The Green Sheet Online Edition
October 12, 2026 • 26:10:01
Industry Update
ANNOUNCEMENTS
BHMI recognized by CIO Bulletin
BHMI was recognized by CIO Bulletin as Most Innovative Payment Operations Platform for its work in back-office payment processing technology. The company's Concourse Financial Software Suite is designed to help organizations improve efficiency, visibility and control as payment volumes, processing models and regulatory requirements evolve.
It supports post-authorization payment operations, including settlement, reconciliation, fee assessment, disputes and transaction management. The platform provides financial institutions, processors and payment service providers with centralized tools to manage complex payment operations.
Cosmos links bank cores to digital ledgers
Cosmos is helping banks connect core banking systems with digital ledgers, including environments such as Swift's blockchain-based shared ledger, to support 24/7 cross-border payments. Its Cosmos Tokenization Suite enables financial institutions to create tokenized deposit ledgers, synchronize them with existing cores and connect with networks including Swift, Canton, Partior, Ethereum and Solana. For banks participating in Swift's pilot, Cosmos supports core-to-ledger integration and interoperability across networks and counterparties.
Tokenized deposits remain on issuing banks' ledgers while Swift orchestrates fund movement between institutions. Cosmos said the infrastructure can also support real-time treasury management, instant cash sweeps and programmable money flows.
equipifi named a 'Best Places to Work in the Valley'
Bank-led buy now, pay later (BNPl) provider equipifi was named a finalist in the Phoenix Business Journal's Best Places to Work awards for the fourth consecutive year. The company nearly doubled its workforce over the past 12 months, expanding its sales, customer success, product and engineering teams following a recent Series B funding round. Equipifi also reported a 128 percent year-over-year increase in BNPL transaction volume and introduced enhanced underwriting and notification capabilities.
The company, which enables banks and credit unions to offer their own BNPL programs, placed second in the Extra Small category last year and is competing in that category again in 2026.
Nacha unveils resources for Cybersecurity Awareness Month
Nacha's Payments Innovation Alliance introduced new and updated cybersecurity training resources for small and midsize businesses during October's Cybersecurity Awareness Month. A new Hacker Hunt game, for example, helps employees recognize scam communications and distinguish fraudulent messages from legitimate ones.
The Alliance also updated its ransomware tabletop exercise kit, which includes a simulated attack scenario, participant workbook and discussion guide for a two- to three-hour training session.
The resources address growing cybersecurity challenges. According to the World Economic Forum's Global Cybersecurity Outlook 2026, 46 percent of small organizations report shortages of cybersecurity skills and expertise, compared with 29 percent of large organizations.
Walapay raises $4.6M seed round
Walapay has raised $4.6 million in seed funding led by Generative Ventures, with participation from Commerce Ventures and other investors. The payments infrastructure provider offers enterprises, fintechs, PSPs and financial institutions a single API for account issuance, collections, foreign exchange and payouts across multiple currencies and markets.
Walapay integrates directly with local payment rails in Latin America, Africa and Asia, aiming to reduce the intermediaries, costs and delays associated with cross-border transactions. The company processes $2.5 billion in annualized payment volume, with customers including Kast and Nuvei. Funding will support additional licensing, banking partnerships and team expansion.
RESEARCH
BHN: Holiday shoppers turn to gift cards as budgets tighten
Blackhawk Network research found U.S. holiday shoppers increasingly relying on gift cards, loyalty points and promotions to manage spending. The survey of 2,307 shoppers found 82 percent are setting holiday budgets, with 93 percent of those shoppers planning to purchase gift cards. Average planned gift spending among participants is $721, down 3 percent from 2025, while households earning less than $40,000 anticipate a 13 percent decline. Half of respondents plan to redeem most or all their loyalty points for holiday purchases.
AI is also influencing shopping decisions: 40 percent would click an AI-recommended gift card promotion, while 20 percent would purchase without additional research.
Fraudio finds new merchants face early fraud risk
More than one in 10 newly observed merchants experienced fraud within their first 90 days of business, according to an analysis by fraud detection company Fraudio. Among 3,923 merchants first appearing in its data during 2025, 10.5 percent recorded fraud within 90 days.
Among those affected, the median time to first fraud was 33 days, with 47 percent encountering it within their first month. Fraudio also found the fraud rate per transaction was 2.9 times higher during merchants' first 90 days than among payment programs more than a year old. The company said the findings highlight the importance of fraud detection from the outset.
NCR Atleos finds ATMs boost retail visits, spend
NCR Atleos research found retail ATMs can increase store visits, customer loyalty and spending in the United Kingdom. Based on more than 300,000 responses collected at 4,646 ATMs, 56 percent of users said they visit a store more often because it has an ATM, while 76 percent are more likely to return.
Thirty-seven percent said they would spend withdrawn cash in the store. NCR Atleos dispensed approximately $1.78 billion through 5,300 ATMs at major convenience stores and supermarkets in June 2026. Applying the survey findings suggests approximately $659 million of that cash was spent in-store. The company also sees growing opportunities for deposit-capable retail ATMs.
PayJunction finds surcharges shift payment choices
PayJunction research found consumers facing credit card surcharges at auto dealerships are more likely to change payment methods than dealerships. Seventy-one percent of respondents said a surcharge would not affect their dealership choice, while 51 percent would consider switching to cash, debit or check for routine maintenance and 49 percent for repairs. Credit cards remain popular, with 82 percent considering them for large, unexpected repairs.
Nearly half would consider BNPL for an unexpected repair, including 60 percent of millennials and 54 percent of Gen Z respondents. PayJunction said offering multiple payment options can help dealerships manage acceptance costs while preserving customer choice and loyalty.
US bankruptcy filings up 12.9 percent
U.S. bankruptcy filings increased 12.9 percent year over year to 310,529 during the first half of 2026, according to an analysis by G2 Risk Solutions. Chapter 7 filings rose 15.7 percent, outpacing the 8.4 percent increase in Chapter 13 filings and indicating mounting financial pressure on consumers.
Monthly consumer filings exceeded 50,000 for four consecutive months through June, while April recorded the highest monthly volume since March 2020. G2 Risk Solutions attributed the trend partly to accumulated borrowing costs, inflation and debt-servicing expenses rather than a recession or labor market collapse.
AI readiness gaps emerge for vulnerable customers
Financial services and other organizations report high readiness to use AI to support vulnerable customers, but significant gaps remain, according to The Payments Association. Its AI inclusion readiness report 2026 found an average readiness score of 4.1 out of 5, with 93 percent of firms saying AI has improved outcomes for vulnerable customers.
However, 35 percent do not monitor those outcomes separately. Separate consumer research found 17 percent of vulnerable consumers had been unable to complete a banking or payment task because a digital or AI-enabled tool failed them, compared with 5 percent of non-vulnerable consumers. TPA recommends stronger monitoring and access to human support.
PARTNERSHIPS
934 embeds Bluefin payment security into Juno
Bluefin and hospitality payment technology provider 934 partnered to integrate Bluefin's payment security capabilities into Juno, 934's hospitality payment platform. The integration will provide hospitality businesses with PCI-validated point-to-point encryption for card-present payments and tokenization to protect sensitive payment data across connected payment environments. Bluefin's P2PE technology prevents clear-text card data from entering merchant systems and can reduce PCI DSS scope for qualifying environments.
The companies said the integration embeds security directly into Juno's architecture while maintaining acquirer-independent tokenization, enabling customers to route payments to processors worldwide.
Getnet, Nayax expand across LATAM, Iberia
Getnet and Nayax partnered to expand integrated payment acceptance for unattended commerce across Latin America and Iberia. The agreement combines Nayax technology with Getnet's acquiring platform, enabling operators of vending machines, EV chargers, self-service kiosks and other automated businesses to accept cashless payments through an integrated solution.
The partnership will expand Nayax's presence in Latin America while allowing Getnet to broaden its offerings for unattended commerce and increase processing volume. The rollout will begin in Chile within the coming weeks, followed by Spain, Portugal, Brazil, Mexico and Argentina. The companies said the arrangement combines Nayax's unattended commerce technology with Getnet's local acquiring capabilities.
Modulr accelerates US expansion with Cogent Bank
Modulr is expanding in the United States through a partnership with Cogent Bank that will provide businesses access to multiple payment rails through Modulr's payments automation platform. The partnership follows Modulr's recent U.S. launch through an agreement with FIS. Cogent's infrastructure integrates with FIS's Money Movement Hub, enabling access to ACH, RTP and FedNow.
Modulr customers will be able to open U.S. accounts and make standard and same-day payouts, with routing optimized for cost and speed. The company plans to pilot the platform with customers in earned wage access, lending and merchant services before expanding its U.S. availability.
Nayax expands fuel payment reach with Allied
Nayax partnered with Allied Electronics to distribute its VPOS Media 5 outdoor payment solution to fuel retailers across the United States. The agreement combines Nayax Fuel's payment technology with Allied's established presence in U.S. fuel retail. Allied has served the petroleum industry since 1978, with systems operating at tens of thousands of locations nationwide.
VPOS Media 5 provides payment capabilities designed for fuel dispensers as retailers modernize forecourt infrastructure and consumers increasingly pay by card at the pump. Nayax Fuel also offers forecourt control and station management technology. The companies said the partnership will provide retailers with integrated forecourt and payment capabilities.
Partner Tech's self-checkout, Verifone Commander integrate
Partner Tech's AI-powered self-checkout platform has been certified for integration with Verifone Commander and is now available for deployment at more than 55,000 fuel and convenience sites across North America. The integration allows retailers to add Partner Tech self-checkout terminals without replacing existing payment, fueling, loyalty and store management infrastructure.
Partner Tech's Alfred, Starling and Paula terminals run on its Otter software, which uses AI and computer vision for transaction monitoring, theft detection and item recognition. Retailers can deploy multiple self-checkout lanes while continuing to manage payments, fuel sales, promotions and other operations through the centralized Commander Site Controller.
ACQUISITIONS
Basware completes acquisition of Trustpair
Basware completed its acquisition of payment fraud prevention platform Trustpair, extending its invoice lifecycle management capabilities through the payment stage. The companies said the combination will connect Basware's invoice validation with Trustpair's payment assurance, including verification that suppliers are genuine, bank accounts belong to intended recipients and payments reach the correct destination.
Trustpair will continue operating independently, maintaining its platform, customer relationships and integrations across ERP, treasury, procure-to-pay and payment systems. Basware said the acquisition will provide its more than 6,500 customers with broader fraud protection across the invoice-to-payment lifecycle while allowing Trustpair to remain available to non-Basware customers.
Nayax completes acquisition of IPS Group
Nayax completed its $350 million cash acquisition of IPS Group, expanding its unattended payments business into smart parking. IPS provides payment-enabled parking technology covering more than 250,000 parking spaces across the United States, Canada, United Kingdom and Ireland. Nayax plans to combine IPS's parking platform with its payments and EV charging capabilities, targeting cities, universities and private operators.
Nayax financed the acquisition with cash and approximately $150 million in new debt. IPS expects more than $90 million in 2026 revenue. CEO Chad Randall and the IPS executive team will continue leading the business from San Diego.
ParaScript acquired by Stakk
Stakk Ltd. completed its $63 million acquisition of AI-powered document processing company ParaScript, creating a digital trust platform serving more than 300 enterprise customers globally.
ParaScript's document processing and recognition technology will integrate with Stakk's Digital Persona Graph platform, combining document analysis with identity, behavioral and contextual data to help regulated organizations detect digital identity fraud. The combined business processes more than 110 billion digital interactions annually.
Emiliano Giacchetti was appointed CEO of Stakk IQ and ParaScript and, pending shareholder approval, is expected to become group CEO of Stakk Ltd., overseeing the company's strategy, operations and financial performance.
The Payments Association acquires TPA EU
The Payments Association acquired The Payments Association EU, bringing the organizations together in a network of more than 350 member organizations. The acquisition, approved unanimously by TPA EU members, marks the first step in the UK association's international expansion strategy.
TPA EU will remain based in Luxembourg and retain its European identity under General Manager Thibault de Barsy. The combined organization plans to expand cross-border collaboration, advocacy, policy engagement and commercial opportunities for members across the UK and European Union. TPA EU represents more than 80 payments organizations.
APPOINTMENTS
Jeremy Fox-Geen stepping down at Circle
Jeremy Fox-Geen will step down as chief financial officer of Circle Internet Group after more than five years in the role. He will remain CFO through the end of December 2026 unless a successor is appointed sooner. Circle has begun a search for his replacement. Fox-Geen joined Circle in May 2021 and helped build its financial organization, navigate its $1.2 billion initial public offering and manage more than five years of growth.
He said he plans to take a break before beginning his next chapter. Circle provides blockchain-based financial infrastructure and payment applications. Its offerings include USDC, its dollar-backed stablecoin; Circle Payments Network for global money movement; and Arc, its enterprise-focused blockchain.
Iliad Solutions appoints Micah Kerr
Micah Kerr joined Iliad Solutions as lead technical sales consultant, bringing nearly 30 years of payments industry experience to the payment testing and certification technology provider. He joins from Capital One's Discover Global Payment Network. Kerr's expertise encompasses card processing, commercial payments and emerging technologies, including stablecoins and AI.
At Iliad, he will focus on business development and help financial institutions, payment processors and other payments organizations address testing and certification needs. Kerr said he has worked extensively with Iliad's t3 testing platform during the past two years. His appointment is part of the company's continuing expansion and investment in the U.S. market.
Lim signs on with Tribe Payments
Tribe Payments selected Alex Lim as head of sales and solutions for Asia-Pacific, bringing to the company Lim's 13 years of payments experience across sales, partnerships and product development. Lim joins from Pure Commerce, a Euronet Worldwide company, where he served as general manager of merchant services for Asia-Pacific and led business development and solution design across the region.
At Tribe, Lim will drive new business development, forge strategic partnerships and lead regional solution design. He will work alongside Matt Weir, Tribe's general manager for Asia-Pacific. Lim said he looks forward to helping issuers and acquirers identify processing solutions suited to the diverse markets across the region.
David Press joins Toccata board
Payments industry veteran David Press has joined the board of directors of Toccata Inc., parent company of Segpay and its global subsidiaries. Press brings more than four decades of experience in card brand compliance, acquiring, risk management and payments strategy. Press spent 10 years at Mastercard, where he conducted more than 400 compliance and business reviews of acquirers, payment facilitators, processors and other payments organizations.
He later served as vice president of card brand relationships and compliance at Paysafe, overseeing global compliance and managing key card brand relationships. Press is currently founder and president of Integrity Bankcard Consultants, advising payments industry participants on compliance, risk and strategy. 
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