ANNOUNCEMENTSDigital River was honored as the 2024 Adobe Digital Experience Platinum Promotion ISV Partner of the Year, in recognition of its substantial contribution to Adobe's business and customer success. Collaborating with Adobe Commerce, Digital River offers brands a robust solution for global ecommerce expansion, providing localization capabilities, flexible checkout configurations and cross-border merchant solutions, Adobe stated. Ted Rogers, CMO at Digital River, credited the achievement to its strong partnership with Adobe, which emphasizes teamwork and innovation. Nik Shroff, senior director at Adobe, said he anticipates continued growth and success for the collaboration.
Coast secured $92 million in funding to revolutionize fleet management. The company said it offers innovative expense management tools for over 1 million U.S. businesses with commercial fleets. Coast noted that its mobile technology and telematics enable real-time control over transactions, enhancing efficiency and security, and partnerships with Visa and leading fuel brands, such as 7-Eleven Fleet and RaceTrac, further bolster its offerings. The funding will fuel product development, expand integration partnerships, and establish a new site in Salt Lake City, propelling Coast toward its vision of reshaping the industry, Coast added.
The Electronic Transactions Association disclosed the 2024 Star Awards recipients, honoring leaders in the payments industry for their many contributions. Caroline Hometh, co-founder and managing partner at RPY Innovations was selected for her dedication to the PayFac Committee. Monica Eaton, CEO of Chargebacks911, was honored for her philanthropy. Colleen Taylor, president, Merchant Services–US for American Express, received the Distinguished Payments Professional award for her impactful career and community service.
PSP Services earned Business Partner of the Year for supporting the ETA's objectives. Finalists for ISO of the Year include Netevia, Talus Payments and Universal Processing. And finalists for Most Innovative Product or Solution include Biller Genie, FlexCharge and PopCodes. All Star Awards recipients will be celebrated during TRANSACT 2024 held in Las Vegas from April 17 to 19. Visit Etatransact.com for more information.
Federal Reserve Financial Services launched the FedNow User Group to foster collaboration among the 607 participating financial institutions and their service providers on the FedNow Service network. Led by Mark Gould, FRFS's chief payments executive, the group aims to enhance instant payments' value by facilitating engagement, promoting innovation and gathering feedback. Since its launch in July 2023, the FedNow Service has seen increased adoption and network volume, enabling various use cases such as account-to-account payments, digital wallet funding, instant insurance disbursements and business-to-business payments.
FinTechBreakthrough recognized several companies in its eighth annual awards program. The RegCheck system by Asurity, a provider of consumer lending compliance software and advisory services, won Best Compliance Management Solution. honors Jack Henry's Financial Crimes Defender, which employs advanced AI and behavioral analytics, took home the Best Fraud Prevention Platform award.
PayNearMe was recognized for the fifth consecutive year, this year winning the Best Consumer Payments Platform award. And payments technology company InComm Payments was named Best Overall FinTech Company. These awards provide public recognition for fintech companies working in payments, personal finance, wealth management, fraud protection, banking, lending, regtech and insurtech.
FLEETCOR Technologies Inc. rebranded as Corpay Inc. to represent its range of corporate payment solutions. The company, now listed on the NYSE under the ticker symbol CPAY, said it provides modern payment solutions for managing vehicle-related, travel and payable expenses. As a global S&P 500 corporate payments firm, Corpay aims to simplify and control expense payments for businesses and consumers.
ONEKEY, a cybersecurity startup, clinched the ECSO Startup Award for its approach to enhancing product cybersecurity and compliance. CEO Jan Wendenburg expressed delight in the win, affirming the company's strategy to automate compliance processes. ONEKEY said its platform aids companies in adhering to cybersecurity standards while reducing costs, including those outlined in the EU Cyber Resilience Act. The startup additionally noted it is recognized for detecting zero-day vulnerabilities and contributing significantly to European cybersecurity initiatives.
RESEARCHThe digital payments market is projected to grow by $160.94 billion from 2022 to 2027, with a CAGR of 21.23 percent, according to Technavio. The Asia-Pacific region leads in market share due to urbanization and internet adoption, with e-wallets driving growth. Another key driver overall is rising online transactions. The report segmented the market by end-user, component and geography, with large enterprises showing significant growth. Advancements like NFC and HCE are driving convenience, but cross-border payment standards, privacy, cybersecurity and financial inclusion remain challenges.
The open banking solutions market is projected to grow from $5.5 billion in 2023 to $11.7 billion by 2028, with a CAGR of 16 percent, according to MarketsandMarkets. Factors driving growth include increased consumer demand for cloud-based solutions, compliance with data laws and innovative product development, researchers noted. Key players, they added, include Plaid, Envestnet, Tink and Finicity. Also, mobile apps within the digital channel are expected to see significant growth due to their convenience and accessibility, and third-party providers will dominate the market, leveraging standardized APIs for account services and payment initiation. Cloud deployment offers scalability and efficiency, fostering innovation in banking, they noted.
AI-powered fraud platform Sift released its Q1 2024 Digital Trust & Safety Index, which revealed younger generations' susceptibility to and participation in fraud. Sift found that 33 percent of the Gen Z respondents are either involved themselves or know someone who is engaged in payment fraud, compared with 10 percent of baby boomer participants.
Kevin Lee, Sift's vice president of trust and safety, noted a blurring between consumers and bad actors, stating, “Younger generations are composed of digital natives who are both facing troubling levels of economic anxiety and tend to be more trusting of digital spaces – often at the expense of their online security. They’re also exposed more often to offers to participate in fraud schemes. These converging factors mean merchants and payment processors have to think differently about the full spectrum of risk and how to stay ahead of it.”
PARTNERSHIPSLuggageToShip.com partnered with PayToMe.co, a Plaid-reseller, to revolutionize travel transactions. The collaboration integrates PayToMe.co's digital payment services into LuggageToShip.com to enhance convenience and security.
LuggageToShip.com, renowned for its travel and logistics solutions, caters to individual and business clients, offering seamless shipment services worldwide, the partners stated, adding that PayToMe.co's patented text-to-pay technology simplifies transactions, especially for business clients, improving operational efficiency. The partners affirmed their joint commitment to leveraging technology for secure, efficient global transactions, setting new standards in travel and logistics.
North American Bancard LLC, a leading U.S. fintech firm, established a new integration between its PayAnywhere payment platform and Chargezoom, an electronic payment and billing management platform. This integration enables Payanywhere merchants to seamlessly sync transactions into QuickBooks Online via their Payments Hub portal, streamlining accounting tasks and reducing errors, NAB stated.
Jim Parkinson, NAB's chief experience officer, emphasized the partnership's goal of enhancing merchants' accounting experience and competitiveness. Chargezoom CEO Matt Dubois said automating payment and accounting processes for retail merchants furthers the company's goal of facilitating faster, easier payments.
now.gg partnered with NTT Digital to integrate wallet-as-a-service into its platform, enhancing in-app purchases and gifting functionalities. Users can securely make purchases and send gifts across platforms, whether for web2 or web3 games, the partners stated. Kenichi Hamana, CEO of NTT Digital, emphasized the collaboration's goal of providing a safer gaming experience. Rosen Sharma, CEO of now.gg, highlighted the integration's benefits, including platform-independent payments and improved interaction through micro-gifting.
Relay Payments is sponsoring William Byron and Hendrick Motorsports for the 2024 NASCAR Cup Series, featuring Relay as the primary partner for Byron's No. 24 Chevrolet Camaro ZL1 at key races in Chicago and Atlanta. In its second sponsorship year, Relay invited fans to vote on the final paint scheme for the #Relay24 race car through a bracket-style competition on its website.
Relay CEO Ryan Droege highlighted the sponsorship's alignment with supporting truck drivers. Byron welcomed Relay's return, also emphasizing Relay's celebration of truck drivers.
ACQUISITIONSParkHub, a North American parking management software provider, merged with JustPark, a UK-based parking reservations app. The collaboration offers a comprehensive parking software and payments solution across North America and the UK, ParkHub stated. FTV Capital led a strategic investment in ParkHub, alongside existing investor LLR Partners. Anthony Eskinazi, CEO of JustPark, expresses enthusiasm for the merger, which aims to revolutionize parking experiences. The combined entity serves over 20 million drivers and 500+ B2B clients, managing $1 billion+ in bookings. ParkHub CEO Jeff Shanahan anticipates leveraging FTV's expertise for growth.
APPOINTMENTSAnthony Alexander was appointed vice president, operations and delivery at Monarch Professional Services Group, a division of Core10. With extensive leadership experience at Core10 and Putnam County Bank, Alexander oversees day-to-day operations at Monarch, driving strategic objectives and ensuring efficient service delivery.
Recognized for his expertise in SaaS implementation and project management, Alexander aims to revolutionize software onboarding processes, leveraging Monarch's specialist team to enhance client experiences.
EBANX heralded the appointments of Juliana Borges de Campos as vice president of operations and Eduardo de Abreu as vice president of product and business architecture, showcasing the company's dedication to superior payment performance and merchant-centric solutions in Latin America, Africa and India. Borges de Campos, with over 20 years in payments, brings expertise in operations and innovation, enhancing merchant experiences. De Abreu, with nine years in payments, drives product innovation. Fabio Scopeta, EBANX's chief product and technology officer, anticipates their combined leadership will optimize operations and product strategies, ensuring top-notch service and seamless payment experiences for merchants and customers alike.
Patrick Kehoe, was appointed as chief marketing officer of Arkose Labs, a bot management and cybersecurity company, where he will guide brand strategy and marketing efforts. With a history of innovative marketing and growth leadership, including serving as CMO at Coalfire, a global risk management and compliance firm, and Axan, now Digital.AI, Kehoe aims to elevate Arkose Labs further in the cybersecurity sector. CEO Kevin Gosschalk praised Kehoe's industry experience and strategic vision. Kehoe said he looks forward to collaborating with global leaders to enhance digital security and combat cyber threats.
Castles Technology, a global payment solutions provider, appointed Joe Mach as CEO for North America, where he will emphasize partnerships and growth. Mach's 25-year track record includes leadership roles at ENS and Verifone, where he drove innovation and market growth.
With a focus on collaboration, Mach aims to redefine industry standards by offering tailored solutions to businesses in the United States, Canada and Mexico. Castles stated Mach's expertise is expected to enhance the company's presence in North America, delivering unparalleled value to customers through strategic partnerships and innovation. 
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