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NewsBriefs

This article contains excerpts from news stories recently posted under interest free, have been exploding in recent years.
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews.php. ETA's fintech forum explores
collaboration, inclusivity
Regulators, fintechs and payments industry leaders
convened in Washington, D.C., on Sept. 22, 2022, for the
Electronic Transactions Association's annual Fintech
Policy Forum, held at the law offices of Venable LLP. Jodie
Kelley, ETA CEO, thanked Venable LLP, Mastercard, Visa,
Pathward, FIS, Intuit, King & Spalding, Bank of America
and Arnall Golden Gregory LLP for sponsoring the
daylong event. In opening comments, Kelley characterized
payments as an innovative, dynamic industry with highly
competitive products that power the economy.
CFPB report questions BNPL ethics, efficacy "ETA member companies from every facet of the industry

Payments and retail analysts are discussing a new study provide education, advocacy and thought leadership,"
by the Consumer Financial Protection Bureau (CFPB) she said, setting the stage for discussions on innovation,
on buy now, pay later service finance options and their policy issues, financial inclusion, crypto, open banking,
influence on consumers. Buy Now, Pay Later: Market trends cross-border payments and more. Kelley further noted
and consumer impacts," published Sept. 15, 2022, surveyed in a fireside chat with Sen. Mike Rounds, R-S.D., that
five U.S. BNPL market leaders: Affirm, Afterpay, Klarna, financial services are becoming simpler and more cost-
PayPal, and Zip—formerly known as Quadpay in the effective. Many of these services are becoming part of the
United States. CFPB Director Rohit Chopra observed that fabric of how we pay, she stated, while questioning how
BNPL providers promote their services in much the same such services can be regulated.
way as credit card issuers: by offering "infomercial-style Automation, managed services impress vendors
payment plans."
The State of AP Report, published Sept. 22, 2022, by
Establishing guidelines would protect borrowers, he MineralTree, a Global Payments brand, examines
stated, whether they use credit cards or BNPL loans. advanced AP automation and B2B payments and their
"It's critical that we understand what this product is and potential to mitigate ongoing supply chain disruptions
what it isn't," he said in a prepared statement. "In many in the wake of a global pandemic. Focusing on vendor
ways, Buy Now, Pay Later is a blast from the past, but, relationships, researchers identified pressing issues
importantly, it is supercharged for the era of e-commerce, that impact relationships between buyers and suppliers.
digital surveillance, and gamification." Participating companies from a mix of industries had
annual revenues ranging from $1 million to over $1
QuickFee exits BNPL billion, with most respondents holding manager positions,

Australian finance company QuickFee Ltd. is bowing out according to Elizabeth (Elle) Kowal, chief operating officer
of the U.S. market for buy now, pay later (BNPL). In a recent at MineralTree.
statement, the company's board of directors said that BNPL
was a drain on its balance sheet. The company said it will "In 2022, AP teams face a number of significant challenges
now hone its focus on payment and financing services – supply chain disruptions, work-from-home and hiring
for the professional services sector. An email sent to ISOs challenges, and an increasing volume of invoices and
selling BNPL for QuickFee set a formal termination date vendor inquiries," Kowal said. "AP automation, combined
of Oct. 15. "Customer BNPL plans processed prior to the with managed services, is a no-brainer for AP teams
October 15th deadline will remain intact per the existing trying to do more with less, and stay afloat amid supply
terms and conditions signed by your merchants and their chain volatility."
customers," the email stated. Merchants, it added, will be
notified separately.
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to regulate BNPL companies. The consumer watchdog mos t u p-t o-d a t e s t o ri es,
agency, created under the Dodd-Frank financial reform c a n ’ t miss e v e n ts a nd ne w es t
can’t miss events and newest
law, has enforcement authority over all providers of
industry announcements.
credit, including non-banks like BNPL firms. BNPL ind us t r y a nno unc e me n ts.
services, which allow consumers to split purchases into
installments, typically over short time frames and often
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