ANNOUNCEMENTSLexisNexis Risk Solutions achieved Luminary status in Celent's Financial Crime Compliance Technology: Watchlist Screening Edition report, which recognizes top-tier leadership in risk management and data analytics. Celent emphasized the capabilities of LexisNexis Firco Continuity, highlighting its real-time transaction filtering, cloud deployment options and seamless integration with SWIFT for international wire transfers. Celent also praised Firco Continuity's innovations, scalability and recent upgrades supporting Kubernetes-enabled cloud deployment, enabling processing of over 40 million transactions per day. Trusted by eight of the world's top 10 banks, Celent noted, Firco Continuity ensures compliance with sanctions regulations while adapting to evolving financial landscapes.
Mercari, an online marketplace that connects people across the United States to buy and sell used items, eliminated selling fees as part of a new business model. "At a time when other marketplaces are raising fees for sellers, Mercari is doing just the opposite by becoming the first and only major U.S. resale marketplace to offer zero selling fees," Mercari stated. The company also instituted a new returns policy through which buyers will be charged a service fee to allow for "hassle-free" returns. "Mercari shoppers can now initiate a return within three days for any reason with the assurance of a refund, less applicable fees," Mercari said.
Nuvei Corp. is set to go private in an all-cash deal led by Advent International, valuing the company at approximately $6.3 billion. Nuvei, a global payments technology provider, boasts over $200 billion in processed volume and $1.2 billion in revenue. CEO Philip Fayer will continue leading Nuvei, backed by Advent's expertise in the payments sector. The transaction, supported by major shareholders including Novacap and CDPQ, offers shareholders a premium price of $34 per share. Nuvei's board unanimously recommended the deal, pending shareholder approval
TomorrowZone reported that it was honored as one of Monitor's Best Companies for its innovative approach to digital transformation, which emphasizes the human element. TomorrowZone CEO Deborah Reuben stated that while technology is integral to innovation, human experience is paramount. "Digital transformation is never only about technology," she said. "It's about transforming human experience. It’s about how your people are interacting with and leveraging technology." TomorrowZone guides clients toward strategic objectives, prioritizing real business needs over new technologies, Monitor noted, adding that through actionable roadmaps and measurable goals, the company ensures successful digital transformation.
Cross-border payment hub Tranglo stated it expanded its cross-border payment network to over 30 e-wallets, offering instant and direct transfers. By bypassing intermediaries, Tranglo noted, it ensures immediate accessibility to funds, which is crucial for millions of people in rural areas lacking traditional banking access. Tranglo added that its Tranglo Connect service facilitates seamless payments to over 80 countries, supporting businesses globally. Tranglo CEO Jacky Lee noted a doubling in cross-border e-wallet transactions since 2021, with some corridors experiencing up to a 400 percent surge.
RESEARCHA survey of buy now, pay later (BNPL) users by Achieve Center for Consumer Insights revealed that while consumers who participated in the survey find BNPL convenient, 78 percent said it can lead to financial over-extension, with 56 percent finding it hard to track multiple transactions. Despite this, 85 percent of respondents believe BNPL aids in financial stability and 76 percent believe it improves their financial situation. Researchers also found that 78 percent of respondents used BNPL more than once in 2023. While 80 percent said BNPL disclosures are adequate, 16 percent encountered late fees, and 20 percent incurred interest charges. Achieve stressed the need for responsible BNPL use to avoid financial harm.
ClearSale, a global risk technology provider, released Ecommerce False Declines & Consumer Behavior. The comprehensive report explores the impact of false positives, or false declines, on customer satisfaction and retailer profits. The nearly 5 million fraud reports to the FTC in 2020 and 2021 indicate fraudsters are becoming more sophisticated, while consumers are increasingly embracing online shopping, researchers stated. They also noted that 25 percent of respondents had experienced false declines in 2022 and 83 percent would not return to a retailer that failed to protect them from fraud. The report emphasized the significant revenue loss associated with false declines and offered actionable strategies for fraud prevention and improving the ecommerce customer experience.
E-invoicing solutions provider Basware reported that 70 percent of the financial institutions (FIs) it recently surveyed utilize artificial intelligence (AI) and machine learning (ML) to combat financial fraud. Researchers noted that 40 percent of respondents acknowledged an increase in fraud incidents, and many FIs are integrating AI and ML into their fraud prevention tools through in-house platforms, third-party resources and new technologies. Ninety percent of respondents utilize fraud prevention APIs; 80 percent employ adaptive and web-based multifactor authentication. Researchers urged CFOs to implement AI and ML solutions, potentially through trusted partners, to alleviate compliance burdens amid rising fraud threats.
The FS-ISAC unveiled its annual report, Navigating Cyber 2024, highlighting escalating cyber threats and emerging fraud tactics. The report underscored the importance of advancing mitigation strategies to match evolving threats. Key findings include increased use of adversarial tactics like social engineering and emerging threats such as geopolitical hacktivism and exploitation of supply chain vulnerabilities. FS-ISAC CEO Steven Silberstein stressed the necessity of global information sharing for sector integrity. The report, FS-ISAC stated, drew from its vast member network and analysis by the Global Intelligence Office.
The NFC Forum's bi-annual NFC Usage and Adoption Study, conducted by ABI Research, revealed a shift toward digital wallets, with over 80 percent of respondents using smartphones or smartwatches for contactless payments. Mobile devices are now preferred over cards, rated by participants in the study as more secure, convenient and reliable. In addition, 55 percent of respondents globally indicated they prefer mobile payments, with 95 percent occasionally leaving physical wallets at home for mobile payments, and 53 percent doing so weekly. Andrew Zignani of ABI Research noted growing daily use and highlighted NFC's expanding role beyond payments.
PARTNERSHIPSBloxcross and GoDirectPay teamed up to launch a mobile app that they believe revolutionizes global payments by democratizing financial services, bridging digital and physical realms. The app, available at directpay.blox.global/register, streamlines financial transactions, empowering users to send rapid global payments with ease, the partners stated. Tailored for businesses and individuals, they added, the app facilitates transactions in any currency, with a generous daily limit of $5 billion per user. Users benefit from instant, secure transactions, regardless of borders or currencies, marking a significant leap forward in modern finance, the partners stated.
North American Bancard partnered with Visa, integrating its merchant services with Visa Acceptance Platform via Visa Platform Connect. This collaboration enhances NAB's payment solutions with API-driven services and strengthens merchant offerings, NAB stated, adding that the integration provides NAB's business customers access to Visa's suite of features, aligning with the company's goal of providing extensive tools for success. Preet Patel, NAB's senior vice president of product management, highlighted the benefits for partners and merchants in accessing innovative payment solutions. Sharon Haines, a senior vice president and head of acceptance solutions sales North America at Visa, emphasized the alignment of the partnership with Visa's commitment to delivering top solutions.
Paymentology partnered with Rain, a corporate spend management platform catering to Web3 entities. Rain stated it is focused on the Caribbean and Latin America but aims to become the go-to spend management platform for Web3 teams globally. Through the partnership, which targets Latin America's booming crypto market, Rain integrated Paymentology's card issuing platform to enable spending digital assets via Visa credit cards. Farooq Malik, Rain's co-founder, highlighted the solution's on-chain infrastructure and fiat interoperability. Alejandro Del Rio, Paymentology's LATAM regional director, emphasized the need to address financial inclusion challenges in the region through innovative fintech solutions.
Treasury Prime and Narmi collaborated to enable instant money transfers via the FedNow Service for Treasury Prime's banking clients. Narmi, serving as the official FedNow service provider, said it handles technical complexities, empowering banks to offer real-time payments. Chris Griffin, co-founder of Narmi, underscored the partners' shared goal of serving small and midsize financial institutions. Mark Vermeersch chief platform officer of Treasury Prime, pointed out that the partnership enhances banking-as-a-service offerings and expands Treasury Prime's bank network, aligning with its commitment to industry-leading solutions.
ACQUISITIONSAccenture agreed to acquire Japan-based CLIMB, a tech services provider specializing in system integration and IT infrastructure management. The move aims to bolster global organizations' tech capabilities in Japan. CLIMB's expertise will fast-track application and infrastructure modernization, particularly for financial institutions and government bodies, Accenture stated, adding that its investment will empower local teams, fostering ICT industry growth. Accenture highlighted the importance of empowering regional talent for global impact, while CLIMB, which employs 200 engineers skilled in cloud, security and application management, underscored a focus on employee happiness.
PairSoft, a provider of procure-to-pay software, acquired APRO Software Solutions, which is known for financial automation tightly integrated with Oracle Financials. This union forms a global platform serving 1,700+ organizations across various ERP systems, bolstering PairSoft's financial automation AI and global scale, PairSoft stated, adding that APRO's 25-year expertise in Oracle Financials automation, especially in B2B payments and bank reconciliations, enhances its offerings. APRO said it anticipates expanding its global presence and enhancing customer value through this acquisition by PairSoft.
Quisitive Technology Solutions Inc., a Microsoft Cloud and AI solutions provider, is selling its BankCard USA Merchant Services Inc. unit to BUSA Acquisition Co. Quisitive CEO Mike Reinhart highlighted the company's focus on core Microsoft business for growth and shareholder value. The transaction, Quisitive emphasized, simplifies the company into a Microsoft-focused entity, reducing debt and projecting $16.4 million pro forma Adjusted EBITDA. Growth plans for Quisitive include expanding AI services and recurring revenue offerings. BankCard's current leadership will remain, joined by additional executives and board members.
APPOINTMENTSPayments industry veteran Roger Alexander joined Chargebacks911 as advisor to the company's board and CEO Monica Eaton. With over 36 years of experience, including CEO positions and leadership roles at Barclays, Alexander aims to enhance the company's solutions, particularly in addressing the surge in app fraud, the company stated, adding that. Alexander's appointment underscores its commitment to innovation. Eaton lauded his strategic insights and ability to elevate solutions for banks, PSPs and merchants amid evolving industry challenges. Guy Harris, chairman of Chargebacks911, emphasized Alexander's role in ensuring their solutions meet industry needs effectively.
Gaby Kozakov is Versapay's new chief technology officer, responsible for driving growth and enhancing the company's accounts receivable efficiency suite with innovative solutions. With over 25 years of industry experience, Kozakov has deep technical expertise and specializes in artificial intelligence, machine learning and modern development practices, Versapay stated. A prior vice president of research at Revuze, Kozakov also held CTO roles at AU10TIX and leadership positions at Trax Retail and Amdocs.
Ash Yazdani, formerly of Hoist Finance, joined Capify as global marketing director. His focus is on UK and Australian market growth and customer experience. With extensive experience in media networks and financial services, Yazdani aims to enhance SME finance accessibility. Yazdani's appointment reflects Capify's commitment to SME markets and ongoing expansion, the company stated. John Rozenbroek, Capify's COO/CFO, highlighted the value of Yazdani's expertise in adapting to changing business needs and maintaining superior customer experiences as Capify continues to grow. 
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