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IndustryUpdate

focus on delivering seamless payment experiences in
mobile, ecommerce and in-store environments.
Visa Inclusive Fintech Accelerator
ready for second year

Visa, in collaboration with Plug and Play, opened appli-
cations for the second cohort of Visa Inclusive Fintech
Accelerator. The program aims to accelerate the growth
of fintech startups led by diverse founders in accordance
with its mission to support underrepresented innovators
in the financial technology sector, Visa stated. The sec-
ond cohort seeks startups that are redefining fintech and
led by founders who identify as underrepresented or are
committed to serving underserved segments in North
America. Applicants should have a minimum viable
product and be based in the United States or Canada.
ANNOUNCEMENTS Selected startups will gain access to Visa's extensive
network, mentorship from industry leaders, and oppor-
Nacha Preferred Partner tunities for pilot projects and strategic partnerships with
program adds four categories Visa. Details are available at https://bit.ly/3X4tqkk.
Nacha introduced four new categories of Nacha Preferred
Partners, doubling the options for organizations to dem- RESEARCH
onstrate their leadership in the ACH Network. The new
categories include Account Validation, Fraud Monitoring, Biometric systems market poised for strong growth
ISO 20022 and Open Banking. Each category focuses on
enhancing the ACH Network in different ways, such as The global biometric systems market is expected to grow
improving transaction accuracy, security and interoper- at a compound annual growth rate of 13.02 percent from
ability, and facilitating collaboration between financial 2024 to 2031, according to a report by Market Research
institutions and third-party providers. These additions Intellect. The market, valued at $42.3 billion in 2024, is
align with Nacha’s core strategies to advance the mod- projected to reach $120 billion by 2031. Key drivers of
ern ACH Network, the association stated. The existing this growth include the increasing demand for security
categories, ACH Experience, Compliance, and Risk and and identity protection, the rise in cyber threats, and
Fraud Prevention, Nacha added, continue to recognize government initiatives such as e-passports and national
organizations that excel in reducing payment friction, ID programs. Major players like IDEMIA, Thales, and
adhering to ACH rules, and mitigating risk and fraud. NEC Corp. are leading the market, focusing on product
innovation and strategic partnerships. However, chal-
North American Bancard rebrands to North lenges such as privacy concerns, high implementation
costs and technical limitations could hinder widespread
North American Bancard LLC, a leading U.S. fintech adoption. The market is segmented by technology,
company, rebranded itself as "North" to better reflect application and region, with Asia-Pacific expected to
its position and vision in the payments and business witness the highest growth due to rapid digitalization
management industry. This change comes after 30 years and government initiatives.
of growth, during which the company expanded to
process over $100 billion in annual transactions across Inflation less critical than consumer
various business sectors. The new name and logo sym- debt, other concerns
bolize North's commitment to providing innovative and
simplified payment solutions, alongside extensive data A new study by Achieve, a digital personal finance com-
reporting tools, security and fraud protection, the com- pany, revealed that while inflation remains a concern,
pany stated. job loss and reduced income are more pressing financial
challenges for consumers. The survey undertaken in the
CEO Marc Gardner emphasized that "North" embodies third quarter of 2024 of 2,000 consumers with various
the company's forward-thinking approach and dedica- forms of debt found that 18 percent cited job loss or
tion to empowering businesses of all sizes. The rebrand- income reduction as the primary reason for falling
ing also unites North’s diverse payment companies, behind on payments, surpassing inflation, which was
including Point & Pay, EPX and PayTrace, under the cited by only 10 percent of respondents, down from 21
"by North" banner, reinforcing its comprehensive eco- percent in the second quarter. Additionally, 57 percent
system, the company stated, adding that the "Go North of respondents are relying on credit cards to cover essen-
Together" mindset highlights its collaborative spirit and tial expenses, with 36 percent finding it difficult to pay
their debts on time. Despite these challenges, economic
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