Page 14 - GS200301

IndusrtyUpdate

AI robots to manage $4.6 trillion by 2022 U.S. challenger banking. Under the
agreement, The Bancorp will con-
By 2030, an estimated 80 percent of traditional financial services companies tinue to be a key banking partner
will go out of business, struggle for relevance, fail to use technology to change in enabling Chime's spending and
their business model or become commoditized, according to new research savings accounts, debit card and
from financial services firm Real Intelligence LLC, a financial services firm in the ancillary banking services that
Connecticut. "The real catalyst for change needs to be an acknowledgement support those products. Challenger
that the financial services industry has undergone a massive technology banks provide banking services to
upgrade," said Jeff Mount, president of Real Intelligence. "It's imperative that consumers who want to avoid the
the financial industry pivot its business model to align with new age tech." costs and complications that some-
times come with traditional banks.
PARTNERSHIPS They typically don't have physical
branches or hefty fees.
B2 Payment, Cryptomathic Group team up
ACQUISITIONS
Payments industry service provider B2 Payment Solutions is partnering with
Cryptomathic Group, which includes Cryptomathic, a global specialist in
secure server and payments solutions, and Aconite Technology, a supplier of Flywire acquires Simplee
secure EMV card payment solutions. Under the agreement, B2 will have the Flywire, a high-growth vertical
ability to resell the full suite of Cryptomathic and Aconite products, includ- payments company, stated it has
ing the Crypto Key Management System, Aconite EMV Transaction Manager acquired Simplee, a healthcare
and Aconite PIN Manager. technology platform, in order to

The Bancorp, Chime extend relationship optimize the digital payments and
patient engagement experience
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., said it in healthcare and scale its global
extended its private-label banking services agreement with Chime, a leader in payments services. According to
Flywire, the acquisition builds on
Flywire's growing healthcare pay-
ments business and accelerates the
DateBook company's market share. The com-
pany also disclosed a $120 million
Upcoming Series E investment round, led by
Goldman Sachs, which contributes
Shows: to Flywire's balance sheet and pro-
vides additional capital to support
the company's vision to digitize
payments across its key verticals,
Western Payments Alliance including education, healthcare and
2020 Fraud Symposium travel.

Highlights: Hosted by the Western Payments Alliance, with Great Hill, VersaPay close deal
sponsorship by The Clearing House, Guardian Analytics, WesPay Private equity firm Great Hill
Advisors and NICE Actimize, this is a one-day conference for Partners and VersaPay Corp., a pro-
information and solutions to prevent and mitigate payments fraud. vider of an SaaS accounts receiv-
Topics to be presented include faster payments fraud management, able, invoicing and integrated pay-
ments technology platform serv-
changes in U.S. payments fraud from 2012 through 2016, how ing B2B customers, completed the
to protect vulnerable older adults from fraud, scams and identi- previously announced acquisition
ty theft, payments fraud case studies and trends, using machine of VersaPay by an affiliate of Great
learning to fight faster payments fraud, and more. Hill, pursuant to a statutory plan
of arrangement under the Canada
When: March 17, 2020 Business Corporations Act. Under
Where: Sheraton Park Hotel at the Anaheim Resort, the Arrangement, each VersaPay
1855 S Harbor Blvd., Anaheim, Calif. shareholder will receive cash con-
Registration: www.wespay.org/WesPay/Training sideration of C$2.70 for each com-
/Fraud_Symposium.aspx mon share held, valuing VersaPay's
total equity at approximately C$126
million on a fully diluted basis.

14