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IndustryUpdate
FS-ISAC opens risk center PayCommerce finalizes investment round
The Financial Services Information Sharing and Analysis PayCommerce reported that Tritium Partners LLC made
Center established the Financial Systemic Analysis & a $22 million investment in the company to drive
Resilience Center. The FSARC is part of a long-term stra- growth, increase global market share and accelerate the
tegic initiative that performs deep analyses of systemic expansion of PayCommerce's correspondent-banking
cyber risk across financial products and practices. Its consortium and network. "The investment from Tritium
creation is part of the financial industry's ongoing com- Partners allows us to better serve our customers by con-
mitment to maintain the integrity of the U.S. financial tinuing to transform the global payments landscape with
system through tactics that prevent, detect and mitigate our innovative cross-border payments platform," said
malicious cyber activity. Abdul Naushad, PayCommerce Chairman and founder.
FTC issues data breach response guide Secure Payments Task Force solicits input
The Federal Trade Commission's Data Breach Response: The Secure Payments Task Force convened by the
A Guide for Business and companion video and business Federal Reserve to advance the safety, security and
blog were released to help businesses determine steps to resiliency of the national payment system is asking the
take and whom to contact in the event of a data breach. industry for comments on its efforts to enhance payment
Several key actions are identified in the guide, including identity management, data protection and information
securing physical areas, cleaning up websites and pro- sharing related to payments risk and fraud. It created
viding breach notification. The guide also offers a model an online survey to gather comments on how the task
data breach notification letter. force is addressing challenges related to the three focus
areas. The goal is to help ensure that the solutions being
Ingenico recognizes hackathon winner pursued will meet industry needs.
Ingenico Group named team Kairos as the winners of its ThreatMetrix secures additional funding
Money20/20 Hackathon challenge. Tasked with develop-
ing new commerce experiences using Ingenico's in-store, ThreatMetrix reported closure of a $30 million mez-
online and mobile software development kits, 450 devel- zanine growth capital effort through existing partner
opers created over 100 projects to compete for a chance Silicon Valley Bank. According to the company, this
to win a number of prizes. Candidates were judged on brings its aggregate financing to $84 million to date. The
the simplicity, creativity, impact and design of their growth capital will be used to expand the company's
respective projects. global data center, fuel sales and marketing for new mar-
kets, and bolster business operations into 2017. "We've
ILPA introduces SMART Box achieved significant corporate milestones that signal the
next growth phase in our trajectory as a SaaS company,"
The Innovative Lending Platform Association, in part- said Reed Taussig, CEO of ThreatMetrix.
nership with the Association for Enterprise Opportunity,
introduced the SMART (Straightforward Metrics Around USAT lands minuteKEY
Rate and Total cost) Box. It is a model pricing disclosure
and comparison tool focused on empowering small busi- USA Technologies Inc. added MinuteKey Inc. to its
nesses to assess and compare finance options. SMART list of ePort Connect customers. USAT integrated 3,400
Box disclosures exist for term loans, lines of credit and minuteKEY kiosks to Quick Connect, its secure API,
merchant cash advances; they reflect product differenc- which is designed to enable MinuteKey to quickly and
es, while utilizing common pricing metrics, calculations securely process cashless transactions as well as track the
and standardized language. acceptance of cash, credit and debit cards, and mobile
wallet payments. The minuteKEY kiosks feature an
Investment boosts JetPay intuitive user interface, small footprint, and remote diag-
nostic and troubleshooting capabilities, USAT stated.
JetPay Corp revealed that payment veteran Larry Stone
invested $19.6 million in the company through a combi- Visa expands VTS program
nation of debt investment of $9.5 million and an equity
investment of $10.1 million in shares of previously Visa Inc. disclosed it is allowing third-party partners
authorized convertible preferred stock. Stone will also to offer the Visa Token Service (VTS). By expanding
join the JetPay board. Proceeds from the investment will access to VTS to new partners – including technology
be used to repay existing debt and provide working companies, device manufacturers, card issuers, Internet-
capital to support JetPay's growth strategy, the company of-Things companies, wallet providers, merchants and
noted. others – Visa believes it will be able to more quickly
and easily offer secure digital payment services on any
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