ANNOUNCEMENTSDataVisor, an AI-powered fraud and risk platform, won two awards at the 2024 Fraud & AML Impact Awards by Datos Insights. It was recognized for Best Joint AML and Fraud Transaction Monitoring Innovation and received a silver medal for Best Transaction Fraud Monitoring and Decisioning. This marks the second consecutive year DataVisor was honored. Its platform, praised for its advanced AI and machine learning, significantly reduces fraud losses and false positives while improving efficiency, Datos noted, adding that its integrated solution addresses fraud prevention and AML compliance, meeting the industry's evolving needs.
Sling Money, an app created for instant, low-cost global money transfers, attained a $15 million Series A funding round led by Union Square Ventures, Ribbit Capital and Slow Ventures. Leveraging stablecoin technology, Sling Money is designed to enable users to send money across 50+ countries in Europe and Africa instantly and nearly for free. Transfers use the Pax Dollar (USDP), a US-backed stablecoin regulated by the New York State Department of Financial Services. Sling Money aims to simplify global payments with a user-friendly interface, stating it offers fast, seamless transactions without high fees, aligning with a digital-first financial future.
Jeffrey Vagg, chief data and analytics officer at North (formerly North American Bancard), was named a 2024 AI 100 Leader by H2O.ai, which recognized his role in advancing AI innovation. The AI 100 list highlights leaders driving impactful AI solutions across sectors. Vagg credits his team at North for their commitment to integrating AI in areas like fraud monitoring and merchant services. North's balanced approach to AI, judges noted, includes traditional machine learning and exploring generative AI. The list features executives from a range of companies and emphasizes AI's growing influence in finance, healthcare and "AI for Good" initiatives.
RESEARCHThe 2024 J.D. Power U.S. Credit Card Satisfaction Study revealed that cashback rewards are overtaking points/miles as economic pressures strain cardholder finances. Only 46 percent of cardholders participating in the study are financially healthy, and 51 percent carry revolving debt, with interest rates rising to 15.6 percent. This shift to cashback and lower-fee cards reflects declining financial health, with 54 percent now classified as financially unhealthy, researchers noted, adding that satisfaction among cardholders with debt is notably lower. Also, American Express ranks highest in satisfaction among issuers surveyed, while Capital One and Bank of America cards lead specific categories. Automated customer service scored poorly compared to personal interactions.
According to the U.S. Bank 2024 Small Business Perspective, 73 percent of American small business owners experienced growth in the past year, with higher rates among Black (84 percent) and Hispanic (80 percent) owners. Despite growth, many face challenges like labor shortages and inflation. To attract and retain employees, 83 percent plan to offer flexible hours. Additionally, 75 percent of owners will focus on digital tools, with 68 percent recognizing the benefits of AI and automation, though nearly half are concerned about automation replacing their business.
A survey of small business owners by Relay and RKI revealed that small participants in the study were 42 percent overconfident in their cash flow management. Despite 91 percent of respondents facing cash flow issues, only 62 percent admitted these problems negatively impact their business, causing missed growth opportunities and delayed projects. Relay’s Cash Flow Compass report highlights a gap between perception and reality, with most relying solely on bank balances for decisions. Researchers stressed the need for better cash flow organization.
PARTNERSHIPS
PXP Financial joined the Zebra PartnerConnect program as an independent software vendor, focusing on providing SoftPOS payment capabilities for Zebra mobile devices. This partnership grants PXP access to Zebra's innovative portfolio, comprehensive training and extensive marketing, sales and technical benefits, the partners stated. By collaborating with Zebra, they added, PXP aims to enhance customer payment experiences by integrating its payment solutions with Zebra’s industry-leading products. Scott Lane, chief commercial officer at PXP Financial, highlighted that PartnerConnect will help PXP differentiate itself and better serve customers in the global market.
Secura/Isaac Group and Consilient partnered to enhance financial crime detection using AI and Federated Learning technology. This collaboration was established to empower financial institutions, regulators and payment platforms to identify suspicious activities while ensuring data privacy. Secura/Isaac Group, led by former FDIC Chairman William Isaac, provides regulatory guidance and industry expertise. Consilient's Federated Learning platform trains AI models locally, aggregating insights without sharing data. This privacy-protected approach, the partners noted, allows institutions to manage financial crime risks more effectively. The partnership aims to transform anti-money laundering efforts and improve financial crime detection efficiency and collaboration.
ACQUISITIONSRoper Technologies agreed to acquire Transact Campus Inc. for $1.5 billion, including a $100 million tax benefit. Transact, known for its campus technology and payment solutions, will merge with Roper's CBORD business. The combined entity intends to leverage both brands and be led by Transact CEO Nancy Langer. Neil Hunn, Roper's CEO, highlighted Transact's strong customer retention and cash conversion. The deal is financed through cash and credit. Transact is expected to generate $325 million in revenue and $105 million EBITDA in 2025, driving high single-digit organic growth, Roper stated.
Givex Corp. entered into a definitive agreement with Shift4 Payments under which Shift4 will acquire all outstanding Givex shares for C$1.50 per share, valuing Givex at approximately C$200 million. The offer represents a 64 percent premium to Givex's 20-day volume-weighted average price on the TSX. The transaction, approved by Givex’s board and supported by major shareholders, is expected to close in November 2024. Following the acquisition, Givex shares will be delisted from the TSX. Canaccord Genuity acted as Givex’s financial adviser, while Goldman Sachs advised Shift4.
APPOINTMENTSScott Dawson was promoted to CEO of DECTA, a payment solutions provider, less than two years after joining the company as head of sales and strategic partnerships. With over 22 years of experience, Dawson has strengthened DECTA's UK business development, marketing and operations, doubling the workforce and enhancing brand recognition, DECTA stated. Previously, he held leadership roles at Pixxles, Neopay, PSI Holdings, Neteller and ClickandBuy. As CEO, Dawson aims to optimize DECTA's UK presence, focus on SMEs across various sectors, and continue developing innovative solutions to address evolving payment challenges for merchants.
Kardelen Hatun was promoted to vice president of engineering at Silverflow, bringing over a decade of software engineering experience to her new role. Hatun previously worked for Bol and joined Silverflow in 2022. She will now oversee Silverflow’s engineering platform and focus on enhancing efficiency, scalability and team collaboration to meet the growing demand in digital payments. CEO Anne Willm De Vries praised Hatun’s technical expertise and leadership skills, emphasizing her role in driving innovation and supporting the company’s growth in the global payments industry.
John Partridge, former president of Visa, joined the Board of Directors at WSPN, a digital payments company known for its stablecoin, Worldwide USD (WUSD). Partridge, recognized for his role in Visa's $19 billion IPO and expanding Visa's global reach, brings over two decades of fintech experience to WSPN. His expertise will be pivotal in WSPN’s U.S. expansion, focusing on integrating WUSD into major payment networks and ecommerce platforms. Partridge aims to develop innovative Web3 payment solutions, enhancing financial inclusion and efficiency in the evolving digital market. 
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