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IndustryUpdate

the Quantum Protect application for quantum-resistant
algorithms. Utimaco’s strategic acquisitions, expanded
security offerings and efforts in PQC standardization
and quantum security demonstrate its leadership in
preparing for the quantum era, Frost & Sullivan noted.

2024 IDC FinTech Rankings taps NCR Atleos, Velera
Velera and NCR Atleos Corp. were recognized in the
2024 IDC FinTech Rankings. Velera, a credit union ser-
vice organization, was named a Top 25 solution pro-
vider, reflecting its commitment to supporting credit
unions' growth and digital transformation in today's
financial landscape. NCR Atleos, ranked #6 overall and
was acknowledged for its self-service financial solutions,
which enhance operational efficiency and customer
experience for financial institutions. Both companies,
IDC noted, exemplify the innovation and technological
ANNOUNCEMENTS advancement driving the global financial services indus-
try forward. The IDC FinTech Rankings evaluate top
Brooke Fitts chosen global technology providers based on their role in digital
for 2024 RiseUp transformation and revenues from financial institutions.
Brooke Fitts, head of payment products and strategy at Wirex Pay launches its mainnet
Kotapay, a division of First International Bank & Trust Wirex Pay, a decentralized payment network, heralded
(FIBT), was named a 2024 inductee into the RiseUp USA the launch of its mainnet, a blockchain network devised
Academy, a program promoting diversity and innova- to advance its goal of creating a decentralized payment
tion in fintech. RiseUp, hosted at Money20/20 in Las ecosystem. As a zero knowledge chain designed for
Vegas from October 27 to 30, empowers women lead- seamless payments, Wirex Pay pointed out it is sup-
ers with tools, insights and networks to drive change ported by Wirex and industry leaders like Visa. The net-
in the industry. Fitts, a seasoned leader with over two work’s cards are accepted by over 80 million merchants
decades of experience, aims to enhance her leadership at in 200+ countries, bridging traditional and decentralized
Kotapay, where she drives initiatives in faster payments, finance for enhanced user convenience, the company
banking-as-a-service and payroll. added. Following its initial Node Sale, Wirex Pay plans
to launch its WPAY governance token, designed to
Fainders.AI debuts cashierless MicroStore
enable users to participate in future decision-making
Fainders.AI, a Korean retail AI company, launched its and decentralized governance.
new MicroStore, stating it is a compact, cost-effective
cashierless unit designed for small businesses. The RESEARCH
15-square-meter prefabricated store can be installed
within a week, making autonomous retail more acces- SMB lending fraud rises significantly in past year
sible. The first MicroStore was deployed in Fitness 101,
a gym in Seoul, providing members with convenient SMB lending fraud has risen by nearly 14 percent over
access to healthy snacks. the past year, with 80 percent of lenders surveyed
expecting further increases, according to LexisNexis
This solution, which targets small and midsize business- Risk Solutions. Researchers found that most fraud occurs
es, offers competitive pricing compared to other autono- within the first month of a new customer relationship,
mous stores, Fainders stated, adding that the company with digital channels being the primary source. Thus,
is now expanding globally to meet the rising demand for lenders are shifting to tech-driven solutions, such as
affordable retail automation. behavioral biometrics and real-time transaction scor-
ing, to mitigate fraud while balancing customer friction.
Frost & Sullivan recognizes Utimaco LNRS recommends enhancing identity proofing, adopt-

Utimaco, a provider of hardware security modules ing a multi-layered approach, focusing on early-stage
(HSMs), received the 2024 Global Competitive Strategy detection, and sharing intelligence through consortiums
Leadership Award from Frost & Sullivan for its contribu- to effectively combat SMB lending fraud.
tions to the post-quantum cryptography (PQC) industry.
Utimaco is recognized for its expertise in deploying
HSMs and developing PQC-ready solutions, including

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