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IndustryUpdate

Feds extend cyber risk comment period each of the Stipulated and Confessed Judgments in con-
nection with the Settlement and Release Agreement are
To allow interested parties additional time to analyze now void, unenforceable and of no effect, JetPay stated.
and prepare comments on proposed enhanced cyber
risk management standards, The Federal Reserve Board, Nyca closes venture fund
the Office of the Comptroller of the Currency and the
Federal Deposit Insurance Corp. extended the comment Nyca Partners closed its latest venture capital fund with
period past the initial January 17 deadline. The standards more than $125 million in total commitments. Since
address cyber risk governance, cyber risk management, July 2014, Nyca has invested in more than 30 compa-
internal dependency management, external dependency nies across four fintech subsectors: merchant payment
management, incident response, cyber resilience and solutions, alternative credit, digital advice and financial
situational awareness. infrastructure. "This is an exciting time for fintech, and
this latest fund will allow us to continue to invest in
FTC lauds Privacy Shield Framework companies that leverage technology to build platforms
that empower consumers," said Hans Morris, Managing
In a statement following the adoption of a Swiss-U.S. Partner at Nyca and former Citigroup banker and Visa
Privacy Shield Framework, Federal Trade Commission President.
Chairwoman Edith Ramirez issued a statement com-
mending the effort. "The FTC has a robust privacy Sysnet to open U.S. contact center
enforcement program, both domestically and interna-
tionally, and we will continue our vigilant approach to Sysnet Global Solutions indicated it will create more than
enforcement of the new Framework," Ramirez said. 500 jobs and invest $2 million in a U.S. contact center in
the Atlanta area. The new center was devised to help
iPayment implements agreement merchant customers of Sysnet clients with securing their
businesses and achieving and maintaining compliance
iPayment Inc. signed an agreement for comprehensive with various standards. The center will be operational
refinancing with the holders of approximately 79 per- 24/7 and provide multilingual support, Sysnet said.
cent of the company's outstanding 9.50 percent Senior
Secured Notes. The company believes the refinancing,
once consummated, will result in substantial delever- RESEARCH
aging and enable it to expand its services and product
offerings. The refinancing is expected to close in the first ACI, Aite report on bill paying
quarter of 2017; the notes are due in 2019.
According to an ACI Worldwide and Aite Group LLC
JetPay fulfills Merrick settlement report titled How Americans Pay Their Bills, consumers
paid approximately 14.7 billion bills in 2016, shelling out
JetPay Corp. reported that it satisfied its obligations about $3.9 trillion. In addition, paying bills now entails a
under the Settlement and Release Agreement with range of transactions involving many different payment
Merrick Bank for civil actions in the Federal District methods and channels. The report sizes the channels
Court for the District of Utah. The timely promissory note and methods consumers used to pay their bills in 2016,
payoff satisfied JetPay's obligations to Merrick Bank, and uncovers insights into how all generations pay bills, and
analyzes bill payment volume and gross dollar value
across the 29 most popular bill categories. It is based on
SPOTLIGHT a third-quarter 2016 Aite survey of 2,429 U.S. consumers.
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