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IndustryUpdate

ETA previews 2024 Star Awards winners, finalists FLEETCOR rebrands to Corpay

The Electronic Transactions Association disclosed the FLEETCOR Technologies Inc. rebranded as Corpay Inc.
2024 Star Awards recipients, honoring leaders in the pay- to represent its range of corporate payment solutions.
ments industry for their many contributions. Caroline The company, now listed on the NYSE under the ticker
Hometh, co-founder and managing partner at RPY symbol CPAY, said it provides modern payment solu-
Innovations was selected for her dedication to the PayFac tions for managing vehicle-related, travel and payable
Committee. Monica Eaton, CEO of Chargebacks911, was expenses. As a global S&P 500 corporate payments firm,
honored for her philanthropy. Colleen Taylor, president, Corpay aims to simplify and control expense payments
Merchant Services–US for American Express, received for businesses and consumers.
the Distinguished Payments Professional award for her
impactful career and community service. ONEKEY wins ECSO Startup Award

PSP Services earned Business Partner of the Year for ONEKEY, a cybersecurity startup, clinched the ECSO
supporting the ETA's objectives. Finalists for ISO of the Startup Award for its approach to enhancing product
cybersecurity and compliance. CEO Jan Wendenburg
Year include Netevia, Talus Payments and Universal
Processing. And finalists for Most Innovative Product or expressed delight in the win, affirming the company's
strategy to automate compliance processes. ONEKEY
Solution include Biller Genie, FlexCharge and PopCodes.
All Star Awards recipients will be celebrated during said its platform aids companies in adhering to cyber-
security standards while reducing costs, including those
TRANSACT 2024 held in Las Vegas from April 17 to 19.
Visit Etatransact.com for more information. outlined in the EU Cyber Resilience Act. The startup
additionally noted it is recognized for detecting zero-
Fed introduces FedNow User Group day vulnerabilities and contributing significantly to
European cybersecurity initiatives.
Federal Reserve Financial Services launched the FedNow
User Group to foster collaboration among the 607 partic- RESEARCH
ipating financial institutions and their service providers
on the FedNow Service network. Led by Mark Gould,
FRFS's chief payments executive, the group aims to Digital payments to grow by $160.94 billion
enhance instant payments' value by facilitating engage- The digital payments market is projected to grow by
ment, promoting innovation and gathering feedback.
Since its launch in July 2023, the FedNow Service has $160.94 billion from 2022 to 2027, with a CAGR of 21.23
percent, according to Technavio. The Asia-Pacific region
seen increased adoption and network volume, enabling
various use cases such as account-to-account payments, leads in market share due to urbanization and internet
adoption, with e-wallets driving growth. Another key
digital wallet funding, instant insurance disbursements
and business-to-business payments. driver overall is rising online transactions. The report
segmented the market by end-user, component and
FinTechBreakthrough awards honor excellence geography, with large enterprises showing significant
growth. Advancements like NFC and HCE are driv-
FinTechBreakthrough recognized several companies ing convenience, but cross-border payment standards,
in its eighth annual awards program. The RegCheck privacy, cybersecurity and financial inclusion remain
system by Asurity, a provider of consumer lending challenges.
compliance software and advisory services, won Best
Compliance Management Solution. honors Jack Henry's Open banking solutions market
Financial Crimes Defender, which employs advanced to reach $11.7B by 2028
AI and behavioral analytics, took home the Best Fraud
Prevention Platform award. The open banking solutions market is projected to grow
from $5.5 billion in 2023 to $11.7 billion by 2028, with a
PayNearMe was recognized for the fifth consecutive CAGR of 16 percent, according to MarketsandMarkets.
year, this year winning the Best Consumer Payments Factors driving growth include increased consumer
Platform award. And payments technology company demand for cloud-based solutions, compliance with data
InComm Payments was named Best Overall FinTech laws and innovative product development, research-
Company. These awards provide public recognition ers noted. Key players, they added, include Plaid,
for fintech companies working in payments, personal Envestnet, Tink and Finicity. Also, mobile apps within
finance, wealth management, fraud protection, banking, the digital channel are expected to see significant growth
lending, regtech and insurtech. due to their convenience and accessibility, and third-
party providers will dominate the market, leveraging
standardized APIs for account services and payment
initiation. Cloud deployment offers scalability and effi-
ciency, fostering innovation in banking, they noted.

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