ANNOUNCEMENTSGartner Digital Markets recognized ePayPolicy as a top-rated payments platform in 2024, earning spots on Capterra's Shortlist, SoftwareAdvice's FrontRunners and GetApp's Category Leaders. The only insurance-centric platform on the list, which is based on customer reviews, ePayPolicy joins other honorees
Venmo, PayPal, Stripe and Square. The ePayPolicy platform boasts a 4.9/5 user rating, the highest among its peers, Gartner stated. Customers reportedly praised ePayPolicy for saving over 150 hours and $5,000 in fees annually.
CEO Mark Engels expressed pride in the recognition, emphasizing the company's goal is to simplify payments for insurance companies.
PayTech Women, a nonprofit organization established to advance women in payments and fintech, launched the Partner Executive Council to enhance collaboration with senior leaders from influential paytech companies. Audrey Blackmon, PTW president-elect, chairs the council. PTW CEO Wendy Holliday emphasized the council's role in fostering diversity and innovation.
The 2024 PEC members include Lindsey Cole (Leverage), Nona Finley (JPMorgan Chase), Michelle Jenkins (NCR Voyix), Christine Lopez (SHAZAM Payment Network), Bijay Alex Matthew (Art of Mentoring), Millicent Tracey (California Bank of Commerce), Jennifer Tramontana (The Fletcher Group), Jess Turner (Mastercard), Mary Uslander (Fiserv), and Tom Wimsett (Merchant’s PACT).
Rainforest, a payment provider for software platforms, raised an oversubscribed $20 million Series A funding round led by Matrix Partners, with Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures and Ardent Venture Partners also participating. This brings Rainforest's total funding to $31.75 million.
The funds will be used to enhance technology, expand the platform success team, and drive growth. Rainforest helps software platforms embed payments, providing a data-driven customized risk model for each platform, vertical-specific merchant scoring, and precise fraud monitoring.
The company has also advanced its product in ways that help software platforms grow payments revenue, Rainforest stated.
RESEARCHEmpower research revealed that 37 percent of Americans who participated in its recent survey can't afford an unexpected $400 expense, 21 percent have no emergency savings, and 25 percent have used emergency funds for basic living expenses in the last year. The median savings for survey respondents is $600, with men saving double compared to women ($1,000 versus $500), researchers found.
Despite economic hardships, 43 percent of participants have contributed to emergency funds in the past year. Rising prices, however, hinder savings for 57 percent. Debt repayment takes priority for 57 percent, and 30 percent of respondents keep their emergency funds in cash. The study surveyed 1,192 U.S. adults in April 2024.
The global self-service kiosk market is projected to grow by $10.67 billion from 2024 to 2028, with a CAGR of 14.17 percent, driven by the adoption of contactless payments and smart stores, Technavio researchers found. North America holds the largest market share at 41 percent. Key benefits of self-service kiosks include enhanced convenience, reduced wait times and improved service delivery.
Industries utilizing kiosks include retail, banking, hospitality, travel, healthcare and entertainment. A primary challenge is competition from tablet kiosks, Technavio stated.
According to the World Economic Forum, 850 million people lack legal identity, impeding access to essential services and jobs. Digital identity, which uniquely identifies individuals, companies or objects, can enhance service access and security, especially in finance, the Fintech District stated.
The firm's latest Community Insight report emphasized the significance of digital identity in streamlining operations.
The report also highlighted the growth of regtech, with Fintech District stating it addresses regulatory compliance efficiently while fostering innovation and anticipating industry trends.
PARTNERSHIPSBritish payments fintech Ryft partnered with digital pharmacy platform Charac to reduce processing fees for independent pharmacies by over 30 percent. This partnership enhances Charac’s app, which streamlines repeat prescriptions, consultations, deliveries and marketing for pharmacies, the partners stated.
With Ryft’s PCI Level 1 and PSD2 compliance, Charac now enables pharmacies to adopt modern payment solutions like ApplePay and GooglePay, they noted, adding that this collaboration also addresses funding declines in the pharmaceutical sector, enabling pharmacies to digitize cost-effectively.
Key executives for both companies emphasized the partnership's role in making community pharmacies financially sustainable.
Swipesum and Authorize.net, a Visa solution, are working with 4aGoodCause to improve payment processing and customer support for nonprofit organizations. Swipesum offers dedicated payment support and AI-powered tools to uncover and reduce hidden fees. Authorize.net provides secure and flexible payment options designed to enhance reliability and fraud prevention.
4aGoodCause strives to simplify fundraising with tools for online donations, event sign-ups and donor management, supporting nonprofits in building deeper donor connections and stable income sources. The collaboration aims to streamline payments, boost donation conversion rates and ensure nonprofits retain more of their funds.
ACQUISITIONSi3 Verticals Inc. agreed to sell its merchant of record payments business, including proprietary technology, to Payroc WorldAccess LLC for $440 million. Greg Daily, CEO of i3 Verticals, highlighted the significance of this sale, which will refocus the company on its software solutions for the public sector, education and healthcare markets.
The transaction is expected to simplify i3's operations and strengthen its balance sheet by reducing debt. Payroc CEO James Oberman emphasized the alignment of values and goals between the two companies and believes the deal will lead to growth for i3's partners and team members. The deal is expected to close in i3 Verticals' fiscal fourth quarter, pending regulatory approval.
Raptor Technologies, a U.S. provider of school safety software, acquired PayK12, which offers online ticketing and payment solutions for K-12 schools and athletics.
This acquisition enhances Raptor's safety and administrative tools, extending security beyond the school campus, Raptor stated, adding that PayK12's platform securely processes payments for events, fees and programs, simplifying payment management for schools while ensuring top security standards.
Raptor also noted that the integration complements its VisitorSafe and EventSafe products, offering a seamless experience for managing safety and administrative duties.
APPOINTMENTSPaymentology, a global issuer-processor, appointed Stephen Bowe as its chief product officer. With over 15 years of experience in banking and payments, Bowe indicated he aims to drive innovation in Paymentology's products and expand the company's next-generation payments infrastructure. He will focus on seamless API integrations to simplify payment solutions and enhance card program management worldwide. Bowe's extensive international experience includes roles at Accenture, BT, Vodafone, UBank, Bank of New Zealand, WorldFirst and Nationwide Building Society.
His appointment also is expected to strengthen Paymentology's customer-centric approach, ensuring continuous growth and innovation.
Versapay made key changes to its leadership team, promoting Christy Johnson to chief product officer. Her deep expertise in technology, design, and product strategy will be instrumental in driving Versapay's next growth phase, the company stated. Barrett Smith was promoted to chief payments and customer operations officer.
He is charged with delivering on Versapay's vision of customer obsession, leading Versapay's payments, customer care, and professional service teams. Christina Wedge moved up to vice president, channel partners.
She will oversee Versapay's channel partner and sales teams focused on ERP partner communities.
Stuart Mann, director of global fraud and account protection product management at Accertify Inc., was re-elected to the Global Board of Directors of the Merchant Risk Council.
The MRC is an international nonprofit that unites ecommerce payments and fraud prevention professionals to enhance the safety and profitability of the ecommerce ecosystem. Accertify noted it has consistently supported the MRC's mission. Mann, with over 15 years of industry experience that includes nine at Accertify, will help drive the MRC’s strategic direction. Julie Fergerson, CEO of the MRC, praised Mann's expertise and commitment to innovation.
RYVYL Inc. promoted Christian Murray to managing director of its Northeast Merchant Systems business unit.
Murray, previously vice president of revenue for the company, will also lead RYVYL's licensing strategy. With over 25 years in fintech, Murray has driven innovations in digital payments, SaaS platforms and blockchain technology. Since joining RYVYL in March 2024, he has expanded the business development pipeline, RYVYL noted.
CEO Fredi Nisan praised Murray's impact, emphasizing his role in diversifying vertical markets and leveraging software licensing to enhance market penetration and revenue growth. 
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