ANNOUNCEMENTSCiti Treasury and Trade Solutions invested in fintech provider Icon Solutions to enhance its payments technology, streamline payment processing and delivery innovation to clients. Citi said it plans to expand its use of the Icon Payments Framework to improve its microservices orchestration architecture. This investment aligns with Citi's strategy to strengthen its technology and payments capabilities through partnerships with fintech firms. As part of a multiyear modernization effort for its payments platforms, Citi aims to prioritize flexibility and responsiveness to industry changes, regulatory requirements, and evolving client demands in a digital-first environment.
Juniper Research awarded LexisNexis Risk Solutions the Platinum Award for Fraud & Security Innovation of the Year in the 2023 Future Digital Awards for Fintech and Payments. The award recognizes LexisNexis Risk Solutions' contribution to fintech innovation. Its BehavioSec technology impressed judges with its fraud prevention capabilities and real-time authentication scoring, ensuring a smoother customer experience, Juniper stated, adding that the behavioral intelligence tool integrates seamlessly with LexisNexis ThreatMetrix to enhance trusted transactions and reduce false positives.
ONEKEY, a specialist in cybersecurity, emphasized the importance of the Software Bill of Materials (SBOM) in the context of upcoming IT security laws like the EU Cyber Resilience Act. SBOMs are crucial for transparent software supply chains and accountability in software production and distribution, ONEKEY stated. The company operates a security platform that offers software-as-a-service, conducting automated reviews, risk assessments of device software, and SBOM creation. Additionally, the company released a white paper providing guidance on SBOMs at onekey.com/whitepaper-sbom-management. The German Federal Office for Information Security also highlighted SBOMs' significance in its technical guideline TR-03183.
PayTabs Group launched PayTabs Issuance, a prepaid card issuing solution aimed at simplifying and scaling business operations in the Middle East and Africa. This move is part of PayTabs' strategy to enter the global card market, which is expected to reach $1.2 trillion by 2032. PayTabs Issuance offers businesses a seamless solution for acquiring, issuing, managing and controlling payments, enabling them to issue co-branded Visa, Mastercard, and debit cards, PayTabs stated. The orchestration platform added that it aims to empower any company, regardless of its market, to become self-reliant in payment processing technology, creating new revenue streams.
PXP Financial was recognized as one of the year's top fintech trailblazers by the Fintech Power 50. This annual guide highlights the most influential companies and personalities in the industry, with PXP Financial making the list due to its expertise in shaping innovations in payments and its commitment to company culture and values, PXP noted. PXP Financial reported that it offers a comprehensive payment platform, processing over €22.7 billion annually. The Fintech Power 50 is a network of fintech companies and influencers known for transforming financial services.
Worldline, a global payments provider, launched the Worldline Metaverse Shopping Hub in Spatial, stating it is a major upgrade for merchants entering the Metaverse, offering enhanced graphics and accessibility across devices. The Metaverse ecommerce market is projected to reach $2.6 trillion by 2030, making this platform valuable for merchants without Metaverse presence, Worldline noted, adding that it launched the Metaverse Shopping Mall in Decentraland and expanded it to Spatial. The company is also collaborating with PAYONE to bring its Metaverse solution to Germany and Austria in 2024.
RESEARCHThe merchant services market is projected to reach $3.2 billion by 2030, with a 5.4 percent CAGR from 2021 to 2030, according to Adroit Market Research. Merchant services encompass various financial products and services that enable businesses to accept payments, including credit cards, debit cards and electronic payments. These services are crucial for businesses operating online or in physical stores, as they facilitate secure payment processing, including multiple methods like credit cards, mobile wallets and electronic transfers. Payment processors handle the technical aspects, ensuring safe money transfer, while merchant service providers offer POS systems for physical locations and ecommerce solutions for online businesses.
Recent Paysafe research shows that after a challenging 2023, 49 percent of global consumers are confident their financial situation will improve in the next year. Millennials and Gen Z are particularly optimistic (57 percent). Many intend to adjust spending habits due to high living costs, with 50 percent of respondents planning changes. Consumers are prioritizing in-home entertainment (23 percent) over clothing (32 percent). While some are saving less (37 percent) due to rising costs, 47 percent believe they can save more. More people are turning to budgeting apps (55 percent), with 38 percent planning to use them more in 2024. Consumers are shifting toward experiences (42 percent) over physical goods. Security remains a concern for online shoppers, researchers noted.
The Branches to Bots – How Startups Reimagine FinTech report, published by ResearchandMarkets, discusses the evolution of fintech from its foundational era to the present day. It highlights the role of startups in driving innovation across 15 banking and payments trends, including decentralized finance, super apps and hyper automation. The report provides insights into emerging fintech trends, startup profiles, and their disruptive potential. It serves as a valuable resource for industry stakeholders to stay updated on innovative startups, identify trends, and assess investment potential in the fintech sector.
FYST, an ecommerce payments consultancy, released its Acquiring Matters report, highlighting key trends in the acquiring sector. The report covers how AI is boosting fraud detection and payment authorization, the impact of COVID-19, and the transformation of merchant acquirer businesses through technology-driven innovations. It emphasizes the importance of merchant acquirers in the payment ecosystem and predicts continued growth, with global merchant acquiring volume expected to reach $41 trillion by 2026. FYST aims to help merchants navigate economic challenges and differentiate their offerings by leveraging technology and collaborating across the payment ecosystem.
BioCatch released its 2023 Digital Banking Fraud Trends in North America report, highlighting the surge in fraud executed from mobile devices. With mobile banking rates increasing to 73 percent in 2023, mobile fraud attacks have risen from 47 percent in 2022 to 61 percent in 2023. The report also noted a re-emergence of check fraud as the number one fraud type among fraudsters across North America, alongside rising Zelle fraud and a shift from bots to mobile emulators. Researchers suggested use of behavioral biometric intelligence to effectively combat these evolving fraud trends.
PARTNERSHIPSCar IQ Inc. and Fluid Truck are collaborating to simplify payment solutions for fleet drivers. Car IQ's real-time vehicle data enables drivers to pay for services like fuel, parking and tolls seamlessly, the partners stated, adding that this integration into Fluid Truck's app reduces operational costs, streamlines payment processes and enhances driver flexibility. The partnership marks Car IQ's entry into the on-demand rental business, aligning with the partners' shared mission to simplify payment management and enhance the user experience for Fluid Truck customers while eliminating fleet card complexities.
FreedomPay, a Next Level Commerce tech enterprise, partnered with Citi Retail Services, a North American retail payments provider to improve the overall shopping experience by providing personalized financing options. This collaboration enables merchants to offer Citi Pay products at the point of purchase, giving consumers flexibility in choosing lending solutions during shopping, the partners stated, adding that this innovation leverages FreedomPay's technology and Citi's payments expertise, offering a seamless experience. It introduces choice and flexibility in POS lending, empowering consumers and expanding Citi Pay's reach to a wider range of merchants, they noted.
Magnati, a payments solutions provider in the Middle East, is partnering with Fils, an environmental, social and governance (ESG) criteria-focused fintech platform, to enhance its sustainability efforts. Through this collaboration, Magnati aims to offer actionable environmental insights and promote green payments to its merchants. Merchants will have access to emissions calculators and offset mechanisms provided by Fils. The initiative aligns with the United Nations' Net Zero by 2050 strategy and reflects Magnati and Fils' shared commitment to sustainability, integrating environmental considerations with digital finance.
Nuvei and Microsoft are partnering to provide payment solutions in the Middle East and Africa regions. Microsoft will use Nuvei's customizable payment technology to optimize payments for its Office and Xbox product ranges, benefiting from Nuvei's local market expertise. The partnership aims to improve authorization rates, reduce false declines, and offer relevant local alternative payment methods through a single integration. The two companies plan to expand the partnership into additional markets and explore new use cases, potentially extending the collaboration to Microsoft Dynamics 365 and other areas.
Treasury Prime partnered with Effectiv, a fraud and risk management platform, to offer Effectiv's Transaction Monitoring solution to companies and financial institutions within Treasury Prime's multi-bank network. Effectiv's solution leverages AI to analyze transaction patterns and detect anomalous behavior, reducing the risk of fraudulent transactions and reputational damage, the partners stated. The partnership aims to provide tools to combat fraud and improve security in an increasingly complex financial ecosystem, especially as the adoption of real-time payments and AI-driven fraud become more prevalent.
ACQUISITIONSoundHound AI Inc. agreed to acquire SYNQ3 Restaurant Solutions, a provider of voice AI and tech solutions for the restaurant industry. The merger is expected to leverage SoundHound's AI expertise with SYNQ3's industry knowledge and establish SoundHound as the primary provider of voice AI for U.S. restaurants. It will, SoundHound noted, expand the company's reach to over 10,000 existing locations, including more than 25 national and multinational chains. The deal includes over 100,000 restaurant locations in the pipeline and accelerates SoundHound's monetization strategy via voice-enabled ordering in various devices, SoundHound added.
APPOINTMENTSJonathan Goldin joined Fortis as the chief people officer, bringing over 25 years of experience in human resources, mergers and acquisitions, and business transformation to the company. In this new role, Goldin will focus on human capital strategies, talent development, and "people-first" programs. Previously, he served as chief people officer at PrimePay and chief HR officer at Net at Work Inc., where he enhanced talent programs and the employee experience. His extensive experience positions him to help Fortis achieve its growth objectives amid its significant team expansion, the company said.
Accelerated Payments appointed Michael Harrison as sales director for the UK. With a 20-year banking career at major institutions like HSBC and Bank of Ireland, and leadership roles at a technology enterprise SureCloud, Harrison brings valuable experience to his new role, Accelerated Payments stated. He will focus on business growth in London and the South East as the company offers innovative invoice financing solutions, strengthens partnerships and expands globally. CEO Ian Duffy added that Harrison's expertise aligns with the company's mission to provide comprehensive financial solutions.
Jeff Parker was appointed as the new CEO of Paymentology, succeeding interim co-CEOs Abe Smith and Angy Watson. With over 20 years of experience in global fintech and financial services, including roles at Marqeta and World First, Parker stated he is enthusiastic about contributing to Paymentology's success in providing next-generation payment solutions, and he aims to strengthen the company's position as a global neo-processor for fintechs, telcos, corporates and challenger banks. Paymentology Chairman Rowan Brewer expressed confidence in Parker's ability to uphold the company's values and global mission.
Robert Tart was promoted to chief technology officer at Journey, a company specializing in improving customer experience, security and efficiency in contact centers. With over 30 years of experience in the contact center industry, Tart's expertise positions him to lead technological advancements at Journey, the company stated. He will be responsible for driving the product roadmap, integration strategies, and advancing the company's technological initiatives. This promotion, Journey stated, reflects the company's commitment to pushing the boundaries of technological innovation in the contact center space.
Tom Thimot is the new chief executive officer of Supply Wisdom, a real-time risk intelligence SaaS platform. The company also made two promotions to its executive team: Jenna Wells has been promoted to Chief Customer & Product Officer, and Sowmya Krishnaswamy has been promoted to Chief Technology Officer. Supply Wisdom's platform covers all major risk domains in real-time, including financial, cyber, operational, ESG, compliance, and more. Tom Thimot brings over 30 years of experience in scaling SaaS-based tech companies and data analytics technologies to his role as CEO. 
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