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IndustryUpdate

or false declines, on customer satisfaction and retailer PARTNERSHIPS
profits. The nearly 5 million fraud reports to the FTC in
2020 and 2021 indicate fraudsters are becoming more
sophisticated, while consumers are increasingly embrac- Bloxcross, GoDirectPay release mobile app
ing online shopping, researchers stated. They also noted Bloxcross and GoDirectPay teamed up to launch a
that 25 percent of respondents had experienced false mobile app that they believe revolutionizes global pay-
declines in 2022 and 83 percent would not return to a ments by democratizing financial services, bridging dig-
retailer that failed to protect them from fraud. The report ital and physical realms. The app, available at directpay.
emphasized the significant revenue loss associated with blox.global/register, streamlines financial transactions,
false declines and offered actionable strategies for fraud empowering users to send rapid global payments with
prevention and improving the ecommerce customer ease, the partners stated. Tailored for businesses and
experience. individuals, they added, the app facilitates transactions

FIs rely on AI and ML for fraud defense in any currency, with a generous daily limit of $5 billion
per user. Users benefit from instant, secure transactions,
E-invoicing solutions provider Basware reported that regardless of borders or currencies, marking a signifi-
70 percent of the financial institutions (FIs) it recently cant leap forward in modern finance, the partners stated.
surveyed utilize artificial intelligence (AI) and machine
learning (ML) to combat financial fraud. Researchers NAB integrates with Visa Acceptance Platform
noted that 40 percent of respondents acknowledged an North American Bancard partnered with Visa, integrat-
increase in fraud incidents, and many FIs are integrat- ing its merchant services with Visa Acceptance Platform
ing AI and ML into their fraud prevention tools through via Visa Platform Connect. This collaboration enhances
in-house platforms, third-party resources and new tech- NAB's payment solutions with API-driven services and
nologies. Ninety percent of respondents utilize fraud strengthens merchant offerings, NAB stated, adding
prevention APIs; 80 percent employ adaptive and web- that the integration provides NAB's business custom-
based multifactor authentication. Researchers urged ers access to Visa's suite of features, aligning with the
CFOs to implement AI and ML solutions, potentially company's goal of providing extensive tools for suc-
through trusted partners, to alleviate compliance bur- cess. Preet Patel, NAB's senior vice president of prod-
dens amid rising fraud threats. uct management, highlighted the benefits for partners

New cyber threats challenge financial services and merchants in accessing innovative payment solu-
tions. Sharon Haines, a senior vice president and head
The FS-ISAC unveiled its annual report, Navigating of acceptance solutions sales North America at Visa,
Cyber 2024, highlighting escalating cyber threats and emphasized the alignment of the partnership with Visa's
emerging fraud tactics. The report underscored the commitment to delivering top solutions.
importance of advancing mitigation strategies to match
evolving threats. Key findings include increased use of Paymentology, Rain debut Web3 solution
adversarial tactics like social engineering and emerging Paymentology partnered with Rain, a corporate spend
threats such as geopolitical hacktivism and exploitation management platform catering to Web3 entities. Rain
of supply chain vulnerabilities. FS-ISAC CEO Steven stated it is focused on the Caribbean and Latin America
Silberstein stressed the necessity of global information but aims to become the go-to spend management plat-
sharing for sector integrity. The report, FS-ISAC stated, form for Web3 teams globally. Through the partnership,
drew from its vast member network and analysis by the which targets Latin America's booming crypto market,
Global Intelligence Office. Rain integrated Paymentology's card issuing platform

NFC driving device first approach to payments to enable spending digital assets via Visa credit cards.
Farooq Malik, Rain's co-founder, highlighted the solu-
The NFC Forum's bi-annual NFC Usage and Adoption tion's on-chain infrastructure and fiat interoperability.
Study, conducted by ABI Research, revealed a shift Alejandro Del Rio, Paymentology's LATAM regional
toward digital wallets, with over 80 percent of respon- director, emphasized the need to address financial inclu-
dents using smartphones or smartwatches for con- sion challenges in the region through innovative fintech
tactless payments. Mobile devices are now preferred solutions.
over cards, rated by participants in the study as more
secure, convenient and reliable. In addition, 55 percent Treasury Prime, Narmi to offer FedNow
of respondents globally indicated they prefer mobile Treasury Prime and Narmi collaborated to enable instant
payments, with 95 percent occasionally leaving physical money transfers via the FedNow Service for Treasury
wallets at home for mobile payments, and 53 percent Prime's banking clients. Narmi, serving as the official
doing so weekly. Andrew Zignani of ABI Research noted FedNow service provider, said it handles technical
growing daily use and highlighted NFC's expanding complexities, empowering banks to offer real-time pay-
role beyond payments. ments. Chris Griffin, co-founder of Narmi, underscored

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