A Thing
The Green SheetGreen Sheet

The Green Sheet Online Edition

May 13, 2024 • Issue 24:05:01

Industry Update

The Green Sheet, Inc.ANNOUNCEMENTS

Ansa raises $14M formerchant POS solutions

Ansa, a fintech infrastructure solution for merchant-branded customer wallets, secured $14 million Series A funding led by Renegade Partners, joined by Bain Capital Ventures and others. The funding, Ansa stated, aims to enhance Ansa's payment solutions through product development geared toward empowering merchants to engage customers better. Ansa noted that it addresses payment challenges, enabling merchants to launch closed-loop payment programs swiftly while focusing on revenue, cash flow and customer loyalty. With fees burdening merchants, Ansa added, it facilitates efficiency and loyalty, driving customer retention.

Cigo introduces in-app tipping

Cigo Tracker responded to the cashless tipping trend by introducing a digital tipping feature for delivery drivers. The application aims to bridge the gap in sectors like logistics, furniture and appliances, enabling customers to tip electronically. Digital tipping not only boosts drivers' earnings but also enhances customer satisfaction, leading to increased tips and positive reviews, Cigo stated. Cigo Tracker's other features, like reliable delivery information and route optimization, further contribute to driver satisfaction and customer experience, reducing operational costs for businesses, the company added.

SBA names Climate First Bank a Preferred Lender

Climate First Bank, known for its climate crisis initiative, was named a preferred lender by the SBA in recognition of its exceptional service and commitment to SBA lending policies. The SBA emphasized Climate First Bank's dedication to empowering small businesses and fostering community growth. CFB CEO Ken LaRoe expressed pride in the bank's purpose-driven approach and said he anticipates even better operations and service for small businesses going forward. This recognition, the bank noted, will facilitate faster loan approvals and extended repayment options for customers.

EU drafts common criteria for IT security

The European Cybersecurity Scheme on Common Criteria (EUCC), developed by ENISA, requires manufacturers to monitor IT product security against set standards and vulnerabilities, aligning with upcoming regulations like the Cyber Resilience Act. ENISA's Juhan Lepassaar underscored the EUCC's role in the broader cybersecurity certification framework, advocating for early adoption to ensure future systems are free of hidden security risks.

PayGenius wins NEAA innovation award

PayGenius secured second place in the 2024 NEAA Catapult Innovation Awards for its fintech platform empowering merchants with branded digital payments and loyalty programs. In particular, the Northeast Acquirers Association, which promotes education in the acquiring industry, recognized PayGenius's disruptive contribution. PayGenius's said its success coincides with its independence from costly credit card systems, saving merchants up to 3 percent per transaction, while providing branded payments and loyalty benefits.

Paysafe launches Pay by Bank for U.S. iGaming

Paysafe launched Pay by Bank for iGaming to enable U.S. online bettors to instantly fund deposits and cash out winnings from their bank accounts. This expands Paysafe's Gateway, offering comprehensive payment methods for U.S. operators, Paysafe stated, adding that Pay by Bank responds to demand for payment choice, appealing to 27 percent of bettors who prefer direct bank transfers. Integrated with Paysafe's Gateway, it also enables quick account syncing and secure real-time transactions, the company added.

The Green Sheet, Inc.RESEARCH

LexisNexis True Cost of Fraud Study released

LexisNexis Risk Solutions released its seventh True Cost of Fraud Study on Financial Services and Lending for the U.S. and Canada, revealing a 63 percent increase in fraud for financial firms, with digital channels responsible for half of the losses. The Fraud Multiplier variable rose across all segments, notably in Canada, reaching $4.45 for every $1 lost to fraud. Scams and synthetic identity fraud are prominent, affecting customer trust and satisfaction. To combat this, firms are advised to adopt multi-layered fraud prevention strategies.

Open banking, A2A wallets drive instant payments

A new study from Juniper Research predicted a 161 percent growth in the instant payments market from 2024's 252 billion transactions to over 600 billion transactions in 2028. Juniper attributed the surge to the popularity of account-to-account (A2A) wallets, like iDEAL and Twint, and the rise of open banking. A2A and open banking enable direct bank account transactions, reducing costs for merchants and simplifying user experiences, according to researchers, who highlighted open banking's role in expanding access to digital wallets. They also encouraged merchants to incentivize bank-linked payments for wider adoption.

Security lags behind smartphone use

A new report released by fintech Nuke From Orbit revealed trends in smartphone thefts in the UK that extend beyond device loss. Sixty-two percent of theft cases in the study led to compromised social media, email and digital wallet accounts, with one in five facing unauthorized access to personal bank accounts. The findings, researchers stated, underscore heightened vulnerability despite increased security features. Key insights show widespread use of smartphones for banking and social media, with concerning habits like using the same PIN for multiple uses. The study calls for enhanced consumer protection amid evolving threats.

TSG, Discover take a deep dive into SoftPOS

SoftPOS revolutionizes the POS market by transforming mobile phones into POS terminals via NFC, reducing reliance on hardware, according to new research from TSG and Discover. The report, SoftPOS: Next Generation Point-of-Sale Solution, delves into SoftPOS technology, exploring its workings, market status and future prospects. Unlike traditional POS systems, SoftPOS leverages cloud solutions for cost reduction and continuous updates, offers comprehensive business management insights, facilitates omnichannel operations, and utilizes big data for enhanced customer and product insights, researchers stated.

U.S. Payments Forum issues Spring Market Snapshot

The U.S. Payments Forum's spring market snapshot discusses key trends, including the continued rise of contactless payments and the introduction of unified contactless standards. It also highlights the growing role of generative AI in fraud mitigation and the challenges and opportunities associated with card-not-present transactions. The forum said its focus remains on collaborative problem-solving and innovation, with ongoing projects addressing such aspects of the payments landscape as connected car payments, phishing-resistant authentication and secure remote commerce.

The Green Sheet, Inc.PARTNERSHIPS

Brite, Shopware offer instant POS payments

Brite Payments and Shopware now offer Pay by Bank across Europe, enabling instant, secure payments directly from customers' bank accounts. This integration leverages Brite's Instant Payments Network, simplifying the process for Shopware merchants through a Shopware 6-compatible plugin, Brite stated. Shopware, which boasts over 45,000 merchants across Europe, said it sees Brite's solution as a valuable addition to its toolkit, enhancing customer experience. Pay by Bank, Brite noted, shows promising adoption rates, particularly among younger demographics

CBS NorthStar, Datacap team up on processing

CBS NorthStar partnered with Datacap Systems to add flexibility and efficiency to payment processing and address evolving consumer needs. Leveraging Datacap's 40 years of experience, this universal payments integration ensures access to various processors and EMV-ready devices, while OS-agnostic solutions cater to multiple operating systems, the partners stated, adding that industry-agnostic technology provides customizable solutions for diverse sectors. The partnership, they added, reflects CBS NorthStar's commitment to improving services and lays the groundwork for future success, as well as promises omnichannel payment solutions to drive business growth and customer satisfaction.

Cognizant, FICO address real-time payments fraud

Cognizant partnered with FICO to launch a cloud-based real-time payment fraud prevention solution, addressing the rise in fraud accompanying instant digital payments. Leveraging AI and machine learning, the joint offering aims to detect and block fraudulent transactions seamlessly within the real-time payments system. Alexandre Graff of FICO emphasized the importance of staying ahead of fraudsters, while Nageswar Cherukupalli of Cognizant highlighted the need for protection against financial scams in the evolving landscape of instant payments. The solution is designed for banks on a pay-per-use or licensing basis, simplifying implementation and compliance tasks, the partners stated.

GoCardless, Sage expand partnership

GoCardless reported that it renewed and expanded its partnership with Sage, enhancing its reach to new markets and segments. The collaboration integrates GoCardless' bank payment solutions with Sage's cloud accounting platforms, Sage Accounting and Sage Intacct, benefiting millions of SMBs globally, the partners stated. The integration streamlines payment collection, offering greater efficiency and control while reducing manual admin and payment failure rates, they added, noting that it strengthens both companies' commitment to supporting businesses' growth and success.

The Green Sheet, Inc.ACQUISITION

SRM acquires Accourt Payments Specialists

Strategic Resource Management Inc. expanded by acquiring UK-based Accourt Payments Specialists. With over 22 years of experience, Accourt offers expertise in payments, regulation and risk management to a wide range of clients, SRM stated. Its leadership team, including John Berns and Vaughan Collie, brings over four decades of collective experience in international banking and payments, SRM added. This acquisition aligns with SRM's vision to become a leading advisory firm in financial services and payments, enhancing its offerings in the UK and European markets, the company said.

The Green Sheet, Inc.APPOINTMENTS

Anna Porra joins Paymentology

Paymentology appointed Anna Porra as chief revenue officer to drive global growth through sales, marketing, partnerships and client success. With two decades of finance experience, including roles at Soldo, Marqeta and Barclaycard, London-based Porra brings extensive card payments expertise to her new role. Notably, she formulated go-to-market strategies at Soldo and led strategic initiatives at Marqeta. Paymentology CEO Jeff Parker praised Porra's revenue growth track record and industry insight. Porra expressed enthusiasm for Paymentology's innovative approach to global payments.

Brite Payments appoints Luke Trayfoot

Luke Trayfoot joined Brite Payments as chief commercial officer, bringing extensive experience from PayPal and Mangopay to his new role. His background includes overseeing international expansion and driving growth strategies, notably post-acquisition integration at PayPal. With over a decade in financial services, Trayfoot consistently delivered revenue growth and built high-performing commercial teams, Brite stated, adding that his appointment signifies Brite's focus on leveraging his expertise to lead commercial efforts and capitalize on the rising demand for instant bank payments in Europe.

Charbel Safadi to succeed Al Karim Somji as Zafin CEO

Al Karim Somji, founder and CEO of Zafin, transitioned to a role on the company's board of directors, and Charbel Safadi, previously group president, stepped into the CEO position. Somji's departure marks a pivotal moment in Zafin's history, as his leadership was instrumental in the company's growth and innovation within the global banking technology sphere.

Safadi, equipped with extensive experience and a deep understanding of Zafin, is poised to guide the company into its next phase. Somji expressed gratitude for the journey and confidence in Safadi's ability to drive Zafin forward with groundbreaking solutions. end of article

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

Current Issue

View Archives
View Flipbook

Table of Contents

Insights and Expertise
Company Profile
New Products
A Thing