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IndustryUpdate

ANNOUNCEMENTS career stages. The lessons cover such topics as negotia-
tion, avoiding employee misclassification, and the role
BofA recognized for digital of AI in payroll. Papaya CEO Eynat Guez emphasized
leadership, innovation the Academy's role in building a stronger payroll ecosys-
tem and supporting global organizations.
Bank of America has received numer-
ous accolades recently from industry RESEARCH
groups and global banking award organizations for
its digital leadership. With 58 million clients engaging
digitally, Bank of America saw a record 23.4 billion digi- FPC, Finzly publish essential guide for FIs
tal interactions last year. Euromoney, Global Finance, The U.S. Faster Payments Council (FPC) and Finzly Inc.
Celent and others praised BofA for its commitment to released a collaborative white paper titled From Potential
innovation and delivering exceptional digital experi- to Profit: Five Ways Financial Institutions Can Break Barriers
ences. Awards include North America's Best Digital to Benefit from Instant Payments. Based on a May 2024
Bank, World's Best Bank for Trade Finance and Most survey, it provides actionable insights for financial insti-
Innovative Bank in North America, highlighting the tutions to overcome challenges such as legacy systems,
bank's excellent digital capabilities and technology- fraud mitigation and implementation costs. The white
driven client solutions. paper serves as a practical guide for FIs to leverage

CNBC, Statista honor Flutterwave instant payments, highlighting revenue opportunities
and key business use cases, while addressing technical
Flutterwave, a payments technology company based in and operational steps necessary for successful imple-
Africa, was named among the top 250 fintech companies mentation.
in the world by CNBC and Statista for the first time.
This recognition also highlighted companies like Ali Pay, Lack of resources driving
Klarna, Flywire, Robinhood and Mastercard for their automation for finance teams
achievements and contributions to financial services
innovation. Statista's selection process analyzed busi- A recent Medius survey revealed that 55 percent of
ness models, revenue growth, user scope, innovation finance professionals are experiencing burnout, with 58
and impact on the fintech ecosystem. Flutterwave, CNBS percent considering leaving the sector. Economic uncer-
noted, is known for its cross-border payment solu- tainty, budget cuts and fewer resources contribute to this
tions, driving financial inclusion and economic growth stress. Organizations are turning to AI and automation
in Africa, and has received other accolades, includ- to ease workloads and streamline functions. Notably, 94
ing CNBC's Disruptor 50 and African Banker Awards' percent of finance professionals approve of their orga-
Fintech of the Year. nization's AI adoption, which automates tasks and frees
time for strategic initiatives. Benefits include smoother
Galileo Financial Technologies launches 3DS payments, faster invoice processing and improved col-
laboration. Medius researchers emphasized the criti-
Galileo Financial Technologies, a subsidiary of SoFi cal role of automation in retaining finance talent and
Technologies, launched the Galileo 3D Secure (3DS) enhancing efficiency amid economic challenges.
Access Control Server to combat the rising threat of
card-not-present fraud, projected to hit $28.1 billion PARTNERSHIPS
globally by 2026. The 3DS protocol enhances security
for online card transactions, significantly reducing fraud
by up to six times compared to non-3DS transactions Equinox integrates with Sound Payments
Galileo stated. The Galileo 3DS Customer Portal offers
clients tools to manage security rules, create custom risk Sound Payments and Equinox Payments completed the
integration of Sound's Quantum Cloud solution with
scores and adapt to changing fraud criteria, the company
added, noting that this enhancement shifts chargeback Equinox's Luxe 8500i and Luxe 6200m payment devices.
Andrew Russell, CEO of Sound Payments, celebrated
liability to card issuers and provides advanced risk man-
agement, real-time data and trend analysis. this as a significant milestone, welcoming Sound's sec-
ond hardware partner. Quantum Cloud facilitates seam-
Papaya debuts Papaya Global Academy less connectivity between any POS system and semi-
integrated payment devices via the Internet, eliminating
Papaya Global, a workforce payments fintech, intro- common challenges like IP addressing and firewall
duced Papaya Global Academy, stating it is an industry- issues for POS developers, Sound Payments stated. This
first video series with over 85 lessons aimed at making integration, Sound Payments added, introduces versatile
payroll more strategic. Available for free on Papaya's Equinox payment devices to Sound Payments' resellers
website, the curriculum is designed to help payments and merchants.
and payroll professionals enhance their skills by offering
practical, real-world advice for professionals at various
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