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IndustryUpdate

ANNOUNCEMENTS When I Work launches payroll function for SMBs

When I Work, a provider of shift-based workforce man-
Experts discuss future of digital agement software used by over 200,000 workplaces glob-
assets at Cornell Convenes ally, introduced When I Work Payroll. This new product

Fintech at Cornell, a Cornell SC Johnson College of simplifies payroll processing for small businesses by
integrating employee schedules and time tracking data
Business initiative, organized the second annual Cornell on a single platform, the company stated, adding that
Convenes roundtable to discuss stablecoins and central with a single click, businesses can pay hourly workers
bank digital currencies (CBDCs). The result is the Cornell without the need for data entry or timesheet uploading,
Convenes: Toward a New Bretton Woods Report, a white reducing the potential for errors. The integrated solution
paper featuring insights from industry, academia and offers real-time calculation of hours, breaks, overtime,
regulators. The report addresses CBDCs, stablecoins, and paid time off; automates payments and tax filings;
fraud, privacy and more. Discussions emphasized the and allows employees to update their information, the
importance of continued dialogue between industry and company noted.
regulators to navigate the evolving financial landscape.

GoTab debuts Phone Only POS RESEARCH
GoTab introduced Phone Only POS (POP), which can ABI Research releases 4th annual trend report
turn any phone, including iOS and Android devices,
into a portable POS system. The device enables con- In a new white paper, technology intelligence firm ABI
tactless (NFC) card payments by tapping the card on Research predicted that several highly anticipated tech-
the back of the phone. This innovation offers benefits nology advancements, including enterprise 5G, main-
such as extended battery life, an OLED display, and stream foldable devices, network APIs, generative AI
affordability compared with traditional POS solutions, at the edge and robo-taxis, will not materialize in 2024.
GoTab stated, adding that users can also add tips before While these technologies have generated significant
processing payments. GoTab noted it aims to enhance interest and speculation, ABI Research believes they are
the guest experience and streamline operations for the unlikely to have a significant, immediate impact. The
hospitality industry with flexible digital ordering and report suggested that factors such as the focus on use
payment solutions. cases and outcomes in enterprise connectivity decisions,
consumer reluctance to embrace foldable devices, the
Rapid Applications Group rebrands as RapidWorks challenges facing network APIs, and the complexity of
unsupervised autonomous driving will hinder wide-
Rapid Applications Group, an ERP and dispatch software spread adoption of these technologies.
provider for heavy equipment services, is rebranding as
RapidWorks. The name change reflects the company's Demand high for paying with points
focus on optimizing fleet utilization, scheduling, job dis-
patching, GPS tracking, mobile workforce labor tracking A survey commissioned by Engage People explored
and payroll, as well as customer ordering, billing and consumer perspectives on using loyalty points for imme-
payments for the heavy equipment services industry. diate redemption online and in stores. The survey, con-
RapidWorks aims to continue serving its customers with ducted among 1,000 U.S. consumers in October 2023,
innovative solutions and meet evolving industry needs. revealed that 84 percent of respondents would use Pay
The company's mission to enhance job management and with Points (PwP) if offered, up from 80 percent in 2022.
customer satisfaction remains unchanged, with plans for Additionally, 76 percent of respondents were willing to
growth under new CEO Tim Curran. change credit cards for improved PwP benefits, particu-
larly those with retail cards. Saving money and combat-
Ryft secures Innovate UK grant ing inflation were the primary motivations indicated for

Ryft, a PSD2-compliant payments provider, secured a using PwP, with preferred redemption locations being
grocery stores, online retail, gas stations and fast-food
grant from Innovate UK as part of the Innovation within restaurants.
Professional and Financial Services program. This grant,
from a £5 million funding pool, aims to encourage VantageScore says holiday spending
innovation in fintech sectors. The company's success in
obtaining the grant was notable, with only 8 percent of 'credit hangover' likely
applicants receiving funding, Ryft stated, adding that it According to VantageScore, the average VantageScore
plans to use the grant for continued business growth, credit score in the United States in November 2023
including expanding into the travel and events indus- remained stable at 701 for the fifth consecutive month.
tries, automating payment flows in the travel sector, and However, concerns arose about the financial strain on
enhancing its existing product functionality. Ryft noted lower VantageScore credit tier consumers, who turned
that it experienced 300 percent growth in 2023. to personal loans and requested higher credit card lim-
its for holiday spending. Delinquencies subsequently
increased across all loan categories, and early-stage

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