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The Green SheetGreen Sheet

The Green Sheet Online Edition

February 12, 2024 • Issue 24:02:01

Industry Update

The Green Sheet, Inc.ANNOUNCEMENTS

BofA CashPro wins excellence award

Bank of America achieved top rankings in the annual Coalition Greenwich Digital Transformation Benchmarking Study, highlighting the continued improvement of its CashPro platform. CashPro is used by over 40,000 corporate and commercial clients globally for treasury, trade and credit operations, as well as self-service requests, BofA noted. CashPro ranked No. 1 in the Digital Channels category for the second consecutive year, excelling in mobile capabilities, online portal, and API access and connectivity. It also received top scores in the Payments and Treasury Management categories. The bank said its commitment to innovation and client feedback drives its success in treasury, payments and transaction services.

ETA unveils 2024 public policy priorities

The Electronic Transactions Association, which advocates for privacy laws that protect consumer data while enabling fraud prevention, outlined its public policy priorities for 2024, stating it aims to support innovation and ensure consumer protection in the digital payments sphere. The ETA emphasized the need for policymakers to understand the importance of artificial intelligence adoption in payments. The organization also called for a balanced regulatory framework for digital assets, promoting consumer protection and responsible innovation, while avoiding redundant regulations. In addition, the ETA said open banking is seen as a potential avenue for improving payments.

Iliad Solutions issues SEPA RTP testing standards

Iliad Solutions, a payments testing provider, is offering support to financial institutions as they prepare to integrate the upcoming SEPA Instant Credit Transfer (SCT Inst) rulebook version, set to launch in March 2024. Iliad's new SCT Inst Testing Solution, an orchestrated version of its t3 payment testing platform, allows financial institutions to simulate various instant payment scenarios outlined in the new rulebook, ensuring a smooth transition, comprehensive testing and error identification, Iliad stated. The solution provides tools for creating custom tests, running automation, managing data centrally and testing downstream applications affected by real-time payments, enabling institutions to deploy the new SCT Inst version confidently, Iliad added.

Jack Henry launches Banno Business

Jack Henry introduced Banno Business, a solution designed to help community and regional financial institutions offer modern banking experiences to small and midsize businesses. This solution equips these institutions with advanced digital tools, including cash management, payments, commercial lending and embedded payment capabilities, to better serve SMBs, Jack Henry stated, adding that it allows businesses to streamline operations, manage permissions and understand cash flow. Banno Business aims to help FIs compete effectively and foster stronger community relationships, ultimately.

Quavo enhances ACH dispute automation

Quavo Inc., which aims to improve automated back-office operations, introduced automated ACH capabilities to its cloud-based dispute management platform, Quavo Fraud & Disputes. The enhancements simplify the ACH dispute process by offering additional claim reasons in the intake questionnaire and innovative verbal attestation functionality to comply with WSUD regulations, Quavo stated. This reduces friction for account holders and streamlines back-office ACH investigations, enabling straight-through processing, Quavo added, claiming that the first client to use this enhanced functionality recovered $7.69 million without human intervention.

Token.io joins SPAA scheme

Account-to-account (A2A) payment infrastructure provider Token.io joined the SEPA Payment Account Access (SPAA) scheme, an API initiative aimed at promoting innovation and broader adoption of A2A payments in Europe. The scheme leverages open banking and instant payments to create a competitive pan-European payment solution aligned with the European Commission and European Central Bank's retail payment strategies. Token.io's participation is expected to contribute to enhancing payment functionality, including Dynamic Recurring Payments and Payment Certainty Mechanisms, and expanding use cases for instant bank payments. This initiative aims to boost competition, create new revenue opportunities and position Europe as a global leader in digital payments.

The Green Sheet, Inc.RESEARCH

19.5B biometric transactions predicted by 2028

A study by Juniper Research predicts a 138 percent increase in biometric-enabled POS terminal transactions, reaching 19.5 billion by 2028. Biometric in-store payments, using methods like facial recognition and fingerprints, enhance the retail experience, researchers found, adding that amid strong ecommerce competition and consumer spending constraints, this differentiation can help physical retailers thrive. The report underscores biometrics as a crucial element for enhancing the brick-and-mortar shopping experience and emphasizes. While initial costs are high, researchers stated, biometric systems can yield long-term benefits, and retailers must prioritize these investments to stay competitive.

Cross-border ecommerce report released

ResearchandMarkets found that the global cross-border B2C ecommerce market reached $969 billion in 2022 and is projected to grow to almost $3,900 billion by 2028, with a CAGR of 26.1 percent from 2022 to 2028. Key drivers include increasing internet penetration, global connectivity, access to a diverse range of products, price comparisons, favorable exchange rates, secure payment systems, growing economies, rapid logistics advancements, favorable trade policies, and rising awareness and demand for unique and global products. Collaborative partnerships, tradeshows, and shifting consumer preferences also contribute to market growth, researchers noted.

SEC, CFTC impose $9.2B in FI penalties

The annual Fine Tracker by SteelEye revealed a significant increase in enforcement actions against global financial institutions in 2023, particularly in the United States. The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) imposed a combined $9.2 billion in penalties, with a record high of $4.3 billion from the CFTC. Meanwhile, the UK's Financial Conduct Authority (FCA) saw a 75 percent decrease in fines to £52.8 million, marking the first drop in seven years. European regulators like France's AMF and Germany's BaFin focused on insider trading, market manipulation and reporting delays. Singapore's MAS tackled anti-money laundering and misconduct.

U.S. banks prioritize faster payments

Volante Technologies released its third annual mid-tier bank payments modernization report, revealing that 78 percent of U.S. financial institutions view faster payment networks as a must-have. Volante noted that its customers are increasingly adopting the Volante PaaS platform for real-time payment networks like The Clearing House RTP and FedNow. Cloud-based payment processing is also on the rise, according to Volante researchers, with payment system interoperability as a top concern. In addition, researchers found that replacing legacy wire payment systems and adopting ISO 20022 messaging standards are other priorities.

The Green Sheet, Inc.PARTNERSHIPS

Alchemy Pay deploys on Bitcoin.com

Alchemy Pay launched its fiat-crypto payment services on Bitcoin.com's web portal, stating it now offers users a seamless transition between fiat and cryptocurrency. Bitcoin.com CEO Dennis Jarvis stated this partnership is crucial for users in Asia and LATAM. Alchemy Pay attested that its payment gateway supports various payment methods across 173 countries, including domestic transfers and mobile wallets, with a user-friendly KYC process and low fees. The partners believe Bitcoin.com's VERSE token and Alchemy Pay's extensive network of fiat payment channels further enhance the accessibility of cryptocurrencies worldwide.

Finastra, Newgen team up on lending

Newgen Software and Finastra integrated Newgen's origination solutions with Finastra's LaserPro documentation platform in order to offer customers enhanced agility, innovation and efficiency in their financial processes. This API-driven integration simplifies loan document creation and validation, eliminating manual effort and data mapping, the partners stated, adding that it connects with core banking and third-party systems to ensure compliance with applicable regulations. They also pointed out that the efficient setup can be completed within days.

Ingenico, Cybersource join forces for unified commerce

Ingenico, a payment solutions leader, formed a strategic partnership with Cybersource, Visa's payment and fraud management platform. Initially focused on Asia Pacific, the partnership will create a unified commerce solution by integrating Ingenico's AXIUM Android application with Cybersource's open payments platform. This collaboration, the partners noted, streamlines in-store card transactions, enhances security and simplifies scaling across various devices. The synergy between the two companies will be harnessed to reduce integration complexity, speed up time-to-market, and provide omnichannel capabilities for businesses and consumers. The solution also enables ISVs to integrate payment solutions quickly and offers a seamless experience for merchants across markets, they added.

Mercury Financial, Amazon enhance convenience

Mercury Financial, a payments and fintech provider, said it now allows cardholders to link their credit cards to their Amazon wallet, enhancing the online shopping experience. This feature enables Mercury cardholders to seamlessly add their credit cards to their Amazon wallet and shop, earn, and redeem rewards points directly on Amazon.com and the Amazon mobile app, Mercury noted. Jim Peterson, CEO at Mercury Financial, emphasized the convenience and value these payment options offer in maximizing rewards points when shopping on Amazon.

Rapid Finance, LoanPro offer LaaS

Rapid Enterprise, a division of Rapid Finance specializing in lending-as-a-service (LaaS) solutions, integrated its cloud-native loan origination software, Decisioneer, with LoanPro's API-first lending and credit platform. This integration offers increased flexibility and customization for lenders, the partners stated. Decisioneer streamlines the small business lending process by connecting lenders with real-time data, enhancing underwriting efficiency and reducing credit losses, they noted, adding that the collaboration creates a seamless transition from loan origination to management, strengthening borrower relationships and allowing enterprise clients to improve operational efficiency and create tailored loan programs.

The Green Sheet, Inc.ACQUISITION

Synchrony to acquire Ally's POS financing

Synchrony entered into a definitive agreement to acquire Ally Financial's POS financing business, which includes $2.2 billion in loan receivables. This acquisition, Synchrony pointed out, will enable it to offer both revolving credit and installment loans at the POS in the home improvement sector, expanding its multi-product strategy. It also strengthens Synchrony's presence in high-growth areas like roofing, HVAC and healthcare, Synchrony added. Ally expects the sale to improve its CET1 ratio; Synchrony anticipates it will enhance earnings per share in 2024. The transaction is expected to close in the first quarter of 2024.

The Green Sheet, Inc.APPOINTMENTS

Andrew Brandman joins Fenergo

Fenergo appointed Andrew Brandman as chief customer officer to drive global growth and enhance client success. With over 30 years of financial services and technology experience, Brandman will oversee post-sale functions, including client onboarding, software implementation, adoption and customer success. He will focus on expanding Fenergo's business and helping clients navigate regulatory challenges, such as KYC, BSA and AML. His background includes leadership roles at Salesforce, CIT, NYSE Euronext, UBS, Santander and Credit Suisse. Fenergo CEO Marc Murphy expressed excitement about Brandman's deep domain knowledge and ability to build stronger client relationships.

FlexCharge selects Kort Gibson

FlexCharge, a payment platform, appointed Kort Gibson as vice president of enterprise sales to enhance its leadership team. In this role, Gibson will be responsible for accelerating growth and driving enterprise business development across all industry verticals, while reinforcing the company's customer-focused vision. FlexCharge's co-founders, Elio Vitucci and Ze’ev Shoval, expressed their excitement about Gibson's extensive experience in building sales teams, exceeding growth goals, and understanding the impact of fraud and payment declines on businesses. Gibson, who is credited with having played a key role in Midigator's success, will lead global enterprise sales from San Diego.

Gina Gobeyn succeeds Lance Johnson at PCI SSC

Gina Gobeyn was appointed Executive Director of the PCI Security Standards Council (PCI SSC), effective Jan. 8, 2024. Gobeyn, who previously held senior roles at Discover, brings extensive expertise in payment data security to her new position. She succeeds Lance Johnson, who served as Executive Director from 2017 through 2023. Gobeyn will direct the strategic vision of the PCI SSC and oversee its leadership team. Lib de Veyra, chair of the council's executive committee, expressed enthusiasm for Gobeyn's appointment and thanked Johnson for his many contributions.

John Lowe, Peggy O'Leary move up at CPI Group

John Lowe was appointed president and CEO at payment solutions provider CPI Card Group Inc. Lowe, who has been with the company since 2018 and most recently served as executive vice president, end-to-end payment solutions, succeeds outgoing CEO Scott Scheirman, who plans to retire. Lowe's appointment reflects his deep industry knowledge and leadership skills, positioning CPI Card Group for future growth and expansion into digital opportunities, the company stated, adding that Scheirman will serve as senior advisor during the transition. In addition, Peggy O’Leary was promoted to senior vice president, prepaid solutions and chief development and digital officer. She has been with CPI since 2017, most recently serving as senior vice president of prepaid solutions since late 2022. end of article

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