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IndustryUpdate

surveyed 30 global acquirers and found they expect their J.P. Morgan, Bora Payment debut payment
Level 4 merchant client-base to be performing at PCI automation technology
compliance rates of 70 per cent or above; no respondents
indicated 50 per cent or less was acceptable. However, Bora Payment Systems LLC, which serves the B2B
only 11 per cent have a compliance rate greater than 70 accounts payable sector, is collaborating with J.P.
percent. Eight in 10 acquirers surveyed indicated they Morgan to provide advanced payment processing tech-
want to do more to drive awareness of compliance mat- nology to automate delivery of J.P. Morgan's Single-Use
ters within their client-base. Accounts payments. Bora's patented Payer Direct Hub
platform delivers straight-through transaction process-
ETA/TSG: Spending via electronic ing and remittance posting of virtual card payments to
payments sees growth suppliers. This is expected to streamline the accounts
receivables process, reduce labor costs and improving
Despite lower gas prices and reduced sales in certain cash flow and enable J.P. Morgan's clients to accelerate
merchant categories year over year, overall spend- SUA program growth by increasing supplier adoption of
ing growth via electronic payments like debit and virtual card payments.
credit cards and mobile payments saw a 4.8 percent
increase year-over-year from the fourth quarter of 2017 PFS, Fitbit team up for Fitbit Pay in UK
to the fourth quarter of 2018, according to new analysis
from the Electronic Transactions Association and The U.K. customers of payment technology solutions enter-
Strawhecker Group. Said growth in Q4 2018 paced prise PFS can now add a Mastercard prepaid card to
slightly behind 2017's year-over-year growth during the their device, enabling them to make payments directly
same quarter of 5.1 percent. Slower growth in nearly all from their wrist. Fitbit Pay brings convenience and free-
merchant categories and a spike in personal savings in dom to users to leave their smartphone and wallet at
December 2018 indicate consumers pocketed their sav- home and easily make purchases at thousands of stores
ings at the pump, researchers found. where contactless payments are already accepted, PFS
stated. Fitbit Pay transactions use an industry standard
Wnet, McKinsey, LeanIn.Org to research tokenization platform, ensuring user card information
women in the workplace is never revealed or shared with merchants or Fitbit. A
protected PIN is chosen by the user during device set-up
The Women's Network in Electronic Transactions for an added layer of protection, PFS added.
(Wnet), global consulting firm McKinsey & Co. and
LeanIn.Org are collaborating to conduct research on Social5 signs on with NBP
the state of women in corporate America. Through this
joint effort, Wnet is serving as an industry champion to Social5 is now a National Benefits Program vendor.
invite members at payments companies to participate Social5 is a social and mobile marketing business that
in the annual McKinsey & Co. and LeanIn.Org Women provides affordable social and mobile marketing solu-
in the Workplace study. Since 2015, McKinsey & Co. tions for businesses interested in increasing brand
and LeanIn.Org have annually published a report to awareness, consumer engagement and product sales,
give companies and employees information needed to NBP noted. Behind the Social5 machine is a team of near-
advance women and improve gender diversity within ly 100 veteran journalists, brand marketers and social
their organizations. advertisers, along with developers, SEO technicians and
statistical researchers.
PARTNERSHIPS ACQUISITIONS

Flywire, UnionPay extend partnership NXGEN, Payscape merge with
on cross-border payments
Parthenon Capital backing
Flywire and UnionPay International are re-launching a
promotional program that provides Chinese students NXGEN International and Payscape, two premier pay-
and patients with discounted foreign exchange rates ments companies joined forces. The merger will enable
on cross-border tuition and healthcare payments. The NXGEN International and Payscape to combine global
effort is a continuation of a highly successful partner- resources and expertise to best serve their clients. As
ship beginning in the spring of 2018. The promotional a result, the fintech company said, it will operate in
discounts are available to all UnionPay cardholders 75 countries and process over $10 billion in payment
originating from China and receiving education or volume annually, for over 20,000 merchants. Together,
healthcare services internationally at an institution that NXGEN and Payscape intend to offer a complementary
offers Flywire for international payments. suite of financial technology capabilities aligned to meet
their clients emerging needs.

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