ANNOUNCEMENTSCentury Business Solutions was named Best Payment Service Provider (PSP) in the 2019 Card Not Present (CNP) Awards. Century was recognized for the second consecutive year for its ability to support virtually any CNP merchant with extensive offerings of payment currencies and types, platform certifications and proprietary gateway options.
FinTech Consortium launched Silicon FinTech Bay, a fintech corporate acceleration and startup incubation hub located in Redwood City, Calif. This marks the first opening of a North American location for the global FinTech brand. DBM Cloud Systems, Flagstar Bank, Franklin Templeton, Fujitsu Laboratories of America and Principal Financial Group signed on as founding corporate partners.
Michael Mendlowitz, CEO and part owner of payment processor Commerce Payment Systems, was convicted in Manhattan federal court of defrauding its merchant customers. A jury found him guilty wire fraud and conspiracy to commit wire fraud. Richard Hart, a CPS sales manager, previously pled guilty to one count of conspiracy to commit an offense against the United States.
Led by payments veteran Suresh Vaghijiani, a team of industry experts dedicated to delivering the future of payments launched Tribe Payments, which shortly became one of the first processors in Europe certified to allow banks to issue UnionPay cards. The startup provides payment technology to banks, fintechs, issuers, acquirers and other businesses providing payment services to merchants and consumers.
RESEARCHMore than half of consumers in the United States (52 percent) and Canada (53 percent) are worried the shift to biometrics to authenticate online payments will increase identity fraud, according to Lost in Transaction: The end of risk?, a new report from Paysafe. Researchers found that four fifths of consumers in the United States (81 percent) and Canada (83 percent) favor passwords for online payments due to concerns about the security of biometric options.
Common Cents, a financial research lab, published its 2018 annual report. The document details the impact of behavioral interventions designed to increase short- and long-term savings, improve cash flow management, and decrease bad debt. Since 2016, Common Cents has conducted more than 83 unique projects and experiments with 62 organizations, reaching more than 2 million low- and moderate-income people.
PARTNERSHIPSAdvanced Mobile Payment partnered with vPromos to provide merchants with card-linked rewards offerings that are integrated with the payments flow on AMP terminals. vPromos is using AMP smart terminals as its leading Android solution, leveraging this platform to help merchants drive repeat visits and sales without increasing friction or overhead.
Ecomdash integrated with Deliverr to offer an affordable multichannel fulfillment option for online retailers. Deliverr said it offers ecommerce businesses a cost-effective solution for meeting consumers’ seemingly impossible shipping expectations. Deliverr’s stated mission is to help retailers of all sizes quickly ship products to their customers without breaking the bank.
Salucro integrated with GoRev to allow GoRev users to leverage Salucro’s fully integrated payment application directly within the GoRev workflow. This is expected to make the collection process easier and more efficient. GoRev customers can now collect patient payments via a single sign-on launch, set up recurring payment plans, and access administrative payment management capabilities from directly within the GoRev platform, Salucro stated.
ACQUISITIONSi3 Verticals completed the acquisition of Pace Payment Systems for approximately $52.7 million, of which $52.5 million was cash consideration at closing. In addition, the seller may earn up to an additional $20 million based upon the achievement of certain growth metrics related to the financial performance of Pace from Jan. 1, 2020 through Dec. 31, 2021.
Nuvei made an all-cash offer to acquire the entire issued and to-be-issued ordinary share capital of SafeCharge International Group Ltd. for $5.55 per ordinary share, valuing SafeCharge’s fully diluted share capital at approximately $889 million. SafeCharge, which is registered in Guernsey and has offices in the U.K., Europe, Mexico, Israel and Asia, provides global omnichannel payments services, from card acquiring and issuing to payment processing and checkout.
APPOINTMENTSJay Haverty is the new president and CEO at TimePayment. Haverty joined the firm in March 2018 as Chief Operating Officer and has led numerous operating initiatives, including a comprehensive set of technology and service enhancements. He will now assume general management responsibility for all aspects of the company’s growth plan, which is focused on expanding its leadership position across multiple specialty vendor financing markets.
Paysafe Group selected Philip McHugh as its CEO, replacing Joel Leonoff, who is taking up a new position as vice chairman of the company’s board of directors. McHugh brings extensive experience in the global banking and payments industries to the role. With executive leadership experience spanning more than 20 years, he joins Paysafe from TSYS, where he was responsible for heading up the company’s merchant solutions division. 
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