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IndustryUpdate

ANNOUNCEMENTS one of the year’s Top Tech Startups and Top Software &
Technology Providers. The awards spotlight the most
innovative technologies designed for the supply chain
American Banker seeks nominations and logistics industry. Today, more than 300,000 carri-
for innovator award ers and drivers use Relay including eight of the top 10
less-than-truck-load carriers, 10 of the top 30 full-truck-
American Banker launched a new celebratory program: load carriers, the largest traditional and digital freight
Innovator of the Year. Nominations are now open and brokers in the United States, and 85,000+ midsize fleets
will close on Feb. 17, 2023. Finalists will be announced and owner operators, Relay noted.
before the Innovator of the Year is named at the annual
Digital Banking Conference, to be held June 12 to 14,
2023 in Boca Raton, Fla. This program is open to appli- RESEARCH
cants who work at a bank, financial institution or finan-
cial technology company based in the United States Americans increasingly positive about gift cards
while leading an innovative technology project in the
past 12 months. Applications will be judged on leader- New research by cryptocurrency exchange CoinZoom
ship, teamwork, personal initiative and other profes- revealed that 31 percent of Americans felt more posi-
sional qualities. tive about giving and receiving gift cards during the
2022 holiday season, compared to before the pandemic.
Brightwell honored in BIG Award for Business In a survey of 4,000 Americans, ages 18 and older,
researchers found that 28 percent of U.S. adults now
Payments technology company Brightwell's fraud pre- buy gift cards once a month or more. "This changing
vention and mitigation solution Arden received the attitude towards gift cards is being driven in large part
Business Intelligence Group’s BIG Award for Business by the desire to help friends and family members buy
and was named 2022’s New Product of the Year. the goods and services they really need in the current
Brightwell launched AI-powered risk-detection engine economic environment, rather than giving a gift that
Arden to provide near real-time fraud analysis and pre- ends up gathering dust in a drawer," CoinZoom wrote.
vention. Arden provides usable, visible, relevant, and Additionally, 47 percent of respondents who regularly
timely data in an easy-to-use interface so risk teams can buy gift cards indicated they now do so to enable the
get ahead of fraud before it occurs, Brightwell stated. recipient to buy what they need; 19 percent said they
Larry Hipp, CEO of Brightwell, noted, "We leverage buy gift cards as a gesture of goodwill.
new technologies and flexible architecture to build for-
ward-thinking, future-ready software that scales with Installment payments vault transaction value
our clients' business and customer demands.”
Research released by Dutch buy now, pay later (BNPL)
CFPB ruled unconstitutional, chargebacks escalate provider in3 found that transaction value increases by
72 percent when payments are made in three install-
The Supreme Court's ruling that the Consumer Finance ments. The study Buy now, pay later in the 21st century
Protection Bureau is unconstitutional (because of vio- investigated hundreds of thousands of orders to com-
lation of separation of powers) caused unintended pare in3's payment method to other payment methods
consequences: chargebacks are escalating and ecom- such as iDEAL, credit cards, debit cards and PayPal,
merce businesses are exposed to economic fallout from researchers stated. Hans Langenhuizen, CEO of in3
friendly fraud, while financial institutions are caught said, “While we knew the average order value would
in the middle, according to Monica Eaton, founder of be more when choosing in3, we didn’t expect the differ-
Fi911, the sister brand of Chargebacks911 for financial ence between our payment method and other payment
institutions. Eaton is calling for new tools to resolve methods would be that much.”
the discord between banks, merchants and consumers
without unnecessary conflicts and mounting costs. "It’s RBR: ATM outsourcing a critical
unknown how this news will affect chargebacks, in cost-cutting solution
terms of consumer protection—it could really go either
way, " Eaton said. "We know that without loosening the RBR’s Global ATM Market and Forecasts to 2027 study
choke on financial institutions, much needed innovation revealed that cash replenishment for more than half of
is stifled." the world’s ATMs was outsourced to third-party pro-
viders in 2021. Researchers noted this figure is highest
Relay Payments recognized by logistics industry in North America where replenishment is outsourced
Food Logistics, a publication covering the movement of for 81 percent of terminals. In the United States, it is
products through the global cold food supply chain, and common for ATMs to be installed in business premises,
Supply & Demand Chain Executive, a publication covering where ATM cash is refilled by the merchant as part
global supply chain issues, selected Relay Payments as of the installation agreement. By country, the highest
level of cash replenishment outsourcing occurred in

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