ANNOUNCEMENTSBarclays Plc is considering selling a stake in its UK merchant payment processing unit, aiming to partner with an entity that can help expand the business. While the exact size of the stake remains undecided, the unit's potential valuation is around £2 billion ($2.5 billion). Barclays stated that this move is part of its broader review of its global payment operations. Although Barclays recently shared details about this unit with potential bidders, plans may still change. Meanwhile, Barclays emphasized that growing its global payments business remains a priority.
Provenir, a provider of AI-driven risk decisioning software, was named Data Company of the Year at the Tearsheet Data Awards 2023. Provenir stated its Risk Decisioning Platform, adopted by fintechs and financial entities in over 50 nations, handles over 4 billion transactions yearly. The Tearsheet Awards celebrates premier data products vital for the evolving financial system. Provenir's cloud-based solution centralizes risk decisions, streamlining development and launch processes, the company stated, adding that it pioneers in promoting smart credit risk decisions, processing billions of transactions globally.
Jeff Shavitz, a member of The Green Sheet Advisory Board for 25 years, a past author of the Street SmartsSM column, and a serial entrepreneur who has started and sold three payment processing companies, is doing a new release of The Power of Residual Income – You Can Bank On It. In this book, Shavitz shares 140 thoughts on the world of residual income and offers sales and marketing strategies to help professionals increase their earning power. "It comes down to one word: freedom," he stated, adding that he wants it, has structured his personal life and professional career around it, and wants others to have it, too.
Tala, a money app for the underbanked, revealed that nearly 1 million Filipinos have adopted Tala Wallet since its April launch in the Philippines. The app allows users to manage finances effortlessly via their mobiles, offering instant borrowing, bill payments and money transfers, Tala stated, adding that it plans to introduce more features soon, as well as expand to other markets. With 8 million users globally across Kenya, India, the Philippines and Mexico, Tala reported that it saw a 114 percent growth in new customers in the first half of this year, with $200 million in monthly transactions.
ThetaRay, a provider of AI-driven secure global payments, secured a $57 million investment led by Portage, alongside other existing investors. This funding will facilitate ThetaRay's aim to replace older tools with modern financial crime detection tech globally. ThetaRay CEO Peter Reynolds emphasized the company's commitment to differentiating genuine transactions from malicious ones. ThetaRay noted that it offers advanced AI technology that efficiently monitors transactions, aiding financial institutions like Santander and Travelex while also promoting financial inclusivity amid a decline in global interbank corridors.
RESEARCHAccording to the inaugural J.D. Power U.S. Consumer POS Payment Program, consumers have used no fewer than four different types of payment methods, including debit cards, cash, credit cards, digital wallets and buy now/pay later (BNPL), diversifying their payment methods based on various needs. Comprising four detailed studies, the program offers insights into consumer preferences and behaviors across 30 major payment brands and 11 payment methods. Key findings include 78 percent of consumers use debit cards, followed by cash (74 percent) and credit cards (66 percent). On average, consumers utilize 4.1 different payment methods, and 55 percent have tried newer digital payment forms. J.D. Power also identified six consumer personas to help brands tailor their offerings.
A newly released study, How Consumers Financed Their Summer Travel, from i2c Inc. and PYMNTs shares findings on changing consumer behavior having to do with credit, specifically how consumers financed their summer travel this year. Researchers analyzed 3,389 responses across generations. Key findings include: 44 percent of baby boomers using credit cards cite rewards as the main reason to choose this payment method, but BNPL is becoming increasingly popular among younger generations; 30 percent of millennials and Gen Z consumers are planning to use BNPL to finance their travel purchases, while 16 percent of consumers will use financing provided by the merchant; and around 70 percent of consumers who traveled or are planning to do so have spent or anticipate spending less than $2,000. For more details, visit tinyurl.com/yp6mk5as .
A new study by Valuedynamx highlights the significance of debit and credit card rewards in optimizing business-consumer financial relationships. Research confirms that consumers favor rewards when shopping. Findings include: 92 percent of respondents own a card, with 50 percent preferring cash back due to its versatility. While 74 percent of credit cardholders surveyed earned cash back, only 24 percent of debit users did. Opportunities abound for businesses offering tailored rewards, researchers noted, as 58 percent of participants might switch cards for better cash back rates, and 59 percent check for offers before shopping.
PARTNERSHIPSHallmark and Venmo partnered to launch Hallmark + Venmo Cards, stating this new initiative allows customers to send money securely via a physical Hallmark card, revolutionizing the gifting experience. The collaboration integrates Venmo's digital payment convenience with Hallmark's traditional card-giving. Around 78 percent of Venmo users regularly give money, and this new offering provides an innovative physical card with embedded Venmo payment, eliminating concerns over lost cash or checks, the partners noted. The card features a unique QR code which, when scanned by the recipient, transfers the gifted amount to their Venmo account. Available for an assortment of occasions, the cards are available on Hallmark's website and at select stores.
Paymentology, a global issuer-processor, teamed up with Mexico's Nelo, a consumer payment platform, to facilitate its Mastercard transactions through Google Wallet and to introduce physical cards. Nelo, having completed over 6 million online transactions, offers a unique credit card allowing partial biweekly payments, the Nelo stated, adding that the partnership with Paymentology ensures a seamless introduction of the Tap to Pay solution and the physical card, enhancing financial access in Mexico, where 40 percent of consumers lack formal financial services. Kyle Miller, Nelo's CEO, emphasized the significance of this collaboration, while Alejandro Del Rio from Paymentology highlighted their commitment to financial inclusion. Nelo recently secured significant investment, including from Homebrew and Two Sigma Ventures.
Paysafe and Eightcap are bolstering their partnership with the launch of an embedded trading wallet solution. Initially partnering in 2016, this expansion combines Paysafe's digital wallet infrastructure with Eightcap’s trading technology, offering a white-label trading and payment wallet for global retail traders. This integration ensures convenient, secure trading and digital wallet services for customers within a combined global licensing framework. Eightcap's unique B2B embedded trading API enables partners to offer a wide range of tradable instruments, the partners stated. Both companies indicated they see this as a revolutionary step in enhancing the trader's experience.
Rakbank and UnionPay International are collaborating to boost contactless mobile payments in the UAE. Rakbank updated its terminals to support UnionPay's contactless payments, permitting the use of mobile wallets like ApplePay. This partnership, the first of its kind outside Mainland China, aims to provide a seamless payment experience for UnionPay cardholders in the UAE. Enhancing UAE's vision of a cashless society, the collaboration lets Rakbank merchants accept cards from 75+ countries through UnionPay's vast network, the partners noted. Both Rakbank and UnionPay leaders expressed their commitment to offering secure, efficient payment solutions, emphasizing the benefits for customers and merchants alike.
Repay Holdings Corp., a payment solutions provider, is partnering with Quadient, a specialist in enhancing customer connections. Aiming to boost automation, improve cash flow, and elevate client and vendor satisfaction, the joint endeavor integrates REPAY's payment capabilities into Quadient's accounts payable automation, allowing businesses to process digital payments such as virtual card and ACH. The enhanced system offers real-time updates, streamlined payment processes and improved operational efficiency, the partners stated. Both companies emphasized their commitment to optimizing and simplifying the accounts payable procedure.
ACQUISITIONClear Junction, a cross-border payments solutions provider, acquired Altalix, a fintech company known for fiat-to-crypto gateway solutions and Financial Conduct Authority registration as a crypto-assets firm in the UK. The acquisition aligns with Clear Junction's growth strategy to cater to increasing global digital asset demands, expected to see nearly 994.30 million users and US$64.87 billion revenue by 2027, according to Clear Junction. Clear Junction stated it won't trade in digital assets but sees the need to offer both fiat and digital services. Altalix will rebrand to Clear Junction Digital Ltd., focusing on services for regulated institutions.
APPOINTMENTSNikolas Choulakis is now the managing director, head of J.P. Morgan's new Payments Innovation Lab in Athens, Greece. In this position, Choulakis is tasked with recruiting 50 specialists for the lab, which will focus on R&D for global payments and will work closely with Onyx by J.P. Morgan. It will also emphasize distributed ledger technology, AI and cryptography. Choulakis highlighted Athens' emerging innovation potential and the expanding payments sector. The new lab, J.P. Morgan stated, signifies its commitment to Greece's talent and development opportunities.
Sutton Bank appointed Darryl Clukey as senior vice president, chief payments officer for both the bank itself and Sutton Payments. Clukey previously served as vice president of strategic partnerships for a prominent issuing bank, where he managed key processing, network and strategic partners; developed new payments concepts; and drove deep relationships. Previously, he led the transaction processing business including business development, new sales, marketing and client development. CEO Tony Gorrell praised Clukey's extensive experience, stating he will significantly advance Sutton Bank's payments business and support its mission in the community.
EBANX, a payment platform linking global businesses with emerging digital markets, welcomed Melissa Cherrey Johnson as the new vice president of merchant success for Americas and Europe. Johnson, with a rich background in the payments sector, aims to elevate EBANX's continued success in emerging markets, the company noted. "Rising markets are rapidly becoming global innovation centers," Johnson said, emphasizing the opportunities for EBANX in these areas. With previous roles at PayPal and Worldpay from FIS, Johnson's appointment is expected to enhance the company's merchant success. Paula Bellizia, president of global payments at EBANX, praised Johnson's expertise and commitment to diversity in tech.
FlexCharge, a payment platform, welcomed Dan Stanbridge as its new chief risk officer. Previously recognized for his contributions at Paysafe, where he led in roles such as senior vice president, global head of merchant risk, Stanbridge brings extensive experience from the travel, gaming, and gambling sectors. Elio Vitucci, CEO of FlexCharge, highlighted Stanbridge's expertise in payments risk management across multiple industries. Stanbridge expressed enthusiasm for joining FlexCharge, praising the company's AcceptIQ platform and emphasizing his dedication to enhancing the payments ecosystem and aiding business growth.
Merchant services provider PayBright appointed Shannon Waugh as its new head of operations. Waugh, with over a decade of experience in the payments sector and formerly vice president of sales support at Pivotal Payments (now Nuvei), will manage daily operations, staff requirements and various support departments, including finance. This move is pivotal for PayBright, recently ranked 657th in the Inc. 5000 Fastest-Growing Private Companies. CEO Dustin Magaziner praised Waugh's expertise as vital for continued growth in the expanding merchant services industry. Waugh expressed her eagerness to bolster PayBright's innovative growth trajectory. 
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