ANNOUNCEMENTSNacha introduced four new categories of Nacha Preferred Partners, doubling the options for organizations to demonstrate their leadership in the ACH Network. The new categories include Account Validation, Fraud Monitoring, ISO 20022 and Open Banking. Each category focuses on enhancing the ACH Network in different ways, such as improving transaction accuracy, security and interoperability, and facilitating collaboration between financial institutions and third-party providers. These additions align with Nacha’s core strategies to advance the modern ACH Network, the association stated. The existing categories, ACH Experience, Compliance, and Risk and Fraud Prevention, Nacha added, continue to recognize organizations that excel in reducing payment friction, adhering to ACH rules, and mitigating risk and fraud.
North American Bancard LLC, a leading U.S. fintech company, rebranded itself as "North" to better reflect its position and vision in the payments and business management industry. This change comes after 30 years of growth, during which the company expanded to process over $100 billion in annual transactions across various business sectors. The new name and logo symbolize North's commitment to providing innovative and simplified payment solutions, alongside extensive data reporting tools, security and fraud protection, the company stated.
CEO Marc Gardner emphasized that "North" embodies the company's forward-thinking approach and dedication to empowering businesses of all sizes. The rebranding also unites North’s diverse payment companies, including Point & Pay, EPX and PayTrace, under the "by North" banner, reinforcing its comprehensive ecosystem, the company stated, adding that the "Go North Together" mindset highlights its collaborative spirit and focus on delivering seamless payment experiences in mobile, ecommerce and in-store environments.
Visa, in collaboration with Plug and Play, opened applications for the second cohort of Visa Inclusive Fintech Accelerator. The program aims to accelerate the growth of fintech startups led by diverse founders in accordance with its mission to support underrepresented innovators in the financial technology sector, Visa stated. The second cohort seeks startups that are redefining fintech and led by founders who identify as underrepresented or are committed to serving underserved segments in North America. Applicants should have a minimum viable product and be based in the United States or Canada. Selected startups will gain access to Visa's extensive network, mentorship from industry leaders, and opportunities for pilot projects and strategic partnerships with Visa. Details are available at bit.ly/3X4tqkk.
RESEARCHThe global biometric systems market is expected to grow at a compound annual growth rate of 13.02 percent from 2024 to 2031, according to a report by Market Research Intellect. The market, valued at $42.3 billion in 2024, is projected to reach $120 billion by 2031. Key drivers of this growth include the increasing demand for security and identity protection, the rise in cyber threats, and government initiatives such as e-passports and national ID programs. Major players like IDEMIA, Thales, and NEC Corp. are leading the market, focusing on product innovation and strategic partnerships. However, challenges such as privacy concerns, high implementation costs and technical limitations could hinder widespread adoption. The market is segmented by technology, application and region, with Asia-Pacific expected to witness the highest growth due to rapid digitalization and government initiatives.
A new study by Achieve, a digital personal finance company, revealed that while inflation remains a concern, job loss and reduced income are more pressing financial challenges for consumers. The survey undertaken in the third quarter of 2024 of 2,000 consumers with various forms of debt found that 18 percent cited job loss or income reduction as the primary reason for falling behind on payments, surpassing inflation, which was cited by only 10 percent of respondents, down from 21 percent in the second quarter. Additionally, 57 percent of respondents are relying on credit cards to cover essential expenses, with 36 percent finding it difficult to pay their debts on time. Despite these challenges, economic optimism is growing, with 56 percent of respondents expecting their financial situation to improve within the next year and 64 percent anticipating improvement over the next three years.
In June 2024, global ransomware attacks decreased significantly, totaling 331 cases, marking the first decline below the year's average since January, NCC Group reported. The reduction is attributed to increased international law enforcement efforts, particularly impacting the notorious LockBit 3.0 group, whose activity dropped to just 11 attacks. The industrials sector remained the most targeted, accounting for 32 percent of attacks, with North America and Europe representing 79 percent of global cases. Other prominent threat actors like Play, RansomHub and Akira RaaS filled the void left by LockBit 3.0’s decline, researchers noted. Play emerged as the most active group with 35 attacks. The decline in LockBit 3.0's activity highlights the effectiveness of law enforcement in disrupting cyber threats. However, cybersecurity experts warn that other ransomware groups may exploit this power vacuum, underscoring the need for continued vigilance across all sectors.
PARTNERSHIPSCheckout.com, a global digital payments provider, said it partnered with Google Pay to offer merchants its biometric-based secure payment authentication service, which is designed to reduce cart abandonment, enhance the customer experience and drive higher conversion rates. The partnership enables Checkout.com to provide brands with a faster, more secure authentication process, enhancing digital payments performance, the company said, adding that early results show significant improvements, with travel platform eSky reporting a 14-second reduction in checkout time, a 5 percent increase in authentication rates, and a 3 percent increase in authorization success rates. In addition, merchants can leverage checkout.com's AI-based dynamic routing to optimize the authentication process.
Payments solutions provider Ryft partnered with Future Ticketing, a next-generation software solution for ticketing companies, to enhance payment options for Future Ticketing’s customers. The partnership aims to address the digital ticketing industry’s need for flexible and diverse payment options, moving away from a one-size-fits-all approach. This collaboration, the partners stated, allows Future Ticketing clients to choose Ryft as their payment provider, offering improved operational efficiency, streamlined processes and better commercial terms. By integrating Ryft’s end-to-end payment solution, which includes high acceptance rates, support for Apple Pay and Google Pay, and advanced fraud prevention tools, Future Ticketing ensures that its customers can receive payments quickly and access superior customer support for payment-related issues, the partners added. Both companies plan to collaborate further to enhance the user experience and operational efficiency in the ticketing industry.
The Interledger Foundation, dedicated to creating an open, interoperable payment network, partnered with the People’s Clearinghouse to enhance cross-border payment infrastructure between the United States and Mexico. This collaboration aims to empower rural community banks in Mexico by enabling them to directly receive remittances, which are now dominated by private services that impose high fees and delays, the partners said. The project will initially focus on 140 community banks in the Mexican Association of Social Sector Credit Unions, using the Interledger Protocol to facilitate seamless money transfers. By bypassing traditional money transfer services, the initiative will allow remittances to be deposited directly into local bank accounts, fostering local investment and sustainable development, the foundation noted, adding that this infrastructure could serve as a global model for supporting under-banked communities.
Swoop Finance and Enable formed a strategic partnership to provide white-label financing solutions for ISOs. This collaboration enables ISOs to offer branded POS financing options to their merchant clients, addressing the growing consumer demand for flexible payment methods, the partners stated. Enable’s white-label platform, now available through Swoop Finance’s partner network, allows ISOs to launch financing solutions without needing extensive infrastructure or multiple lender integrations, expanding access to POS financing technology, making it easier for ISOs to enter this market. George Csahiouni, CEO of Swoop Finance, emphasized that this collaboration equips ISOs with a powerful tool to meet evolving consumer needs and stay competitive. The partnership was showcased at the Midwest Acquirer's Association show, where the importance of embedded finance in enhancing merchant conversions and loyalty was discussed.
ACQUISITIONSFlywire Corp., a global payments enablement and software company, acquired Invoiced, an SaaS platform that automates the order-to-cash process for B2B finance teams. This acquisition aims to enhance Flywire’s B2B payments business by expanding its software suite and reinforcing its commitment to the B2B segment, which handles around $10 trillion in global payment volume, Flywire stated. Invoiced’s platform automates accounts receivable processes through deep integrations with leading accounting systems, and the combination of Invoiced’s A/R automation software with Flywire’s global payment network will provide a comprehensive solution that streamlines workflows for finance departments, Flywire added.
Nuvei Corp., a Canadian fintech company, agreed to acquire Pay2All Instituição de Pagamento Ltda., a licensed Payment Institution in Brazil, authorized by the Central Bank of Brazil. This acquisition will enable Nuvei to expand its capabilities in the Brazilian market and strengthen its commitment to the Latin American region, Nuvei stated, adding that with the Payment Institution license, Nuvei can offer comprehensive payment services in Brazil, including processing PIX transactions and managing e-wallets and betting accounts. This license is crucial for providing services in Brazil's newly regulated sports betting and online gaming market, which is projected to grow significantly, Nuvei said, noting that this acquisition positions it as a key payment partner in Brazil's igaming and ecommerce sectors.
APPOINTMENTSTribe Payments strengthened its leadership team with key appointments to support its rapid expansion. Guy Houghton joined the company as chief revenue officer, bringing over 30 years of experience in commercial leadership within global technology, payments, banking and fintech markets. Previously, he led business transformation at Thredd and spent 15 years at First Data (now part of Fiserv), where he expanded issuer processing across EMEA. His expertise includes market entry, strategic sales, and M&A.
Additionally, Dusty Miller was appointed head of European sales, bringing a strong track record in winning major accounts and leading sales teams in the payments industry. Known for his dynamic approach, Miller excels in strategic negotiation and portfolio management, Tribe noted. Jo Lawrence, who joined Tribe as head of customer success, has over 20 years of experience in payments, risk and fraud prevention. Her background includes senior roles at Mastercard and Barclaycard Merchant Services.
Future Fintech Group Inc. selected Hu Li as its chief executive officer, president and a member of its board of directors. Li, who replaced Shanchun Huang, brings a wealth of experience to his new role, having served as CEO of FTFT International Securities and Futures Ltd. since January 2024 and as corporate secretary of Future Fintech since 2019. He has also held leadership positions at Shineco Inc. and Anhui Yihai Mining Equipment Co. Ltd. Li has been with Future Fintech for five years, playing a key role in the company's transition into a diversified fintech enterprise. As CEO, Li is committed to driving the company's global strategic growth, leveraging his experience to achieve sustainable development and benefit customers, employees and shareholders worldwide.
Fortis, a provider of payments technology for software providers and scaling businesses, appointed Robert West as executive vice president of B2B. Previously with EBizCharge and OnPay Solutions, West brings nearly a decade of experience in scaling accounts receivable and accounts payable payments businesses, particularly through partnerships.
At Fortis, he will lead the company's B2B expansion strategy, building on its success in the ERP ecosystem, where Fortis integrates with platforms like NetSuite, Sage and QuickBooks. Fortis CEO Greg Cohen highlighted West's expertise in building partnerships and high-performing teams as key to driving the company's B2B growth. 
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