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IndustryUpdate

ANNOUNCEMENTS Catapult Innovation Awards for its fintech platform
empowering merchants with branded digital payments
Ansa raises $14M for and loyalty programs. In particular, the Northeast
merchant POS solutions Acquirers Association, which promotes education in the
acquiring industry, recognized PayGenius's disruptive
Ansa, a fintech infrastructure solution for merchant- contribution. PayGenius's said its success coincides with
branded customer wallets, secured $14 million Series its independence from costly credit card systems, saving
A funding led by Renegade Partners, joined by Bain merchants up to 3 percent per transaction, while provid-
Capital Ventures and others. The funding, Ansa stated, ing branded payments and loyalty benefits.
aims to enhance Ansa's payment solutions through
product development geared toward empowering mer- Paysafe launches Pay by Bank for U.S. iGaming
chants to engage customers better. Ansa noted that it Paysafe launched Pay by Bank for iGaming to enable
addresses payment challenges, enabling merchants to U.S. online bettors to instantly fund deposits and cash
launch closed-loop payment programs swiftly while out winnings from their bank accounts. This expands
focusing on revenue, cash flow and customer loyalty. Paysafe's Gateway, offering comprehensive payment
With fees burdening merchants, Ansa added, it facili- methods for U.S. operators, Paysafe stated, adding that
tates efficiency and loyalty, driving customer retention. Pay by Bank responds to demand for payment choice,
Cigo introduces in-app tipping appealing to 27 percent of bettors who prefer direct
bank transfers. Integrated with Paysafe's Gateway, it
Cigo Tracker responded to the cashless tipping trend by also enables quick account syncing and secure real-time
introducing a digital tipping feature for delivery drivers. transactions, the company added.
The application aims to bridge the gap in sectors like
logistics, furniture and appliances, enabling customers RESEARCH
to tip electronically. Digital tipping not only boosts driv-
ers' earnings but also enhances customer satisfaction,
leading to increased tips and positive reviews, Cigo stat- LexisNexis True Cost of Fraud Study released
ed. Cigo Tracker's other features, like reliable delivery LexisNexis Risk Solutions released its seventh True Cost
information and route optimization, further contribute of Fraud Study on Financial Services and Lending for the
to driver satisfaction and customer experience, reducing U.S. and Canada, revealing a 63 percent increase in fraud
operational costs for businesses, the company added. for financial firms, with digital channels responsible for

SBA names Climate First Bank a Preferred Lender half of the losses. The Fraud Multiplier variable rose
across all segments, notably in Canada, reaching $4.45
Climate First Bank, known for its climate crisis initiative, for every $1 lost to fraud. Scams and synthetic identity
was named a preferred lender by the SBA in recognition fraud are prominent, affecting customer trust and satis-
of its exceptional service and commitment to SBA lend- faction. To combat this, firms are advised to adopt multi-
ing policies. The SBA emphasized Climate First Bank's layered fraud prevention strategies.
dedication to empowering small businesses and foster-
ing community growth. CFB CEO Ken LaRoe expressed Open banking, A2A wallets drive instant payments
pride in the bank's purpose-driven approach and said he A new study from Juniper Research predicted a 161 per-
anticipates even better operations and service for small cent growth in the instant payments market from 2024's
businesses going forward. This recognition, the bank 252 billion transactions to over 600 billion transactions
noted, will facilitate faster loan approvals and extended in 2028. Juniper attributed the surge to the popularity of
repayment options for customers. account-to-account (A2A) wallets, like iDEAL and Twint,
EU drafts common criteria for IT security and the rise of open banking. A2A and open banking
enable direct bank account transactions, reducing costs
The European Cybersecurity Scheme on Common for merchants and simplifying user experiences, accord-
Criteria (EUCC), developed by ENISA, requires manu- ing to researchers, who highlighted open banking's role
facturers to monitor IT product security against set in expanding access to digital wallets. They also encour-
standards and vulnerabilities, aligning with upcoming aged merchants to incentivize bank-linked payments for
regulations like the Cyber Resilience Act. ENISA's Juhan wider adoption.
Lepassaar underscored the EUCC's role in the broader
cybersecurity certification framework, advocating for Security lags behind smartphone use
early adoption to ensure future systems are free of hid- A new report released by fintech Nuke From Orbit
den security risks. revealed trends in smartphone thefts in the UK that

PayGenius wins NEAA innovation award extend beyond device loss. Sixty-two percent of theft
cases in the study led to compromised social media,
PayGenius secured second place in the 2024 NEAA email and digital wallet accounts, with one in five fac-

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