Page 12 - GS211202

IndustryUpdate
ANNOUNCEMENTS
Credorax rebrands as Finaro
Smart payments provider and mer-
chant acquiring bank Credorax RESEARCH
launched a new company identity,
Finaro. Focusing on its core pillars
of creating multidimensional solutions to simplify pay-
ments and going the extra mile for its merchants, Finaro
empowers global commerce by providing the ideal solu-
tion for cross-border businesses with its cutting-edge
technology and superior support, the company stated.
Founded in 2009, the company employs over 350 people,
and is based in Israel and Malta, with presence in China
Mainland, Hong Kong, the United States and across
Europe.
MPC Digital to call for speakers
MPC Digital Commerce Event will accept applications
for speakers from Jan. 3 through 21, 2022. Experts will
take the stage at the 12th annual MPC symposium, a
platform created for leading-edge content, thought lead- phone adoption and user expectations grow.
ership and networking opportunities, in August 2022.
Marla Ellerman, executive director of the MPC Digital
Commerce Event, said,“We are grateful to our sponsors,
exhibitors and thought leaders whose unique perspec-
tives are shaping the digital commerce ecosystem. Even
at the height of the pandemic, thought leaders from
Google, PayPal, Intel, U.S. Bank, Arkose Labs and other
innovative companies have presented to audience mem-
bers from around the world at MPC."
ThetaLake, Zoom offer free tools
Theta Lake, which provides collaboration security and
compliance solutions, reported it achieved a market-
place integration with Zoom Video Communications
Inc. to include a free version of Theta Lake’s archive,
which enables compliance with various regulatory
requirements, to Zoom customers. As requirements and
challenges for compliance and security become more
complex across industries including financial services,
government, technology and healthcare, this makes it
easier for Zoom customers to adopt and experience the
benefits of our archive, ThetaLake stated.
VizyPay cash discount app wins gold
VizyPay was named a gold winner in the App of the Year
for Small or Medium Business by the Best in Biz Awards,
an independent business awards program judged annu-
ally by prominent editors and reporters from top-tier
publications in North America. VizyPay received this
accolade for its proprietary Cash Discount App for
Clover POS systems.
Created to help reduce small businesses’ unpredictable
credit card processing costs, VizyPay's cash discount
12
program provides unlimited monthly credit card pro-
cessing for one flat, low fee based on the merchant's
monthly processing volume, VizyPay stated, adding that
it has saved small merchants more than $20 million.
Mobile money transactions to exceed $870 billion
A new study from Juniper Research found the total
value of mobile money transactions in emerging markets
will exceed $870 billion in 2026, up from $555 billion in
2021, representing growth of almost 60 percent. Mobile
money in emerging markets includes microinsurance,
microloans, microsavings and mobile money transfer.
This growth will be driven by the transition of mobile
money vendors, such as M-PESA, to the payments-as-
a-platform (PaaP) model. This model enables mobile
money vendors to offer users access to third-party
services such as ecommerce, creating additional rev-
enue streams. Researchers identified PaaP as critical to
increasing revenue for mobile money vendors, as smart-
International faster payments growing
According to Mercator Advisory Group, real-time pay-
ments continue on a path to prominence in world mar-
kets, where they are currently a domestic phenomenon
but are increasingly expected to fill cross-border demand
as well. Mercator stated it has been tracking develop-
ments and faster value transfers in the United States
since same day ACH was launched for credit transfers in
2016. "With our latest research report, International Faster
Payments: A Growing Real-Time Presence, we now expand
into developments across the globe in various key mar-
kets with data and estimated growth in the use of these
systems, as well as discussions on upcoming rails and
other important initiatives underway.
The Payments Association
reports on SCA compliance
The Payments Association released The Long and Winding
Road to SCA: UK Readiness Status and Key Learnings
from Europe, a report on the status of Strong Customer
Authentication (SCA) compliance, sharing learnings
from Europe, best practices to be followed and the
outstanding challenges to overcome. The Payments
Association conducted interviews with representatives
from international networks, issuers, acquirers, gate-
ways, retailers, technology providers and trade asso-
ciations. SCA compliance requires the authentication
of customers using multiple factors such as possession,
knowledge and inherence elements. It is required as part
of the Payment Services Directive to prevent remote pur-
chase card fraud, a problem that has grown significantly
over recent years—170 percent in the UK since 2011, the
association noted.