ANNOUNCEMENTSBlueStar was granted Citizen Systems’ 2022 Distributor of the Year Award, which is typically granted to those who demonstrate year-over-year sales growth and exceed performance goals within reseller business development. “BlueStar has proven time and time again to be a great partner to Citizen Systems America and our own value-added partner community," said Glenn Williams, vice president of sales, marketing for Citizen Systems. "Whether it be delivering on-hand stock of key SKUs or exceptional customer service, they provide exactly what Citizen and our partners need, when we need it. The entire BlueStar team is setting the standard in positive channel dynamics and continues to perform at a high-level."
KnowBe4, the provider of a security awareness training and simulated phishing platform, stated that CRN, a brand of The Channel Company, named KnowBe4 to its annual Security 100 list. Recognizing leading IT channel security leaders, the list honorees bring a combination of channel focus and trailblazing, innovative technology to solution providers, CRN stated. This year's recipients were selected by CRN editors for outstanding channel-focused security offerings across five categories: identity management and data protection; endpoint and managed security; network security; web, email and application security; and security operations, risk and threat intelligence.
PayJunction, a developer of payment processing technology, enhanced its developer toolset to allow software companies to integrate advanced account-to-account bank transfer connectivity within their platforms. Transactions are routed via the PayJunction gateway using low-cost ACH processing rails, which results in significant savings for businesses, PayJunction stated, adding that payments, whether in-person, online or via invoice, are initiated in the same software businesses use to run their operations, and all transaction information flows seamlessly into client records. Bank account or credit card details can be securely associated with client records for future payments, further streamlining processes.
Socure, a provider of digital identity verification and fraud solutions, said it is committed to rooting out 100,000 synthetic identities from the U.S. financial system in 2023. “Synthetic fraud behaviors have changed drastically following the pandemic, and are now attacking deposit accounts at higher rates than any other time in history, where they are being used as money mules to fuel fraudulent money movement," said Mike Cook, vice president of fraud solutions at Socure. "Bad actors have been given free rein for too long, and it is high time to eliminate these mules. Our goal is to completely eliminate synthetic identities from the U.S. financial system by 2026. This is an eminently achievable goal by partnering with the industry and government agencies. Today’s target of 100,000 synthetic identity takedowns is just the beginning.”
RESEARCHA new study from Juniper Research found the number of digital identity apps in use will exceed 4.1 billion globally by 2027, rising from 2.3 billion in 2023. This represents a growth of 82 percent over the next four years. This increase will be driven by the use of government-backed digital identities to replace physical identity documents as a source of verification for third-party apps, such as banking and financial services, researchers stated, adding that this will be critical as businesses aim to reduce identity theft and meet increasingly stringent Know Your Customer regulations. The research also identified a move away from passwords for identity verification, with these being replaced by biometric verification and multifactor authentication under a zero-trust model, where identities are authenticated continuously.
The Electronic Transactions Association released its annual white paper outlining a variety of financial technology products and services that have broadened access to the payments and financial services ecosystems. The report, Advancing Economic Inclusion—Empowering Underserved Communities with Fintech, highlights the innovative products and services revolutionizing the way commerce is conducted through safe, secure, convenient and rewarding solutions. Jodie Kelley, CEO of ETA, said, "ETA members drive the effort of broadening access to both underserved consumers and small businesses by developing and deploying technology to create secure, convenient, and inclusive products and services."
LexisNexis Risk Solutions unveiled the findings of its Alternative Credit Data Impact Report, a nationwide survey assessing the adoption, utilization and impact of alternative credit data for credit portfolio growth and management in consumer and small/midsize business lending. The report surveyed senior decision makers for marketing, lending and credit risk in U.S. financial institutions. Alternative credit data insights—such as professional licenses, asset ownership, and modern credit-seeking behaviors—are typically not included in traditional credit reports and scores. Researchers found that least two-thirds of financial institutions surveyed use alternative data in their credit risk assessments for underwriting and portfolio management. Eighty-four percent use alternative credit data in prescreening and credit risk across the customer lifecycle, with credit unions taking the lead in using alternative credit data.
PARTNERSHIPSFinnish ecommerce aggregator startup Starcart selected Enfuce, a European card-issuing and processing enterprise, to offer retailers and shoppers the speed, security and convenience of embedded virtual card payments. The partnership is set to transform the way in which consumers shop online by combining Enfuce’s stand-out embedded payments strengths with Starcart’s unique business model that sets it apart from marketplaces and other ecommerce platforms, the partners stated. Focused on making online shopping hassle-free, Starcart uses automated search and bots to gather more than 12 million items into a catalog that customers can easily use to buy what they want in one place, they added.
Biometrics company Fingerprint Cards and Flywallet, a biometric wearables technology startup, are collaborating to develop and launch biometric wearable products for the European market. Flywallet has built a range of consumer products that support payments, mobility, access and health use cases in a single ecosystem. Flywallet stated its products enable secure payments, ticketing and loyalty services; password-free login to online services; and building and car access control. Wearable products from Flywallet will now feature Fingerprints’ biometric sensors, software and algorithm benefitting from ultra-low-power consumption, leading performance, and the company’s years of experience in secure biometrics innovation, Flywallet said.
Wink partnered with Brainvire to leverage Brainvire’s digital transformation agency model to deploy Wink’s biometric authentication, payment and checkout solutions with leading ecommerce platforms and merchants. Brainvire and Wink said they will collaborate to offer Wink biometric checkout plug-ins for all major ecommerce platforms for quick deployment by merchants looking to adopt a passwordless approach to a modern handsfree and fraud-free checkout experience for their consumers. Wink’s advanced biometric technology platform utilizes advanced facial and voice recognition, generative AI, machine learning and advanced payments orchestration to facilitate a truly low-code mechanism for merchants to deploy fraud-free frictionless checkout that is completely passwordless and device agnostic, they added.
ACQUISITIONSEvertec acquired 100 percent of Paysmart Pagamentos Eletronicos Ltda (paySmart). Headquartered in Porto Alegre, Brazil, paySmart provides issuer processing services and BIN sponsorship services for prepaid programs under domestic and international schemes in Brazil. The aggregate purchase price is approximately USD$25 million at current exchange rates. Mac Schuessler, Evertec's president and CEO stated the acquisition helps Evertec accelerate its expansion in Brazil and complements the company's current product offering.
Nexi and Banco de Sabadell established a long-term partnership in the Spanish market through which Nexi will acquire 80 percent of Sabadell’s merchant acquiring business, after its carve-out into PayComet, a fully owned Sabadell company and a licensed payment institution. They also formed a long-term exclusive distribution partnership with an initial term of 10 years and two potential renewals of five years each. Following completion of the transaction, Nexi will acquire over 380,000 merchants and approximately 48 billion euro of transaction volumes as of December 2022. Nexi will finance the transaction through available cash resources.
Canadian fintech Nuvei Corp. completed its acquisition of Paya Holdings Inc., stating that Paya amplifies Nuvei’s existing growth strategy and expands its reach into new under-penetrated and non-cyclical verticals where Nuvei’s proprietary technology is well positioned to accelerate customer growth.
Paya, a U.S. provider of integrated payment and frictionless commerce solutions, processed $50 billion in annual payment volume last year, mainly in high growth verticals such as healthcare, nonprofit, government, utilities, and other business-to-business end markets, Nuvei stated. Nuvei and Paya are highly complementary with respect to geographies, capabilities for customers and partners, and the end-markets and verticals that each currently serves, Nuvei added.
APPOINTMENTSBen Gray joined the growing Mercantile Processing Inc. team and will be serving as the chief operating officer. Gray comes to MPI with extensive leadership and business operations skills, having served 12 years in the hospitality sector, where he directly impacted the fiscal and people management of over 200 employees and $100 million in assets, MPI stated. At MPI, he will be responsible for scaling the company’s rapid growth by increasing operational efficiencies and enhancing the company culture.
Member Access Processing, a provider of Visa DPS debit, credit, ATM, prepaid, and mobile processing to credit unions, welcomed Dan Ruppe as senior vice president of product services. Ruppe will lead MAP’s growing suite of payment services, including the management of third-party solutions from the nation’s leading providers. An experienced product strategist and leader at such companies as PaySys International, Hogan Systems, PSCU and First Data Corp., Ruppe brings over three decades of experience in the card payments industry to MAP.
Marqet Marqeta, a modern card issuing platform, selected Crystal Sumner as its chief legal officer. As a key member of Marqeta's executive team, Sumner will be responsible for overseeing Marqeta’s global legal and regulatory affairs. Sumner comes to Marqeta from cloud-based banking platform Blend, where she was responsible for building and scaling all aspects of the legal, compliance and risk functions.
Most recently, she held Marqeta's head of legal, compliance and risk role, leading Blend through its IPO in 2021. Prior to Blend, Sumner was an enforcement attorney at the Consumer Financial Protection Bureau. a, a modern card issuing platform, selected Crystal Sumner as its chief legal officer. As a key member of Marqeta's executive team, Sumner will be responsible for overseeing Marqeta’s global legal and regulatory affairs.
Sumner comes to Marqeta from cloud-based banking platform Blend, where she was responsible for building and scaling all aspects of the legal, compliance and risk functions. Most recently, she held Marqeta's head of legal, compliance and risk role, leading Blend through its IPO in 2021. Prior to Blend, Sumner was an enforcement attorney at the Consumer Financial Protection Bureau. 
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