' prepaid requirements.
RESEARCHData published by EMVCo indicates that at the end of 2022, 12.8 billion EMV Chip cards were in global circulation—a 7 percent increase compared to the previous 12 months. EMVCo data also shows that 69 percent of all issued cards are EMV-enabled, and 93 percent of all card-present transactions conducted globally used EMV Chip technology. Joy Huang, EMVCo executive committee chair, stated, “EMV Chip technology provides a foundation for reliable, familiar and trusted contact and contactless payments, and these benefits are reflected in the consistent and sustained growth in deployment and adoption around the world.”
In other EMVCo news, EMVCo introduced security guidelines for the development of multi-factor authentication (MFA) in payment authentication. MFA, which uses multiple identity verification methods like PINs and biometrics, is designed to enhance security. As MFA usage in payments grows, EMVCo said, its guidelines aim to mitigate potential security threats, and this initiative allows solution providers to test their offerings, ensuring alignment with industry standards. The guidelines are accessible at www.emvco.com.
A new study from payments and fintech research firm Juniper Research found global revenue from banking-as-a-platform (BaaP) services will increase to $49 billion globally in 2028, from $4 billion in 2023. The study reasoned that BaaP can help traditional banks regain their competitive edge against neobanks. Through collaboration with innovative vendors, banks can offer new services from partners, including embedded insurance, lifestyle offers with leading brands, or access to HR services for small businesses, Juniper stated.
Recent research by RBR Data Services indicates a global rise in the independent ATM deployer (IAD) sector, with IADs adding over 17,000 ATMs in 2022, constituting an 18 percent global share. Their growth is attributed to diverse strategies like partnering with retailers and targeting tourist or underserved areas. While the United States remains the largest IAD market, researchers found that U.S. growth has plateaued. NCR's acquisitions, they added, made it the global IAD leader. In addition, collaborations between banks and IADs, like ATM-as-a-service agreements, are addressing industry challenges and expanding reach, researchers stated. RBR also found increased sophistication in IAD ATM functionalities, especially in countries like Poland.
PARTNERSHIPSAevi, a payment solutions provider, partnered with tech provider Bleu to introduce tap-to-pay functionality for merchants in North America and Europe. This alliance, the partners believe, will revolutionize payments on iPhone and Android. Bleu will use Aevi’s cloud-based payment platform to enable payment companies in these regions with Aevi's payment technology. This collaboration, the partners added, ensures merchants can effortlessly accept touchless payments on both major operating systems, enhancing the checkout experience. Combining Aevi's platform and Bleu's tech know-how, the partners anticipate delivering unparalleled convenience through a single integration, eliminating the need for complex systems.
U.S. fintech Felix Pago, which is focused on remittance payments, notably for Latino immigrants, integrated SEON's phone and email lookup tool to reduce fraud rates and improve user detection, enhancing transactional confidence by 90 percent, according to the partners. SEON's solution uses WhatsApp to authenticate users via chatbots before enabling cross-border digital payments. Aiming to support Felix Pago's broader mission to serve immigrant communities, SEON's frictionless tool was ideal for customers with limited digital footprints, many of whom primarily use platforms like WhatsApp, SEON noted.
Fintech company PayNearMe reported that Dollar General joined its network of retailers, thereby enabling PayNearMe clients' customers to facilitate cash payments at more than 19,000 Dollar General stores in 47 states across the country. The expansion, PayNearMe noted, is powered by its partnership with InComm Payments, and with the addition of Dollar General, PayNearMe's cash network now exceeds 60,000 retail locations nationwide.
Payments platform Payroc stated it partnered with Konnectryx, a software development company that amalgamates data from various cloud platforms into a unified management system, enabling businesses to accelerate decision-making by accessing trends in one place. This partnership, Payroc noted, allows Konnectryx clients to integrate Payroc's end-to-end payment processing, enabling businesses to securely accept payments both online and offline, and the collaboration underscores a commitment to customer-focused solutions that optimize business efficiency and foster growth.
PULSE, a Discover Financial Services company, extended its partnership with analytics software provider FICO. Together, the partners stated, they offer leading fraud-detection technology, benefiting financial institutions, merchants, and consumers, and the extended collaboration will further enhance PULSE's DebitProtect suite, using advanced solutions from FICO Falcon Fraud Manager. The deployment leverages data from 9,000 financial institutions. In addition, PULSE incorporated FICO's latest fraud model, which distinguishes between card-present and card-not-present transactions, which better detects fraudulent ecommerce activities, crucial in an era of rising digital payments and corresponding fraud attempts, the partners noted.
ACQUISITIONInComm Payments acquired Zenda, a developer of health savings account (HSA) and flexible spending account (FSA) platforms. This acquisition marks InComm's entrance into the employer health benefits sector, enhancing its position in the healthcare payments arena, InComm said. Zenda's unique HSA and FSA solutions utilize AI to automate IRS rules and manage accounts efficiently, and its self-driving HSA and FSA tools streamline expense-tracking and record-keeping, offering automated receipts and guidance for account holders, InComm noted. Additionally, Zenda's integrated debit card system ensures correct routing of medical expenses, simplifying financial management for employees, the company added.
APPOINTMENTSPOSaBIT Systems Corp., a fintech catering to cash-only businesses, appointed Chris Baker—previously the company's chief strategy officer—as its new chief operations officer. Since joining POSaBIT in 2022, Baker has been pivotal in its growth and strategic direction, according to the company. In his updated role, he'll manage daily operations and further POSaBIT's mission for compliant payment solutions. With a proven record in strategy, operations, and financial management, Baker's expertise ensures the company's increased efficiency and profitability, POSaBIT added.
The PCI Security Standards Council (PCI SSC) appointed Wenlock “Wen” Free as the regional vice president for North America. Based in the United States, Wen will focus on promoting the importance of the PCI Security Standards, enhancing stakeholder education and fostering the adoption of those standards throughout North America. He will be the main contact for North American payment stakeholders. Previously, Wen held a senior position at Security Metrics for 20 years, leading strategic partnerships. He has a passion for vintage cars and beach exploration.
Versapay, a collaborative accounts receivable firm, hired Spencer Robinson as its general counsel. Robinson will manage all legal affairs and offer strategic advice to the executive team, covering areas like compliance, contract negotiations, asset protection and litigation. Before Versapay, he was senior vice president and assistant general counsel at Global Payments Inc., where he led a legal team and counseled on SaaS and PaaS offerings. Earlier, he served as an associate attorney at Alston & Bird LLP, focusing on mergers, acquisitions and regulatory matters.
Stax Payments, a payment technology provider, appointed Paulette Rowe as CEO, succeeding interim CEO John Kristel. Kristel will facilitate a smooth leadership transition and return to his position at Greater Sum Ventures (GSV), Stax’s main investor, according to Stax. Rowe, former CEO of Paysafe’s integrated and e-commerce solutions and a recognized leader in financial sectors, has previously held significant roles at Barclays, Meta and GE Capital. At Stax, Rowe will steer growth strategies across its software and payments portfolio. Since 2014, Stax has processed over $30 billion in payments, serving 30,000+ businesses globally, the company noted.
Bluefin, an integrated payments provider in PCI-validated encryption and tokenization technologies, added Tom Savage as the company’s new chief sales officer. With more than 20 years of leadership experience, Savage will help drive sales growth while the company expands its global footprint. As CSO, he brings extensive experience accelerating revenue within payment companies such as Mastercard, First Data and most recently as a managing director in the payments practice of PwC.
POPcodes, a provider of value-added solutions for the merchant services industry, named Andy Tierney as head of sales. Tierney, an expert in enterprise solutions at the point of purchase, will spearhead POPcodes' sales initiatives, the company stated. Operating from Atlanta's Transaction Alley, Tierney will liaise with payment processors, banks, ISOs and merchants to promote POPcodes' communication platforms. Tierney brings over a decade of fintech experience, having held roles at Chargebacks911, Radial (previously eBay Enterprise), and CardinalCommerce, a Visa subsidiary. 
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