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IndustryUpdate

ANNOUNCEMENTS RESEARCH

Enfuce a 'Model Risk Manager' Inflation concerns impact SMB confidence

Card issuer and processor Enfuce won The MetLife and U.S. Chamber of Commerce Small
Celent's Model Risk Manager award Business Index dropped slightly in the first quarter of
for embedded fraud prevention in its 2023 to 60 from the final quarter of 2022's 62.1, as small
card-as-a-service (CaaS) solution. Celent is a global business owners’ outlook on the economy weakened.
research and advisory firm for the financial services Twenty percent of SMB owners surveyed said they
industry. Celent’s annual Model Risk Manager Awards believe the U.S. economy is in good health, down from
recognize the best practices of technology usage in areas 27 percent saying the same in the prior quarter. Also con-
critical to success in risk management. Nominations tributing to the drop, fewer respondents said they plan
are submitted by financial institutions and undergo a to increase investment over the next year (38 percent
rigorous evaluation process by Celent analysts. Celent versus 47 percent). Despite SMB owners seeing a weak
judges submissions on three core criteria: the degree of economy, 63 percent of respondents said their business
innovation, technology or implementation excellence, is in good health, and 64 percent stated they are comfort-
and demonstrable business benefits. Led by co-founders able with their cash flow. Sixty-nine percent said they
and co-CEOs Monika Liikamaa and Denise Johansson, have retained the same number of employees over the
Enfuce stated it offers an agile alternative to existing past year, and 19 percent reported increasing staff over
issuer processing platforms, with the ability to quickly the same period.
add modules and services as and when needed.
NRF forecasts 4 to 6 percent retail growth in 2023
Retail Innovation Conference slated for June
The National Retail Federation issued its annual fore-
The Retail Innovation Conference & Expo is returning to cast, anticipating that retail sales will grow between 4
McCormick Place in Chicago for its 2023 annual event. percent and 6 percent in 2023. In total, NRF projects that
Spearheaded by the retail community and digital media retail sales will reach between $5.13 trillion and $5.23
company Retail TouchPoints, the conference will bring trillion this year. “In just the last three years, the retail
industry leaders and innovators together from June 13 to industry has experienced growth that would normally
15 for a variety of panels, activations and presentations. take almost a decade by pre-pandemic standards,” NRF
The conference will feature an immersive experience to President and CEO Matthew Shay said. “While we
connect leaders with the latest trends and technologies expect growth to moderate in the year ahead, it will
driving the industry’s next wave of disruption. From remain positive as retail sales stabilize to more histori-
rising startups to trailblazing Tier 1 retailers, the con- cal levels. Retailers are prepared to serve consumers in
ference will bring the entire retail ecosystem together the current economic environment by offering a range
for collaboration, learning about new developments in of products at affordable prices with great shopping
ecommerce, and networking opportunities, organizers experiences.” The 2023 figure compares with 7 percent
stated. annual growth to $4.9 trillion in 2022. The 2023 forecast
is above the pre-pandemic average annual growth rate
Sumsub offers transaction monitoring guide of 3.6 percent.

Sumsub, a tech company that prides itself on provid-
ing customizable KYC, KYB and AML solutions for PARTNERSHIPS
the whole user journey, published its Complete Guide to
Transaction Monitoring to provide a detailed picture of Bold Commerce, PayPal launch tailored checkout
transaction monitoring as an integral part of the veri-
fication system. The guide was prepared by Sumsub’s Bold Commerce, a provider of tailored checkout tech-
compliance and anti-fraud team in partnership with nology, collaborated with PayPal to launch its headless
Pismo, an all-in-one, cloud-native financial services plat- checkout integration with Magento Open Source and
form covering all core banking and payment processing Adobe Commerce. By introducing a composable head-
functionalities., Sumsub stated, adding that the guide less alternative to Magento’s native checkout, Bold
is intended to show businesses in the fintech, banking, enables brands using Adobe Commerce to elevate check-
insurance, gambling and ecommerce sectors how to out experiences without the risk, cost or complexity of
spot transaction fraud, bolster their defenses, ensure full re-platforming, Bold said, adding that the composable
compliance and optimize user conversion rates at the checkout solution seamlessly integrates a fully opti-
same time. To download the guide for free, please visit mized, customizable checkout experience on top of
https://bit.ly/3o4g1ty. brands’ existing technology. This means offering check-
out experiences that fit brands’ business needs and are
tailored to how individual consumers are shopping in
real-time, Bold Commerce noted.

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