ANNOUNCEMENTSBrooke Fitts, head of payment products and strategy at Kotapay, a division of First International Bank & Trust (FIBT), was named a 2024 inductee into the RiseUp USA Academy, a program promoting diversity and innovation in fintech. RiseUp, hosted at Money20/20 in Las Vegas from October 27 to 30, empowers women leaders with tools, insights and networks to drive change in the industry. Fitts, a seasoned leader with over two decades of experience, aims to enhance her leadership at Kotapay, where she drives initiatives in faster payments, banking-as-a-service and payroll.
Fainders.AI, a Korean retail AI company, launched its new MicroStore, stating it is a compact, cost-effective cashierless unit designed for small businesses. The 15-square-meter prefabricated store can be installed within a week, making autonomous retail more accessible. The first MicroStore was deployed in Fitness 101, a gym in Seoul, providing members with convenient access to healthy snacks.
This solution, which targets small and midsize businesses, offers competitive pricing compared to other autonomous stores, Fainders stated, adding that the company is now expanding globally to meet the rising demand for affordable retail automation.
Utimaco, a provider of hardware security modules (HSMs), received the 2024 Global Competitive Strategy Leadership Award from Frost & Sullivan for its contributions to the post-quantum cryptography (PQC) industry. Utimaco is recognized for its expertise in deploying HSMs and developing PQC-ready solutions, including the Quantum Protect application for quantum-resistant algorithms. Utimaco’s strategic acquisitions, expanded security offerings and efforts in PQC standardization and quantum security demonstrate its leadership in preparing for the quantum era, Frost & Sullivan noted.
Velera and NCR Atleos Corp. were recognized in the 2024 IDC FinTech Rankings. Velera, a credit union service organization, was named a Top 25 solution provider, reflecting its commitment to supporting credit unions' growth and digital transformation in today's financial landscape. NCR Atleos, ranked #6 overall and was acknowledged for its self-service financial solutions, which enhance operational efficiency and customer experience for financial institutions. Both companies, IDC noted, exemplify the innovation and technological advancement driving the global financial services industry forward. The IDC FinTech Rankings evaluate top global technology providers based on their role in digital transformation and revenues from financial institutions.
Wirex Pay, a decentralized payment network, heralded the launch of its mainnet, a blockchain network devised to advance its goal of creating a decentralized payment ecosystem. As a zero knowledge chain designed for seamless payments, Wirex Pay pointed out it is supported by Wirex and industry leaders like Visa. The network’s cards are accepted by over 80 million merchants in 200+ countries, bridging traditional and decentralized finance for enhanced user convenience, the company added. Following its initial Node Sale, Wirex Pay plans to launch its WPAY governance token, designed to enable users to participate in future decision-making and decentralized governance.
RESEARCHSMB lending fraud has risen by nearly 14 percent over the past year, with 80 percent of lenders surveyed expecting further increases, according to LexisNexis Risk Solutions. Researchers found that most fraud occurs within the first month of a new customer relationship, with digital channels being the primary source. Thus, lenders are shifting to tech-driven solutions, such as behavioral biometrics and real-time transaction scoring, to mitigate fraud while balancing customer friction. LNRS recommends enhancing identity proofing, adopting a multi-layered approach, focusing on early-stage detection, and sharing intelligence through consortiums to effectively combat SMB lending fraud.
A study from ActiveOps revealed that 76 percent of U.S. financial services operations leaders surveyed believe AI could improve decision-making, but 62 percent lack the necessary data management capabilities. The survey found that half of the participants in the study can't access real-time data, and two-thirds have outdated data environments unsuitable for AI. Approximately 80 percent said it takes significant effort to derive insights from their data, and 25 percent base decisions on data that is two to three weeks old, highlighting the pressing need for better data organization.
The U.S. Payments Forum's summer market snapshot highlights key trends in the payments industry, including real-time payments, EV payments, and card-not-present fraud. Real-time payments are growing, with networks like FedNow and RTP expanding, although challenges in adoption and risk management remain, the forum stated, adding that card-not-present fraud, especially first-party fraud, has become a major threat, surpassing phishing. Strategies to combat fraud include better data, tokenization and monitoring of online platforms. The evolving EV payment landscape also presents new opportunities, the forum noted, emphasizing the use of cross-stakeholder collaboration to address challenges.
PARTNERSHIPSKani Payments partnered with Zero, a new UK climate-focused fintech, to streamline Zero’s data reconciliation and reporting to enhance operational efficiency. Zero aims to launch a Mastercard debit card, a no-fee personal account and a finance app focused on sustainability, with plans for a full UK banking license and sustainable lending products. The app will provide insights into customers' spending and its environmental impact, encouraging reduced carbon footprints, the partners stated, adding that. Kani's platform will support Zero’s mission to align personal finance with climate-conscious goals.
Liberis, a global embedded finance platform, is partnering with buy now, pay later platform Sezzle to launch Sezzle Capital, offering flexible funding to small and midsize businesses in the United States without requiring them to give up equity. The partnership aims to help businesses access capital to grow and thrive, addressing concerns about funding accessibility. Sezzle Capital, the partners stated, will expand to Canada soon, further supporting businesses. This collaboration allows both companies to serve a wide range of merchants, providing fast, flexible funding to empower the next generation of business owners, they added.
Payment technology specialist Silverflow partnered with Halo Dot, a softPOS solution provider, to deliver a seamless payment solution combining Silverflow's advanced processing engine with Halo Dot’s softPOS technology. This partnership offers businesses a pre-integrated SoftPOS service, reducing time-to-market with faster compliance certification and omnichannel capabilities, the partners stated. Silverflow provides direct API connections to card networks, offering features like 3D Secure and direct-to-card payouts. The collaboration aims to drive innovation and efficiency to enable clients to quickly launch softPOS offerings and enhance their payment services with cutting-edge technology.
TreviPay Crossroads, a two-day B2B payments conference hosted by TreviPay, partnered with WeCode KC, a Kansas City-based organization dedicated to exposing youth to technology careers. From Oct. 2 to 4, 2024, the conference will bring together 250 finance, sales and digital leaders in Kansas City. WeCode KC will showcase its mission to promote tech education, build networks and engage new partners. TreviPay said this partnership reflects its commitment to fostering an innovative, inclusive fintech community and preparing future-ready professionals. Attendees will learn about WeCode KC’s initiatives at the event’s Innovation Hub, supporting TreviPay's broader community engagement efforts through its philanthropic group, Community Fountain.
Visa is expanding into account-to-account (A2A) payments to offer consumers enhanced control, choice and protection over bank transfers. Partnering Banked, among other companies, Visa stated will utilize its A2A platform to facilitate secure, real-time variable recurring payments, allowing flexible, automated payments for services. Launching in the UK in early 2025, Visa A2A aims to modernize bank payments by introducing digital features, such as advanced security, dispute resolution and easier management of payment permissions. The initiative, Visa added, promotes collaboration among banks and fintechs, benefiting businesses with near real-time settlements and improved cash flow visibility.
ACQUISITIONSCantaloupe Inc. acquired SB Software Ltd., a UK and Ireland vending and coffee management software provider. This strategic move aims to enhance Cantaloupe's operational capabilities and market presence in Europe, expanding its technology solutions for self-service commerce. Cantaloupe stated that by integrating SB Software’s Vendmanager and Coffeemanager systems, it will offer a comprehensive suite of solutions, including real-time analytics and integrated payments, positioning the company for global growth and innovation while providing high-quality, localized support to meet evolving customer needs.
Fime, a global provider of consulting, testing and certification, acquired Consult Hyperion, a consultancy specializing in payments, smart mobility and digital identity. This acquisition, Fime stated, strengthens its ability to provide comprehensive services, from ideation to implementation and testing, across these sectors. Combining Fime's global reach with Consult Hyperion's specialized expertise, is expected to enable them to serve clients worldwide, from startups to market leaders. The merger also aims to drive innovation, security and compliance in payments, smart mobility and digital identity, enhancing their ability to deliver innovative, locally relevant services.
HPS, a global payment software provider, completed its acquisition of CR2 Ltd., an Irish digital banking and payments solutions company, following regulatory approvals. CR2, known for its BankWorld platform, reported it supports over 90 banks in more than 50 countries. The acquisition aligns with HPS' AccelR8 strategic plan to enhance its product offerings and open new revenue opportunities in complementary markets. Expected to increase HPS' earnings per share within the first year, the deal was financed by bank debt, with Evercore as financial adviser.
APPOINTMENTSNium appointed Andre Mancl as chief financial officer and Philip Doyle as chief compliance officer to enhance its leadership team. Mancl, a former CFO at ChowNow and ex-managing director at Credit Suisse, brings over 15 years of experience in the technology sector and financial management. He will oversee Nium's financial strategy to drive profitable growth. Doyle, previously chief risk and compliance officer at Zepz, has extensive experience in risk management and fraud prevention at various financial institutions. He will lead Nium's global compliance efforts. Both executives, reporting to CEO Prajit Nanu, are expected to play crucial roles in supporting Nium's growth and innovation in real-time, cross-border payments.
Keren Sharir is now serving as president of Nayax Ltd., in addition to her ongoing role as chief marketing officer. Sharir brings extensive experience from previous marketing and executive roles in startups in Israel and the United States. Since joining Nayax as CMO in 2014, Sharir has driven the company's marketing strategy and played a key role in expanding its North American operations and leading its public debut on the Tel Aviv Exchange in 2021, the company noted. In her new role, she will contribute to aligning business operations, enhancing internal efficiency and steering growth.
Flutterwave, a payments technology company, appointed Mitesh Popat as its new chief financial officer. Popat brings to the company 20 years of experience in global financial services across multiple regions, including executive roles at Citi, where he was CFO for the Middle East and Africa and for global equities sales and trading. At Flutterwave, he will oversee corporate finance functions to support the company’s growth, optimize its business model and enhance financial sustainability. Popat’s appointment, the company said, aligns with its goal to connect Africa to the world and reflects its commitment to strengthening financial operations and investing in risk management.
DocuPhase appointed Trey Tramonte as its new chief revenue officer. Tramonte brings extensive experience in scaling teams, driving revenue growth and crafting go-to-market strategies. Previously, he was senior vice president of sales & channels at Exterro, a data risk management software provider. With 25 years in sales and leadership roles in the SaaS industry, Tramonte will lead DocuPhase through its next phase of growth, supporting increased demand for its finance and payment automation solutions, the company stated. His expertise is expected to help scale the team and drive innovation and long-term success at DocuPhase. 
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