Page 14 - GS171102
P. 14
IndustryUpdate
Revolut taking payments in-house in meeting their needs; proven outreach solutions; and
comparison of U.S. bank providers, program managers
App-based banking alternative Revolut Technologies and alternative financial service providers.
Inc. stated it is building its own in-house processor
due to multiple service outages caused by its payment Ponemon finds security trust gap
processor, which is reported to be Global Processing
Services Ltd. The third-party processor provides similar Centrify Corp. released results from a Ponemon-
services to several fintech companies and startups that commissioned study indicating businesses are not meet-
are challenging traditional banks. Revolut said its tech- ing consumer expectations when it comes to protecting
nology will be ready in early 2018. personal information. According to the report, across
the United States, United Kingdom, Germany and
Paul Todd named CFO of the Year Australia, 62 percent of consumers have been notified
by a company or government agency that their personal
Paul Todd, TSYS Senior Executive Vice President and information was lost or stolen as a result of one or more
Chief Financial Officer, was named Chief Financial data breaches. Of these, 36 percent experienced two or
Officer of the Year by CFO Roundtable. The CFO more separate incidents, causing a third of them to sever
Roundtable, created by Cushman & Wakefield in part- their relationship with the organization experiencing
nership with The University of Georgia's Terry College the data breach.
of Business, fosters best practices among CFOs. M. Troy
Woods, Chairman, President and CEO of TSYS, said Small business index shows slight dip in optimism
Todd has been a significant contributor to TSYS' suc-
cess, and his actions as CFO "are gaining attention not Small business optimism held steady in the fourth
just at TSYS, but also across our industry and among quarter 2017, according to the latest Wells Fargo/Gallup
his peers." Small Business Index. In the quarterly survey, which
measures the optimism of small business owners, the
RESEARCH overall Index score dipped slightly to 103 in October
2017 – down from 106 in July, when it was the highest
Index reading in a decade, Wells Fargo noted. Seventy-
Mercator analyzes U.S. financial inclusion one percent of business owners rated their financial
situation today as very or somewhat good in October,
According to Doing Well by Doing Good: Delivery Models down five percentage points from 76 in July. "Despite
and Channels Serving the Financially Underserved, an this slight decline, business owners' financial situation
18-page report just issued by Mercator Advisory Group, remains at pre-recession levels," researchers noted.
lack of affordable formal banking solutions affects
over 15 million adults in the United States, and while Visa releases prepaid consumer insights study
employment numbers improve domestically, the num-
ber of unbanked individuals remains stubbornly high. According to First Data Corp.'s 2017 Prepaid Consumer
Among other topics, the report explores reasons why Insights Study, consumers spent $38 more, on average,
individuals remain unbanked; difficulties encountered than the value on their gift cards, up $10 from 2016, and
47 percent of consumers purchased
a gift card at a gift card "mall."
Based on responses of more than
2,000 U.S. consumers, the study also
found that 44 percent of consumers
visit a store they would not have
visited otherwise because of a gift
card; 53 percent are likely to visit
a store more often as the result of
receiving one.
NACHA studies donations done
via direct ACH withdrawal
NACHA—The Electronic Payments
Association released results of two
recent studies that explore the role
of direct withdrawal via automated
clearing house (ACH) in nonprof-
it donations. The first, conducted
by ConsumerQuest Inc., evaluated
donation methods and the impact of
sustaining donations. Findings indi-
14
