ANNOUNCEMENTSBank of America has received numerous accolades recently from industry groups and global banking award organizations for its digital leadership. With 58 million clients engaging digitally, Bank of America saw a record 23.4 billion digital interactions last year. Euromoney, Global Finance, Celent and others praised BofA for its commitment to innovation and delivering exceptional digital experiences. Awards include North America's Best Digital Bank, World's Best Bank for Trade Finance and Most Innovative Bank in North America, highlighting the bank's excellent digital capabilities and technology-driven client solutions.
Flutterwave, a payments technology company based in Africa, was named among the top 250 fintech companies in the world by CNBC and Statista for the first time. This recognition also highlighted companies like Ali Pay, Klarna, Flywire, Robinhood and Mastercard for their achievements and contributions to financial services innovation. Statista's selection process analyzed business models, revenue growth, user scope, innovation and impact on the fintech ecosystem. Flutterwave, CNBS noted, is known for its cross-border payment solutions, driving financial inclusion and economic growth in Africa, and has received other accolades, including CNBC's Disruptor 50 and African Banker Awards' Fintech of the Year.
Galileo Financial Technologies, a subsidiary of SoFi Technologies, launched the Galileo 3D Secure (3DS) Access Control Server to combat the rising threat of card-not-present fraud, projected to hit $28.1 billion globally by 2026. The 3DS protocol enhances security for online card transactions, significantly reducing fraud by up to six times compared to non-3DS transactions Galileo stated. The Galileo 3DS Customer Portal offers clients tools to manage security rules, create custom risk scores and adapt to changing fraud criteria, the company added, noting that this enhancement shifts chargeback liability to card issuers and provides advanced risk management, real-time data and trend analysis.
Papaya Global, a workforce payments fintech, introduced Papaya Global Academy, stating it is an industry-first video series with over 85 lessons aimed at making payroll more strategic. Available for free on Papaya's website, the curriculum is designed to help payments and payroll professionals enhance their skills by offering practical, real-world advice for professionals at various career stages. The lessons cover such topics as negotiation, avoiding employee misclassification, and the role of AI in payroll. Papaya CEO Eynat Guez emphasized the Academy's role in building a stronger payroll ecosystem and supporting global organizations.
RESEARCHThe U.S. Faster Payments Council (FPC) and Finzly Inc. released a collaborative white paper titled From Potential to Profit: Five Ways Financial Institutions Can Break Barriers to Benefit from Instant Payments. Based on a May 2024 survey, it provides actionable insights for financial institutions to overcome challenges such as legacy systems, fraud mitigation and implementation costs. The white paper serves as a practical guide for FIs to leverage instant payments, highlighting revenue opportunities and key business use cases, while addressing technical and operational steps necessary for successful implementation.
A recent Medius survey revealed that 55 percent of finance professionals are experiencing burnout, with 58 percent considering leaving the sector. Economic uncertainty, budget cuts and fewer resources contribute to this stress. Organizations are turning to AI and automation to ease workloads and streamline functions. Notably, 94 percent of finance professionals approve of their organization's AI adoption, which automates tasks and frees time for strategic initiatives. Benefits include smoother payments, faster invoice processing and improved collaboration. Medius researchers emphasized the critical role of automation in retaining finance talent and enhancing efficiency amid economic challenges.
PARTNERSHIPSSound Payments and Equinox Payments completed the integration of Sound's Quantum Cloud solution with Equinox's Luxe 8500i and Luxe 6200m payment devices. Andrew Russell, CEO of Sound Payments, celebrated this as a significant milestone, welcoming Sound's second hardware partner. Quantum Cloud facilitates seamless connectivity between any POS system and semi-integrated payment devices via the Internet, eliminating common challenges like IP addressing and firewall issues for POS developers, Sound Payments stated. This integration, Sound Payments added, introduces versatile Equinox payment devices to Sound Payments' resellers and merchants.
The Interledger Foundation and the People's Clearinghouse are collaborating to enhance cross-border payment infrastructure for community banks and credit unions in rural Mexico. This initiative aims to streamline remittances between the United States and Mexico, benefiting the 140 community banks under the Mexican Association of Social Sector Credit Unions, Interledger stated. By leveraging the Interledger Protocol and Rafiki software, the partners stated, they aim to empower local banks to directly receive remittances, fostering local investments. This project, supported by Mojaloop and Thistaworks, serves as a global model for democratizing payments in underserved regions, promising significant social and financial benefits, they added.
Mangopay, a payment infrastructure provider, formed a global partnership with ManoMano, a European marketplace for DIY, home improvement and gardening. This collaboration aims to enhance ManoMano's platform capabilities and simplify payments for sellers. Mangopay will support ManoMano's expansion into the enterprise market and global commerce. The partnership will streamline payment processes, manage cross-border payments, and enhance seller verification. Mangopay's flexible infrastructure will aid ManoMano's growth in markets like the UK and China, providing customized payment systems and improving the seller experience.
SequenceShift, a provider of PCI compliance solutions for Amazon Connect Contact Centers, joined the PCI Security Standards Council (PCI SSC) as an Associate Participating Organization. SequenceShift will collaborate with the PCI SSC to enhance global payment data security through the development and adoption of PCI security standards. This partnership enables SequenceShift to contribute to the standards development process, recommend new initiatives and share best practices. SequenceShift CEO Dmitri Muntean emphasized that this is a significant milestone in advancing payment security and protecting sensitive data globally.
Safecypher, a European card payments security company, partnered with An Post to launch advanced anti-card fraud technology to combat card-not-present (CNP) fraud. This technology replaces static CVV numbers with dynamic, transaction-specific CVVs, designed to enhance security for online and phone transactions. The new technology is integrated into An Post's payments app.
With CNP fraud predicted to cause $35.8 billion in global losses in 2024, An Post and Safecypher highlighted their partnership's potential to provide peace of mind and financial security for customers.
Fifth Third Bank heralded a partnership between Newline by Fifth Third and Stripe to expand embedded financial services for Stripe's platform users. Newline will power Stripe Treasury, allowing software platforms on Stripe to offer embedded financial accounts. This collaboration aims to enhance Stripe's ability to deliver compliant embedded money movement solutions. Fifth Third, with a history of innovative payment strategies, will leverage its capabilities to support Stripe's high service standards, the partners stated. Fifth Third processes $17 trillion annually and has been named among Ethisphere's World's Most Ethical Companies for several years, they added.
ACQUISITIONSFortis, a provider of payments technology, acquired MerchantE's NetSuite payments division, enhancing its embedded payment solutions for ERP customers. This strategic move boosts Fortis' leadership in embedded ERP payments, ensuring efficient, hassle-free commerce experiences, Fortis stated, adding that customers will benefit from seamless activation, no programming costs, automatic transaction posting and reconciliation. Fortis CEO Greg Cohen highlighted plans for expanding features, including next-day funding, click-to-pay invoicing, ecommerce integrations and advanced security measures. MAPP Advisors advised MerchantE on the transaction.
Innovative Payment Solutions Inc. and Business Warrior Corp. (BZWR) agreed to merge, with IPSI acquiring 100 percent of BZWR. This strategic merger aims to achieve cost efficiencies, raise additional capital, and optimize talent and networks, boosting business growth and profitability. BZWR shareholders will receive 45 percent of IPSI's post-merger shares. IPSI's advanced payment technology, expected to revolutionize medium and high-risk processing sectors, will complement BZWR's PayPlan software for lenders, IPSI stated, adding that the merger, subject to customary conditions and approvals, will create a strong, integrated entity with innovative FIs.
APPOINTMENTSHyosung TNS Inc., a global financial technology company, appointed Bryan Choi as CEO. Choi brings extensive experience from Samsung Electronics, where he led technology development, marketing and strategy, and was head of the Global Strategic Marketing Division. Known for boosting Samsung's market position in Europe and expanding global smartphone revenue, Choi aims to transform Hyosung TNS into a leader in the payments industry. Under his leadership, the company noted, it will focus on customer-centric innovation and expanding beyond ATMs.
The U.S. Faster Payments Council (FPC) appointed Carl Slabicki, executive platform owner of treasury services at BNY, as the new chairperson of its board of directors, succeeding Michael Bilski. Slabicki's extensive experience in innovative payment services positions him well to lead the FPC in advancing faster payments, the council stated. He aims to build on Bilski's legacy and drive the FPC's mission of promoting faster payments adoption and industry education. The FPC board, comprising leaders from diverse payment sectors, will continue to provide strategic guidance to the industry and ensure alignment with the FPC's values.
Rapid Finance, a small business banking platform, appointed Matthew Thomas as its new enterprise account executive. He will support sales efforts for the company's digital lending solutions with large enterprise clients. With extensive experience in SaaS sales and the banking and fintech sectors, Thomas previously drove sales at Finastra, Reef and HUMAN. He will oversee the full sales cycle for Rapid's enterprise clients, aiming to deliver innovative solutions and exceptional value to help small businesses thrive.
The PCI Security Standards Council appointed Deanne Zettler as its head of product and technology. Zettler will lead the council's Product Management organization, supporting the go-to-market strategy and lifecycle of PCI SSC standards and programs. Her more than 25 years in financial services include leadership roles at Discover Financial Services and Silicon Valley Bank, where she focused on digital transformation and technology delivery. She will drive PCI SSC's efforts to bring standards to market swiftly to ensure security in the evolving payments industry. 
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