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IndustryUpdate

Fed task forces look nologists, industry experts and advisors, regulators, and people who run
at faster payments associations and industry bodies, Let's Talk Payments stated.
Duffy comments on CFPB constitutionality
Members of two task forces compris- U.S. House Financial Services Oversight & Investigations Subcommittee
ing the Faster Payments Task Force, Chairman Sean Duffy, R-Wisc., responded to a federal appeals court ruling
convened by the Federal Reserve to that the structure of the Consumer Financial Protection Bureau is unconsti-
make payments in the United States tutional.
faster and more secure, began their "Today's ruling … should come as a surprise only to those who put their
review of 19 proposals submitted faith blindly in government," he stated. "Ironically, the court's finding that
from across the payments industry. the CFPB isn't sufficiently answerable to the President completely ignores
The proposals, which detail distinct its unaccountability to the American people and their representatives in
approaches to the stated goals, were Congress, who have no say over the Bureau's funding." He added Congress
distributed to nearly 500 task force should pass the Financial CHOICE Act to convert the CFPB into a bipartisan
members. commission, subject to congressional appropriations.
Payoneer finalizes funding round
One task force is focused on faster Payoneer Inc. completed its first round of growth equity financing. Investment
payment capabilities, and the other firm TCV led the round and was joined by existing investor Susquehanna
on enhanced payment system secu- Growth Equity LLC. Proceeds from the financing will be used to accelerate
rity. Each includes representatives global growth and to enhance an already strong and debt-free balance sheet,
of financial institutions, consumer Payoneer stated. In addition to its investment in a newly issued preferred
groups, payment service providers, stock, TCV also committed to purchase shares from existing shareholders.
financial technology firms, busi-
nesses, government agencies and 17
other interested parties.

This review stage follows an inde-
pendent analysis of the propos-
als by the global consulting firm
McKinsey & Co., which assessed
the proposals against criteria creat-
ed by members of both task forces.

Mobivity granted printing
image patent

Mobivity Holdings Corp. received
a patent from the USPTO for a
process for printing dynamic image
content on receipts. The patent is
the company's seventh and details
a system to generate value-added
messages on receipts printed by
POS systems, such as location, time
of day or other purchase data. The
patent application claims priority
to a patent application filed in 2006.

Mozido president recognized

Mozido Inc. President Mike Love
was named on Let's Talk Payments'
Top FinTech Influencers list. The
list was devised to spotlight influ-
encers bringing about significant
change and innovation within the
financial services space. It includes
the "thinkers and doers" within the
industry, including startup found-
ers, chief executives, bankers, tech-