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IndustryUpdate

FPC issues cross-border bulletin options, Klarna stated. The company also pointed to the
growing acceptance of BNPL, with over 37 million U.S.
The U.S. Faster Payments Council (FPC) released users, a 32 percent increase year over year, including a
Financial Inclusion for Cross-Border Remittances and Bill notable rise among shoppers over 50.
Payment, a comprehensive resource developed by its
Work Groups that aims to enhance financial inclusion Ransomware year-on-year attacks surged
through faster cross-border payments. Marking progress
toward the FPC's mission and addressing challenges in In January 2024, global ransomware attacks dropped
global financial inclusion, the report highlights issues by 27 percent compared to the December 2023 total of
in cross-border transactions and offers strategies for 285 cases, NCC Group reported. However, year-on-year
improvement. FPC Chair Gail Hillebrand emphasized attacks surged by 73 percent, marking a steep rise over
transparency, affordability and security in financially three years. The Lockbit scheme maintained its lead with
inclusive products. 22 percent of cases, while 8Base and Akira climbed to
second and third positions, researchers noted, adding
OptConnect wins ATM industry award that attack numbers fell across all regions, with North
America and Europe remaining the most targeted.
The ATM Industry Association (ATMIA) gave Industrials faced the most attacks, up 96 percent from
OptConnect the ATMIA Outstanding Service Award, the previous year, NCC stated.
acknowledging its leadership in managed wireless ser-
vices for the ATM industry. OptConnect CEO Chris Payment optimization can boost revenue
Baird credited the company's customer care team for
their dedication, reinforcing OptConnect's reputation for Nuvei Corp. published a white paper that empha-
technological innovation and exceptional customer ser- sizes the pivotal role strategic payment optimization
vice. OptConnect's customer care team's achievements can play in boosting ecommerce revenue by up to 30
include resolving over 29,000 cases with a 98 percent percent. Based on research involving more than 300
first-call resolution rate and providing 24/7/365 support, global merchants and interviews with payments lead-
OptConnect added. ers, researchers found a significant problem respondents
cited was high decline rates resulting in substantial lost
Visa, GSMA promote digital finance inclusion transactions and cart abandonment. The white paper
provides actionable insights, strategies, case studies and
Visa (NYSE: V) and the GSMA Mobile for Development scorecards to aid businesses in maximizing payment
Foundation announced the Digital Finance for All (DFA) effectiveness to address this and other issues that affect
Initiative to enhance global financial inclusion. Over five profitability.
years, it aims to benefit 20 million individuals, including
women, smallholder farmers (SHFs), and micro-enter-
prise owners in Africa, Asia, and Latin America. Despite PARTNERSHIPS
a 66 percent increase in digital payments in low- and
middle-income countries since 2014, certain groups still Aevi, Silverflow expand processing options
face barriers to financial services.
Aevi and Silverflow partnered to offer European and
RESEARCH North American acquirers a modern payment processing
solution with a flexible payment acceptance infrastruc-
ture. The solution features real-time data, cross-channel
Engage finds PwP use increases 68 percent capabilities that can empower tech-minded banks to
excel in digital payments, the partners stated. Anne-
Engage People, a loyalty network facilitating pay with Willem de Vries, CEO of Silverflow, emphasized that
points (PwP) transactions at checkout, said it witnessed the partnership benefits regional banks, enabling them
a 68 percent surge in transactions from 2022, with over to reinvent their payment operations. Mike Camerling,
23.3 billion points redeemed in 2023 through its Access CEO of Aevi, mentioned the collaboration is a step
Plus network. In addition, the company stated, total toward full digitization, eliminating friction points and
sales grew by over 48 percent year-over-year. Engage empowering clients to leverage data effectively.
CEO Jonathan Silver also noted that consumers' grow-
ing preference for PwP has led to new partnerships and AtData grows email fraud prevention network
growth to 53 million members.
Emphasizing the importance of trust and security in
Klarna says Black Friday BNPL payments on track the digital economy, AtData expanded its global fraud
prevention partner network to combat digital threats,
Klarna reported that 96 percent of buy now, pay later adding five key partners in the past year.
(BNPL) purchases during the 2023 U.S. Black Friday
weekend were paid on time or early, with 30 percent Collaborating with Darwinium, Infinyt, nSure.ai,
paid off ahead of schedule, a rise from 24 percent in Persona, and Spec, among others, AtData thwarts emerg-
2022. U.S. Black Friday orders surged by 30 percent year ing email fraud schemes by enhancing email address
over year, indicating a shift toward healthier payment
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