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The Green SheetGreen Sheet

The Green Sheet Online Edition

January 22, 2024 • Issue 24:01:02

Industry Update

The Green Sheet, Inc.ANNOUNCEMENTS

Experts discuss future of digital assets at Cornell Convenes

Fintech at Cornell, a Cornell SC Johnson College of Business initiative, organized the second annual Cornell Convenes roundtable to discuss stablecoins and central bank digital currencies (CBDCs). The result is the Cornell Convenes: Toward a New Bretton Woods Report, a white paper featuring insights from industry, academia and regulators. The report addresses CBDCs, stablecoins, fraud, privacy and more. Discussions emphasized the importance of continued dialogue between industry and regulators to navigate the evolving financial landscape.

GoTab debuts Phone Only POS

GoTab introduced Phone Only POS (POP), which can turn any phone, including iOS and Android devices, into a portable POS system. The device enables contactless (NFC) card payments by tapping the card on the back of the phone. This innovation offers benefits such as extended battery life, an OLED display, and affordability compared with traditional POS solutions, GoTab stated, adding that users can also add tips before processing payments. GoTab noted it aims to enhance the guest experience and streamline operations for the hospitality industry with flexible digital ordering and payment solutions.

Rapid Applications Group rebrands as RapidWorks

Rapid Applications Group, an ERP and dispatch software provider for heavy equipment services, is rebranding as RapidWorks. The name change reflects the company's focus on optimizing fleet utilization, scheduling, job dispatching, GPS tracking, mobile workforce labor tracking and payroll, as well as customer ordering, billing and payments for the heavy equipment services industry. RapidWorks aims to continue serving its customers with innovative solutions and meet evolving industry needs. The company's mission to enhance job management and customer satisfaction remains unchanged, with plans for growth under new CEO Tim Curran.

Ryft secures Innovate UK grant

Ryft, a PSD2-compliant payments provider, secured a grant from Innovate UK as part of the Innovation within Professional and Financial Services program. This grant, from a £5 million funding pool, aims to encourage innovation in fintech sectors. The company's success in obtaining the grant was notable, with only 8 percent of applicants receiving funding, Ryft stated, adding that it plans to use the grant for continued business growth, including expanding into the travel and events industries, automating payment flows in the travel sector, and enhancing its existing product functionality. Ryft noted that it experienced 300 percent growth in 2023.

When I Work launches payroll function for SMBs

When I Work, a provider of shift-based workforce management software used by over 200,000 workplaces globally, introduced When I Work Payroll. This new product simplifies payroll processing for small businesses by integrating employee schedules and time tracking data on a single platform, the company stated, adding that with a single click, businesses can pay hourly workers without the need for data entry or timesheet uploading, reducing the potential for errors. The integrated solution offers real-time calculation of hours, breaks, overtime, and paid time off; automates payments and tax filings; and allows employees to update their information, the company noted.

The Green Sheet, Inc.RESEARCH

ABI Research releases 4th annual trend report

In a new white paper, technology intelligence firm ABI Research predicted that several highly anticipated technology advancements, including enterprise 5G, mainstream foldable devices, network APIs, generative AI at the edge and robo-taxis, will not materialize in 2024. While these technologies have generated significant interest and speculation, ABI Research believes they are unlikely to have a significant, immediate impact. The report suggested that factors such as the focus on use cases and outcomes in enterprise connectivity decisions, consumer reluctance to embrace foldable devices, the challenges facing network APIs, and the complexity of unsupervised autonomous driving will hinder widespread adoption of these technologies.

Demand high for paying with points

A survey commissioned by Engage People explored consumer perspectives on using loyalty points for immediate redemption online and in stores. The survey, conducted among 1,000 U.S. consumers in October 2023, revealed that 84 percent of respondents would use Pay with Points (PwP) if offered, up from 80 percent in 2022. Additionally, 76 percent of respondents were willing to change credit cards for improved PwP benefits, particularly those with retail cards. Saving money and combating inflation were the primary motivations indicated for using PwP, with preferred redemption locations being grocery stores, online retail, gas stations and fast-food restaurants.

VantageScore says holiday spending 'credit hangover' likely

According to VantageScore, the average VantageScore credit score in the United States in November 2023 remained stable at 701 for the fifth consecutive month. However, concerns arose about the financial strain on lower VantageScore credit tier consumers, who turned to personal loans and requested higher credit card limits for holiday spending. Delinquencies subsequently increased across all loan categories, and early-stage personal loan delinquencies surpassed pre-pandemic levels. Credit card balances also rose by 9 percent compared with November 2022, potentially indicating unsustainable levels of debt due to holiday spending and high interest rates. VantageScore advised consumers to manage their debt carefully in 2024.

Inflation constricts growth, liquidity for banks, CUs

Advisory and accounting firm Wipfli LLP released two industry surveys on the banking and credit union sectors. In 2023, banking M&A activity slowed after record years, with 78 percent of surveyed banks considering acquisitions in 2024, down from 91 percent the previous year, researchers found. Both sectors face challenges due to persistent inflation, rate hikes and increased emphasis on cybersecurity; talent management and technology adoption are also shared concerns. The surveys involved 390 financial institutions in 28 states for banks and 83 credit unions in 20 states for credit unions.

Gen Z connections opening doors in China

According to Youth Power, a program organized by China Daily, young people from various countries and backgrounds are integrating into Chinese culture and society, dispelling stereotypes and contributing to diplomatic relations. The pandemic's end strengthened China's connections with other countries through infrastructure, education and interpersonal initiatives, the media organization added. People-to-people exchanges are critical for economic collaboration, China Daily further noted. Youth Power promotes global communication and exchange, focusing on Gen Z's interests and ideas.

The Green Sheet, Inc.PARTNERSHIPS

Alchemy Pay, Binance Pay introduce crypto card mini app

Alchemy Pay launched the Crypto Card Mini app in collaboration with Binance Pay, on the Binance Marketplace. During the promotion period ending Feb. 28, 2024, users can obtain a discount voucher reducing the application fee to $0.01. The Crypto Card allows users to spend crypto like fiat currency with various brands. Users also enjoy a 2.5 percent discounted top-up fee rate and can receive rewards in $ACH tokens for recharging and spending activities. Alchemy Pay mentioned it offers a robust payment network, fast cross-border transactions and has secured licenses in multiple countries, including the United States.

COCA, Wirex unveil MPC wallet, non-custodial debit card

COCA, in collaboration with Wirex, stated that it introduced the world's first multi-party computation (MPC) wallet along with a non-custodial debit card. This innovative product combines the security of MPC technology with the convenience of everyday financial tools, offering a transformative user experience, COCA stated, adding that users can easily spend cryptocurrency at over 40 million merchants globally without the need for preloading. COCA noted that it provides virtual and physical card options, promises a fee-free experience, offers fee-free ATM withdrawals up to $200 worldwide, and plans to integrate an IBAN for euro transactions. COCA and Wirex believe their partnership represents a significant advancement in fintech, enhancing security and functionality.

e&, Fils promote sustainability in digital payments

e& enterprise teamed up with Fils, a fintech platform, to promote sustainability in the digital payments sector. The collaboration will integrate Fils' platform into e& enterprise's digital payment platform in the UAE. The partners expect this will enable businesses to provide customers with information on carbon emissions per transaction and the option to offset their carbon footprint. Their aim is to drive transparent carbon calculations and offsetting choices based on transactions, aligning with environmental missions like COP28 and e& enterprise's commitment to ESG principles. The initiative, the partners noted, is set to revolutionize sectors like financial services, hospitality and ecommerce by integrating sustainability into operations.

Intergiro, Silverflow team up on processing

Fintech firm Intergiro partnered with Silverflow, a cloud-based platform for global card processing. Through this collaboration, Intergiro aims to enhance its card network functionality, improve processing efficiency and provide its clients with access to card scheme data. Silverflow's platform is used by notable payment service providers and acquirers like Deutsche Bank and Buckaroo. This collaboration, the partners stated, will strengthen Intergiro's position in the evolving payments landscape, enabling it to offer innovative solutions and meet the needs of digital businesses. The collaboration also complements Intergiro's digital issuing and bank account services with enhanced reporting capabilities, they added.

NCR Atleos, Security Bank expand partnership

Security Bank of Kansas City chose NCR Atleos ATM-as-a-Service and ITM-as-a-Service to enhance self-service banking for its customers. The bank, in operation for 90 years, indicated it sought to modernize its aging ATM fleet by outsourcing ATM and ITM maintenance and management to Atleos. This move, the bank stated, will enable it to offer more efficient and convenient self-service options to customers, while also saving time and resources for core business activities. Atleos will assist in enhancing customer interactions and supporting the bank's growth.

TerraPay, Orange Mali subsidiary team up

Orange Finances Money Mali, an electronic money establishment and subsidiary of Orange Mali, partnered with TerraPay, a global cross-border payments network. The partnership aims to boost financial inclusion and connect over 12 million Malians with the diaspora worldwide, including other African countries. It allows Orange Money Mali customers to receive international money transfers easily and use the funds for various purposes like bill payments and person-to-person transfers, the partners noted. They believe this collaboration leverages TerraPay's extensive network and Orange Finances Money Mali's commitment to promoting financial accessibility.


Three risk firms unite as G2 Risk Solutions

Three sister companies in the financial risk sector, G2 Web Services, LCI, and Fintellix, unified under a single integrated operating company and brand, G2 Risk Solutions. These companies were acquired by Stellex Capital Management in January 2023. G2RS will provide a range of risk and compliance solutions to a global client base, addressing areas such as merchant risk, digital commerce risk, bankruptcy risk, and credit risk and regulatory reporting. The consolidation comes at a time when financial services and digital commerce face increasing complexity in business risk, including cyber threats and evolving customer behavior.

PSCU, Co-op Solutions combined

PSCU and Co-op Solutions, two credit union service organizations, reported they had successfully merged, meeting all necessary closing conditions and receiving approval from their owners and shareholders. The combined entity will operate under a holding company, headquartered in St. Petersburg, Fla., with Chuck Fagan serving as the CEO. The new organization, initially named PSCU/Co-op Solutions, will offer an expanded range of financial technology solutions, including instant payments, data analytics, digital banking and more, to help credit unions innovate and grow while ensuring long-term stability and growth.

Talus Pay acquires Jobox.ai, CMS

Talus Pay, a payment processing solutions provider, acquired Jobox.ai and Clarus Merchant Services. Talus Pay said this move enables it to process over $9 billion in payments annually for 22,000+ U.S. merchants. Jobox provides modular, open-source home services technology, which Talus Pay plans to expand into various industries. Clarus specializes in B2B payment solutions. Talus Pay, which aims to leverage these acquisitions for growth, named Jobox CEO Shay Bloch as its chief strategy officer and Clarus President Eric Pottebaum as general manager of Talus Pay's Clarus portfolio. Financial terms of the acquisitions were not disclosed.

The Green Sheet, Inc.APPOINTMENTS

Provenir adds Lori Copeland

Provenir, a provider of AI-powered risk decisioning software, selected Lori Copeland for the position of chief people officer. Copeland, a senior human resources executive with over 20 years of experience, will develop and execute human resource strategy, provide leadership to HR functions, and develop recruiting plans to expand Provenir's workforce across its global presence in 25 countries. Copeland previously held leadership roles in human resources at LGC and General Electric, Digital, where she engaged key stakeholders and delivered results across complex global matrix organizations. Larry Smith, founder and CEO of Provenir, expressed confidence in Copeland's ability to support the company's growth and workforce development.

Rebecca Martin joins Glia

Rebecca Martin is now Glia's first chief marketing officer. With over 20 years of experience in building marketing teams and driving revenue for SaaS and tech companies, Martin is responsible for Glia's revenue marketing, content strategy, customer marketing, and corporate communications. She joins Glia from Total Expert, where she served as CMO and delivered revenue growth. Her expertise in financial services and customer engagement aligns well with Glia's mission to enhance customer experiences for global financial services companies. CEO Dan Michaeli expressed confidence in her ability to lead the marketing organization and support Glia's growth goals.

The Clearing House chooses Amanda Stewart

Amanda Stewart was appointed senior vice president and chief marketing officer at The Clearing House, a U.S. payments network operator. With 20 years' marketing and communications experience, Stewart joins TCH from Deutsche Bank, where she served as Americas head of corporate bank marketing and brand management. In her new role, Stewart will oversee the alignment of internal and external communications, marketing, branding and events to enhance TCH's market presence and promote its payments products.

Sopra Banking Software taps Tobias Unger

Tobias Unger signed on with Sopra Banking Software as chief operating officer. With over 20 years of leadership experience in the financial services industry, Unger will play a crucial role in SBS' global growth strategy, the company stated. He brings a unique background at the intersection of banking and software operations, having held executive positions at banks such as Merrill Lynch and UBS Investment Bank, as well as technology firms like Avaloq. In his new role, Unger will focus on delivering software-as-a-service products to banks and financial organizations as they embrace cloud technologies and digital transformation. SBS noted that it works with more than 1,500 financial institutions to digitize operations.

PayTech Women seats 2024 Board of Directors

PayTech Women, a nonprofit organization dedicated to advancing women in payments and fintech, disclosed its 2024 Board of Directors, and revealed the organization has experienced a three-fold surge in membership since 2020.

"Embracing a commitment to diversity and gender equity, the newly elected leaders represent a breadth of industry expertise and diverse career backgrounds, reflecting the evolving landscape of the organization's membership," PayTech Women stated. The full 2024 leadership roster, consisting of five executive committee members, nine directors, three ex-officio members and CEO Wendy Holliday, is available on the PayTech Women website, www.paytechwomen.org/page/PTW2024Board. end of article

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