The Green Sheet Online Edition
March 3, 2025 • 25:03:02
Industry Update
ANNOUNCEMENTS
CSA names BlueStar Distributor of the Year
BlueStar was named Citizen Systems America’s Distributor of the Year for 2024, recognizing its year-over-year sales growth and excellence in distribution. Buddy Sullivan, senior director of sales and marketing at CSA, praised BlueStar’s commitment and collaboration as key to their shared success. Dean Reverman, vice president of marketing for BlueStar, expressed gratitude for the partnership, highlighting their ongoing efforts to meet customer printing needs. BlueStar said it looks forward to expanding opportunities with CSA in POS, labeling, kiosk and mobility solutions.
New podcast offers daily dose of payment notes
Patti Murphy, senior editor at The Green Sheet, launched TodayinPayments, a daily podcast created to deliver fast, focused, actionable insights on the payments industry. A spin-off of the Merchant Sales Podcast, it provides five-day-a-week updates on key trends, innovations and news. Murphy, a longtime payments journalist, credits James Shepherd and his tech team for helping bring the podcast to life. Industry professionals and enthusiasts can subscribe at todayinpayments.com to receive daily updates, staying informed on the latest developments in the ever-evolving payments space.
TSG debuts portal for payments industry insights
TSG (The Strawhecker Group) launched TSG Portal, a centralized platform for payments professionals to access benchmarking data, insights and reporting. Designed for ease of use, it offers customizable dashboards, intuitive navigation and expert support. Available to AIM, GEM, and eReports subscribers, the platform reaches over 1 million industry professionals, enhancing their data-driven decision-making and helping them optimize performance, pricing and growth strategies, the consultancy added. TSG President Mike Strawhecker called it a milestone in delivering best-in-class benchmarking software. In addition, non-subscribers can create an account and explore its features.
RESEARCH
BPC report explores next-gen digital acquiring
BPC released its latest report, Next-Generation Acquiring: A New Reality of the Digital-Ready Future, highlighting key trends reshaping the acquiring industry. With a projected 30 percent increase in merchants accepting electronic payments by 2028, the report emphasizes the shift to acquiring-as-a-service for cost efficiency and compliance. It explores regulatory impacts from DORA and PSD3, rising fraud risks and the growth of cross-border e-commerce. BPC’s Senior Vice President Peter Theunis stresses the need for acquirers to modernize with cloud-native systems to stay competitive in the evolving payments landscape.
FIs playing catch-up following EU's DORA
Clear Junction reported that nearly half of financial institutions were unprepared for the Digital Operational Resilience Act (DORA) when it took effect in January 2025. A poll of 170 industry executives found 86 percent remain non-compliant, with third-party vendor oversight being a major challenge. DORA mandates strict cybersecurity and risk management for financial firms, but many struggle with its complexities, researchers found. Clear Junction’s Teresa Cameron emphasized that compliance strengthens resilience and competitive positioning. Firms must act swiftly, conducting gap analyses and enforcing vendor compliance to mitigate risks and regulatory penalties, Clear Junction noted.
FPC finds digital assets can advance financial inclusion
The U.S. Faster Payments Council released a new report, Digital Assets and Digital Ledger Technology: A Pathway to Financial Inclusiveness, which explores how digital assets and DLT can improve financial access. Developed by the FPC Financial Inclusion and Digital Assets Work Groups, the report examines design, liquidity, cash access, security and interoperability challenges while highlighting solutions for affordable, inclusive financial services. Work Group Chairs Anthony Serio and Bo Berg emphasized the need for collaboration to harness digital assets responsibly. The full report is available in the FPC’s Faster Payments Knowledge Center at fasterpaymentscouncil.org.
HSM market to surpass $5.03 billion by 2032
The hardware security modules (HSM) market, valued at $1.41 billion in 2023, is projected to reach $5.03 billion by 2032, growing at a 15.2 percent CAGR. Growth is driven by rising cybersecurity threats, regulatory compliance and increasing digital transactions. USB-based HSMs dominate, while cloud-based HSMs are the fastest-growing segment, researchers noted, adding that payment processing leads in applications, while IoT security is rapidly expanding. Researchers also found that North America remains the largest market, while Asia-Pacific is experiencing the highest growth; key players include Thales, IBM and AWS, with innovations in quantum security and cloud-based encryption driving further adoption.
Retail, restaurant sales accelerate in February
Fiserv reported that its Small Business Index for February 2025 remained steady at 147, unchanged from January. Pete Dhore, Fiserv’s chief data officer, highlighted growth in restaurants, furniture, auto parts, clothing and healthcare. Small business sales grew 2.1 percent year-over-year, while transactions rose 4 percent. Retail demand stayed strong, with general merchandise (+7.3 percent) and clothing (+3.7 percent) leading growth. Restaurants saw increased foot traffic but lower spending per transaction while North Dakota, Georgia and South Carolina posted the highest annual sales growth. The Index tracks real transaction data from 2 million U.S. small businesses.
PARTNERSHIPS
BlueStar, iONLINE team up on IoT solutions
BlueStar Inc., a distributor of digital identification, mobility and security technology, partnered with iONLINE Connected Networks to expand its IoT connectivity offerings. Through this agreement, BlueStar’s partners can access iONLINE’s enterprise-grade connectivity platform, spanning 220 countries and 700+ network carriers. This enables secure, scalable IoT deployments across industries, the partners noted. BlueStar’s Jim Hilton emphasized the need for robust connectivity solutions, while iONLINE’s CEO, David Farquharson, highlighted the partnership’s role in simplifying global IoT connectivity, making device deployment easier for businesses worldwide.
Genesys, MagTek strengthen payment security
MagTek and Genesys Technologies launched CryptoTap Plus with AES-256 encryption, the highest level of commercial encryption, enhancing security in self-service payment solutions, MagTek stated. The upgrade integrates MagTek's Reader Management System to remotely update DynaProx secure card readers, ensuring seamless encrypted transactions via Magensa Cloud Services, the partners noted, adding that DynaProx supports contactless EMV payments, NFC wallets and barcode scanning. The transition from TDEA to AES-256 is automated through RMS to strengthen security while maintaining fast transactions.
Identifee now a Nacha Preferred Partner
Identifee was named a Nacha Preferred Partner for ACH Experience, recognizing its role in enhancing ACH compliance and usability. Identifee's AI-powered Identifee Digital Assistant integrates Nacha’s Operating Rules and Guidelines, providing instant answers to compliance questions for smoother ACH payment operations, Nacha stated. Identifee CEO Vram Ismailyan emphasized the company's mission to empower financial institutions with AI-driven solutions. Nacha President Jane Larimer praised the partnership for improving ACH Network quality. Identifee said it will continue modernizing how financial institutions engage with Nacha’s rules and guidelines through secure AI.
PXP, Snowflake to disrupt merchant analytics
Global payment platform PXP integrated with Snowflake’s AI Data Cloud to enhance data analysis and decision-making for merchants. This collaboration enables PXP to provide a next-generation data engine that aggregates and visualizes transactional data in real time, PXP stated, adding that by leveraging Snowflake’s advanced architecture, merchants gain sharper insights and improved operational efficiency. The integration supports PXP’s new Unity platform, unifying commerce worldwide, the partners noted, stating that both companies plan to expand their fintech reach and introduce additional tools throughout the year to enhance user experience and data-driven innovation.
Splitit, Highnote innovate installment payments
Highnote, a specialist in modern card issuance, partnered with Splitit to bring its white-label installment payment solution to digital wallets at checkout. Highnote said its tokenized virtual cards enable Splitit to offer real-time, card-linked installment payments without credit checks, using consumers’ existing available credit. This collaboration is designed to enhance payment flexibility and streamline the shopper experience. Splitit CEO Nandan Sheth praised Highnote’s scalability and security, while Highnote CEO John MacIlwaine highlighted their shared mission to advance modern payment solutions and drive innovation in consumer financing.
ACQUISITIONS
Alkami to acquire MANTL
Alkami Technology signed a $400 million agreement to acquire MANTL, an account opening platform for financial institutions. MANTL’s automation is designed to streamline deposit account openings and reduce median retail onboarding time to under five minutes. With 112 financial institution clients, MANTL has reportedly helped raise $31 billion in deposits since 2016. Alkami’s digital banking, data and marketing solutions will integrate MANTL’s capabilities to enhance customer engagement and acquisition. The deal is expected to close by March 31, 2025.
AmEx to acquire software company Center
American Express agreed to acquire Center, a software company specializing in modernizing expense management. By integrating Center’s technology and team, Amex aims to streamline expense tracking, automate accounting and enhance decision-making for businesses. AmEx believes the acquisition will create a seamless platform combining its commercial cards with Center’s software, offering mobile-friendly expense management, automated workflows and compliance tools. The deal is expected to close in the second quarter of 2025, pending customary conditions.
Flywire acquires Sertifi
Flywire acquired Sertifi, a hospitality-focused payments platform, for $330 million in cash and debt. The acquisition expands Flywire’s travel payments business, integrating Sertifi’s software, which streamlines hotel workflows, event bookings and secure payments. Sertifi serves major hotel brands like Marriott and Hilton, with deep integrations into key property management systems, Flywire stated, adding that it expects Sertifi to generate $35 million to $40 million in revenue in fiscal year 2025, with strong growth potential. The deal also enhances Flywire’s global reach, positioning it for further innovation in hospitality payments, the company added.
Nayax acquires UPPay
Nayax Ltd. acquired UPPay, a digital payment and telemetry provider for self-service coffee machines in Brazil, for R$32.75 million BRL ($5.3 million USD). The acquisition expands Nayax’s footprint in Latin America, adding 25,000 new unattended points of sale and enhancing its market position, Nayax stated. UPPay will integrate with VMtecnologia, Nayax’s previous Brazilian acquisition, to broaden payment and telemetry solutions. Nayax added that it aims to accelerate innovation and growth in emerging markets, strengthening its role as a global leader in automated self-service retail.
APPOINTMENTS
Jon Burrell joins Weavr
Weavr appointed Jon Burrell as its new deputy CEO to drive its growth in 2025 and beyond. With extensive experience in banking and fintech, Burrell previously scaled CurrencyCloud from a startup to a global company and led product and engineering at Codat, Weavr stated. He specializes in compliance and operations, making him well-suited for Weavr’s next phase, the company added. Burrell said he aims to integrate financial services into B2B SaaS workflows and looks forward to helping Weavr simplify and secure embedded finance solutions for businesses.
SRM hires Pete Duffy
SRM selected Pete Duffy for the position of managing D=director of its merger advisory services to lead financial institution merger engagements. Duffy brings over 30 years of expertise in M&A strategy, having spent 20 years at Piper Sandler advising financial institutions and previously working at First Empire Securities and Procter & Gamble. A recognized industry expert, he has also authored numerous articles and is a sought-after speaker at financial conferences, SRM noted. Duffy mentioned he looks forward to leveraging SRM’s strong advisory platform to help clients navigate financial industry consolidations and growth opportunities.
Green Dot changes leadership team
Green Dot appointed William I. Jacobs as interim CEO and Chris Ruppel as interim president, following the March 7, 2025, when George Gresham ceased serving as CEO and president of Green Dot and Green Dot Bank and as a member of Green Dot’s Board of Directors. Jacobs, chairperson of Green Dot’s Board since 2016, previously served as interim CEO in 2020 and will retain his board role. Ruppel, Green Dot’s chief revenue officer since 2022, will also serve as interim CEO and president of Green Dot Bank while continuing his CRO duties. Both executives bring extensive financial and operational experience, with Jacobs having held leadership roles at Global Payments and Repay Holdings.
CheckAlt promotes J. Patrick Law
J. Patrick Law was promoted to president of CheckAlt while continuing as chief operating officer, a role he has held since June 2023. With over 25 years of experience in banking and payments, Law has led platform consolidation, optimized operations and enhanced client experiences, CheckAlt noted. Previously, he was operations chief at Fiserv, overseeing 2,000 employees; he also held leadership roles at US Bank/Elan and Affiliated Computer Services. Law said he is committed to driving innovation, expanding CheckAlt’s reach, and strengthening risk and compliance while delivering secure, high-quality payment solutions. 
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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