Omnichannel payment provider Datacap Systems Inc. received the PayTech Women Corporate Champion – Small Business Award. This recognition acknowledges the company's commitment to supporting women's careers through internal programs. Datacap offers PayTech Women memberships and encourages participation in webinars and the annual Leadership Summit, affirming Datacap's dedication to diversity and inclusion in fintech. Visit www.paytechwomen.org/page/Awards for the full list of 2023 winners.
Chargeback management technology providers Chargebacks911 and Fi911 expressed support for strategies to reduce friendly fraud, such as the Federal Trade Commission's proposed "click-to-cancel" provision. It aims to make it as easy to cancel a recurring subscription as it is to initiate one. The provision also requires businesses to obtain affirmative consent before presenting offers when a user cancels and requires sending annual renewal reminders. The provision seeks to address consumer complaints about ongoing subscriptions despite cancellation attempts. Chargebacks911 experts believe it will protect businesses from first-party fraud and spur companies to improve communication and accessibility of subscription terms and conditions.
Provenir, a provider of AI-powered risk decisioning, is a finalist in the Credit Risk Solution category for the 2023 Credit & Collections Technology Awards. These awards highlight technology solutions that help credit and collections companies enhance business strategies amid regulatory scrutiny. Provenir's unified decisioning platform, which covers credit, fraud, compliance and product decisions, was recognized for supporting accurate, automated risk decisions and improving the customer experience.
ZayZoon, an earned wage access provider for small and midsize businesses, ranked 141 on the Deloitte Technology Fast 500 and 21 on the Canadian Technology Fast 50. ZayZoon, which achieved 1006 percent growth from 2019 to 2022, is striving to save 10 million employees $10 billion. ZayZoon indicated it also aims to provide financial stability for employees living paycheck to paycheck and support employers in enhancing financial education and wellness for employees. The Deloitte Technology Fast 50 recognizes technology companies that are transforming the industry; the Deloitte North American Technology Fast 500 program showcases rapid revenue growth.
AutoRek, a financial services software provider, found 54 percent of businesses view inefficient back-office processes as the main hurdle to implementing real-time payments. The company's survey of financial executives and IT professionals underscores the urgency for streamlining operations to meet the rising demand for instant transactions, researchers stated, adding that cumbersome manual processes, legacy systems and data source disparities are key bottlenecks. Additionally, 23 percent of respondents face internal skills shortages, and cost concerns, affecting 8 percent, highlight further challenges.
According to research by OnePoll and Melio, 76 percent of small business owners surveyed feel their companies are well-prepared to handle economic instability. While 61 percent are concerned about increased interest rates, 59 percent worry about inflation and 44 percent fear a recession, 72 percent are more optimistic about their businesses' financial prospects than they were in January 2023. Many respondents have taken steps to address economic challenges, including using savings or loans (61 percent), adjusting prices (50 percent) and reducing production (45 percent). Digitization is also on the rise, with 58 percent of respondents increasing their digital presence.
Payment orchestration provider CellPoint Digital and Riskified, an ecommerce fraud and risk intelligence company, teamed up to boost transaction approval rates and reduce costs for travel merchants. Riskified's fraud management platform uses AI and machine learning to analyze transactions and minimize fraud risks. In combination with CellPoint Digital's payment orchestration platform, the solution provides enhanced fraud protection, higher approval rates and complete chargeback protection for travel merchants, the partners stated. The partnership, they added, enhances ecommerce security and efficiency for airlines and travel merchants, allowing them to provide a secure shopping experience without compromising customer service.
Pay with Bank Transfer (PwBt), powered by American Express, chose Nuvei Corp. as its first authorized acquirer to promote and sell its open banking-enabled payment method. PwBt allows consumers to make transactions directly from their bank accounts, eliminating the need for card details and additional authentication checks. Nuvei will offer PwBt to UK merchants, supporting them in integrating the open banking payment method into their ecommerce platforms. PwBt is used in the UK for secure, frictionless high-value transactions and instant bill payments. Nuvei's customers can easily integrate PwBt into their online checkouts, streamlining payment processes.
Nymbus, a provider of cloud-based financial technology solutions, chose DataVisor, an AI-powered fraud and risk platform, to enhance its digital banking offerings. By integrating DataVisor's comprehensive fraud platform, Nymbus' financial institution partners can upgrade their digital capabilities with reduced fraud risks, improving the customer experience, the partners stated. DataVisor's advanced generative AI and machine learning technology will empower Nymbus' clients to innovate with increased confidence and security, the partners stated.
PayPal and commercetools are collaborating to offer a wider range of payment options to its customers through the PayPal Braintree payment platform. This integration is designed to allow commercetools customers to work seamlessly with multiple payment providers, acquirers and banks to enhance customer experiences. It supports expanded payment options, integrated fraud tools and customizable features. The partnership aims to deliver frictionless experiences for consumers and back-end developers, helping merchants increase revenue growth.
Nexi has agreed to divest its eID business to IN Groupe, a specialist in identity and secure digital services, which, Nexi indicated, is in line with its strategic ambition to strengthen its position as a leading paytech in Europe. The deal allows IN Groupe to enhance its offerings and support customers throughout Europe in embracing new regulations, such as eIDASv2 and NIS2, Nexi stated. The transaction is subject to customary closing conditions and Danish government authorization. Currently, Nexi's eID solutions play a crucial role in Denmark's digital identity landscape, serving as an entrance key for both the public and private sectors, Nexi added.
Netspend and Rêv Worldwide integrated strategic assets to create a new global parent company named Ouro, focusing on financial services, loyalty and technology solutions. Ouro plans to expand its portfolio of prepaid, debit, cross-border payment, and loyalty products and services worldwide. Netspend will remain a flagship brand serving underserved customers in the prepaid card market, while X World Wallet, developed by Rêv, is expected to expand domestically and internationally with a focus on lifestyle, tourism and cross-border commerce.
Hyosung Innovue appointed Nancy Gail Daniels as its first chief revenue officer. With over 45 years of experience, including roles at Fujitsu, NCR and Hyosung, she will oversee revenue generation across various sectors within the company. The creation of the CRO position is part of a strategic evolution aligning with the company's new brand and recent innovations, such as the TangoNet API-based payment network and retail self-order and checkout services. Hyosung Innovue continues to invest in technology and innovation while expanding into new markets in the financial and retail sectors.
PayPal promoted Archie Deskus to executive vice president and chief technology officer. She will oversee PayPal's global technology, engineering and information organizations, driving the company's technology strategy, data-driven operating model, and transformation of technology stacks and infrastructure. Deskus, who previously served as PayPal's executive vice president and chief information officer, will focus on enhancing collaboration and innovation within the company. She brings extensive experience from Intel and Hewlett Packard Enterprise, among others. Sri Shivananda, the former executive vice president and CTO, will leave PayPal at the end of 2023.
Medius, a provider of AP automation and spend management solutions, appointed Craig Keller as vice president of payment strategy. In this role, Keller will optimize digital payments strategy, enhance payment processes and ensure efficient financial transactions to create strategic value within buyer-supplier partnerships. With over 30 years of experience in strategic sourcing and procurement, including 20 years in payment solutions, Keller is expected to foster Medius' growth and improve accounts payable offerings. His appointment follows Medius' recent acquisition of Expensya and the opening of U.S. headquarters in Florida.
Fintech company Hubwallet welcomed Max Sinovoi as its new chief revenue officer. Sinovoi brings more than 30 years of fintech experience, including roles at Mastercard, Verifone, Ingenico, and most recently, Shift 4 to his new role. With a strong reputation for delivering results and building partner relationships, Sinovoi is poised to drive Hubwallet's growth and industry prominence, Hubwallet stated. Zahra Mithani, CEO of Hubwallet, emphasized Sinovoi's expertise and commitment to attracting top industry talent as vital for achieving the company's goals.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next