Quick takes: Things that caught our eye this week

Today we're spotlighting the conclusion of the first private spacewalk adventure, projections for the banking-as-a-service market, four trends affecting acquirers, and a data access agreement between PNC and Plaid.

Isaacman back on earth after spacewalk

Jared Isaacman, a philanthropist, payments industry leader and CEO of Shift4 Payments, returned to Earth with his crew in the predawn darkness on Sun., Sept. 15, 2024, after he conducted the first-ever private spacewalk. "We are mission complete," Isaacman radioed as the capsule splashed down in the Gulf of Mexico near Florida’s Dry Tortugas. This brought to a close a five-day trip that took Isaacman, two SpaceX engineers and a former Air Force Thunderbird pilot farther into space than anyone has traveled since NASA’s moonwalkers—higher than the International Space Station and Hubble Space Telescope. Isaacman, who is committed to pushing the boundaries of space exploration and advancing our understanding of the effects of spaceflight on the human body, did not disclose the exact amount he spent on this historic venture. However, Time magazine estimated that he may have paid around $200 million for all four seats aboard the SpaceX craft.

BaaS market poised for significant growth

Allied Market Research published a report, titled, Banking-as-a-Service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032.. According to the report, the banking-as-a-service (BaaS) market was valued at $4 billion in 2022, and is projected to reach $22.6 billion by 2032, growing at a CAGR of 19.3 percent from 2023 to 2032. An increase in the use of digital transformation technology in banks and the streamlining financial services are driving the growth, researchers noted, adding that continuous technological innovations as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for the growth of the market during the forecast period. However, researchers noted, the increase in cyber-attacks and the high cost of adoption limit the growth of the BaaS market.

Four major trends affecting acquirers

In a presentation at the recent Western States Acquirers Association meeting in Las Vegas, Bill Dobbins, head of acquiring and enablement at Visa, identified four big trends affecting acquirers: changing consumer experience, evolving small-business expectations, fraud shifting to online channels and government regulation. Today, Digital Transactions published an article by Kevin Woodward that provides a recap of Dobbins' discussion of these trends. "I’ve been in the payments industry for over 30 years now, the last 27 with Visa, and I can confidently say that the amount of change that our industry is going through now is more significant than any time in my career," Dobbins said.

PNC and Plaid establish data access agreement

The PNC Financial Services Group, Inc. and Plaid entered into a bilateral data access agreement designed to enable PNC customers nationwide to more safely and securely connect and share financial data to their chosen financial applications through Plaid. PNC uses Akoya as its API service provider to provide PNC customers' financial information to all data recipients. "Through this new partnership with Plaid, PNC customers will be able to achieve greater data security, privacy, and control while using the third-party financial apps and services they enjoy," said Natalie Talpas, executive vice president, digital and payments at PNC. "PNC's use of its Akoya-provided API allows for all data recipients, including Plaid, to get connected fast, while also enabling customers to reliably control what financial data they are permissioning without having to share their login credentials with third parties."

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

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