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IndustryUpdate
Juniper finds software supply chain security issues making it easier for businesses to get paid and track
payments in real time the partners stated, adding that
A new study from Juniper Research, Vulnerable Soft- both companies have decades of experience in the
ware Supply Chains Are a Multi-billion Dollar Prob- ERP ecosystem and growing B2B market.
lem, found the total cost of software supply chain
cyber attacks to businesses will exceed $80.6 billion Nexi helps ITAS Group launch ITAS Pay
globally by 2026, up from $45.8 billion in 2023.
This growth of 76 percent reflects increasing risks ITAS Assicurazioni, Italy's oldest insurance company,
from absent software supply chain security processes launched ITAS Pay with the support of European
and the rising complexity of software supply chains paytech Nexi Group. The new payment institution
overall, researchers noted, highlighting the need for will offer services and solutions to support the sale
and marketing of insurance policies. Nexi noted it
greater emphasis on the software elements of the
supply chain as a critical security vulnerability. The played a fundamental role in supporting the ITAS
study also analyzed how shifts in wider cybersecurity Group in this endeavor to ensure compliance with
processes and the mindset around the management of PSD2, and obtain authorization from the Bank of Ita-
the software supply chain are needed to address these ly to operate as a Payment Service Provider. Through
ITAS Pay, Nexi stated, the ITAS Group intends to
risks.
further consolidate digital transformation by offering
Co-branding driving growth customers an even simpler and custom-built purchas-
in global payment schemes ing experience, and Nexi will continue to provide
New research from RBR indicates that despite digital payment expertise, products and services, and
government backing of domestic schemes in some technical support to the ITAS Group.
markets, cards are increasingly being co-branded Standard Chartered, Worldpay team up
with international schemes due to customer desire
for maximum acceptance, rewards and other ben- Standard Chartered and Worldpay from FIS formed
efits. In addition, RBR's Global Payment Cards Data a strategic partnership to enhance and expand the
and Forecasts to 2027 research found that spending footprint for Straight2Bank Pay, Standard Chartered's
on payment cards continues to grow strongly as the one-stop digital collections gateway for merchants.
impact of the COVID-19 pandemic begins to wane; The global partnership is a testament to the bank's
every world region is growing strongly; and financial continued investment in its cash management solu-
inclusion programs are encouraging large numbers tions via innovation and partnerships to deliver value-
of unbanked people to enter the financial system for added solutions to meet its clients' digital aspirations,
the first time, while the continuing rise of contactless the partners stated. The collaboration, they noted, will
and ecommerce purchases is boosting card spending, bring a comprehensive suite of digital collections so-
particularly for international schemes. lutions that caters to the evolving needs of business-
es, enabling them to collect funds from a wider range
PARTNERSHIPS of payment methods including cards and alternative
payment methods such as e-wallets and bank trans-
Fortis, Sage expand partnership fers. It also allows Straight2Bank Pay to grow across
Asia, as well as enter new markets across Europe,
Fortis, a payment and commerce technology resource Middle East, UK and the United States, they noted.
for software providers, marketplaces and scaling
businesses, reported it is now a recommended pay- ACQUISITIONS
ments partner of Sage, an accounting, financial, HR,
and payroll technology provider for small and mid- Fabrick acquires Judopay
size businesses. The Fortis solution, which delivers a
fully embedded payments and commerce experience, Fabrick, a European provider of open finance, ac-
is now fully integrated into various Sage enterprise quired Judopay, a UK-based mobile payments com-
resource planning (ERP) systems and products, pany. Fabrick stated the acquisition of Judopay will
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