The Green Sheet Online Edition
October 27, 2025 • 25:10:02
Industry Update
ANNOUNCEMENTS
#h2ATMIA opens nominations for 2025 Industry Awards The ATM Industry Association (ATMIA) is inviting nominations for its 2025 Industry Awards, which recognize excellence, innovation and leadership across the global ATM ecosystem. Categories include the Peter Kulik Innovation Award, Outstanding Service Awards, ATMmys marketing awards, Special Achievement Award, Exceptional Achievement Award, and ATM Industry Champions.
Industry professionals can nominate peers, partners or their own teams for outstanding contributions that shape the future of ATMs and payments. For full details and nomination criteria, visit www.atmia.com/about-us/industry-awards.
Bluefin ShieldConex Orchestration honored
Bluefin won the Data Protection Solution of the Year award at the 2025 CyberSecurity Breakthrough Awards for its ShieldConex Orchestration platform. The industry's first solution to unify tokenization, encryption and proxy-based controls, ShieldConex enables secure, processor-agnostic data exchange across all channels, Bluefin stated. Built on Bluefin's PCI-validated, security-first infrastructure, it simplifies compliance, prevents vendor lock-in and maintains data sovereignty for enterprises and software providers,, the company added.
Bluefin CEO John M. Perry said the platform helps organizations "innovate and scale securely." CyberSecurity Breakthrough Managing Director Steve Johansson praised Bluefin's leadership in encryption and tokenization, citing ShieldConex as a milestone in flexible, vendor-agnostic data protection.
Campfire seeks to redefine finance in the AI era
Campfire, an AI-native ERP company focused on transforming finance operations, raised $65 million in a Series B co-led by Accel and Ribbit, bringing its total funding to more than $100 million. With customers across six continents, Campfire is following its mission to deliver intelligent, scalable and sustainable finance solutions and believes it is gaining momentum as a modern alternative to legacy systems like SAP and Oracle.
Campfire CEO John Glasgow said the company was built "to reimagine ERP for the AI age" and its large accounting model has achieved 95 percent accuracy in automating reconciliation and variation detection.
Keo World recognized for 'revolutionary' B2B credit solution
Keo World received the "Excellence of the Year in Innovation & Leadership in Integrated Credit Solutions and B2B Payments" award at the XV Le Fonti Awards in Milan, Italy. The honor recognizes the fintech's international growth, partnerships with BTG Pactual and Ingram Micro, and innovations such as Workeo and Keo Rails, which leverage AI and blockchain to digitize B2B finance.
Keo World CEO Paolo Fidanza emphasized Keo's mission to merge technology with financial inclusion and sustainability. The recognition, he further stated, reinforces Keo World's leadership in advancing agile, eco-conscious credit solutions that connect innovation, global reach and environmental responsibility for a more equitable financial ecosystem.
Shift4 on 2025 Fortune 100 Fastest-Growing Companies List
Shift4, a global provider of integrated payments and commerce technology, was named to the 2025 Fortune 100 Fastest-Growing Companies List, recognizing its exceptional revenue, profit and stock performance over three years. Shift4 CEO Taylor Lauber credited the honor to Shift4's rapid, purposeful growth, expanding into new markets, advancing proprietary technology and simplifying commerce for merchants worldwide.
The company's integrated solutions serve industries including retail, hospitality, sports and travel. Fortune's rankings weigh revenue growth, EPS growth and total shareholder return equally, with strict eligibility thresholds. Shift4's inclusion underscores its strong financial performance, innovation and strategic expansion across global payment ecosystems.
Tearsheet names Instant Financial best payments app
Instant Financial was named Best Payments App (B2B or B2C) in the 2025 Tearsheet Power of Payments Awards. Founded in 2015, Instant modernizes payroll and earned wage access, giving hourly workers immediate access to earned wages and tips through banks, mobile wallets or virtual paycards, Instant stated.
Its innovations—Instant Direct, Financial Wellness Hub and virtual paycards—have facilitated over $8 billion in payments and $5 billion in digital tips. Instant Financial CEO Tal Clark said the honor reflects the company's mission to "reshape how America gets paid." The platform integrates seamlessly with payroll systems, helping employers boost recruitment, retention and workforce morale, the company added.
RESEARCH
Cross-border payment market to double by 2034
Allied Market Research projects the global cross-border payments market will grow from $206.5 billion in 2024 to $414.6 billion by 2034, at a 7.1 percent CAGR. Growth is driven by expanding ecommerce, remittances and digital payment adoption, with B2B transactions leading the market. Fintech innovations, particularly blockchain, real-time payments, and APIs, are improving speed, transparency and cost efficiency.
However, challenges include regulatory complexity, currency volatility and fraud risks. North America and Europe currently dominate due to advanced financial infrastructure, while Asia-Pacific and Latin America, Middle East and Africa are rapidly expanding. Key players include Payoneer, Visa, FIS, PayPal, Stripe, Adyen and Western Union, which are all investing in innovation and partnerships.
NCR Atleos releases white paper on utility ATM networks
NCR Atleos Corp. released a white paper titled Cash in the Digital Age: How Utility ATM Networks Sustain Financial Access Worldwide, highlighting the essential role of utility ATM networks in global financial inclusion. The paper traces the ATM's evolution since 1967 and shows how shared ATM infrastructure supports access as digital banking expands and branches decline.
It emphasizes that utility networks lower costs for financial institutions, extend reach for neobanks and ensure consumers retain convenient access to cash. NCR Atleos COO Stuart Mackinnon noted these networks are vital to maintaining financial ecosystems and inclusion across both emerging and developed markets.
Velera finds consumers want choice, convenience, confidence
Payments credit union service organization Velera released its 2025 Eye on Payments study, revealing how consumer payment habits are evolving amid economic uncertainty and rapid digital innovation. The report shows debit and credit remain equally preferred (38 percent each), while digital wallets, P2P and BNPL use continue to rise among respondents.
Despite this, cash holds its place as the third-most-used payment method, and ATMs remain vital for convenience. Seventy-four percent of credit union members in the study said economic conditions influence their payment choices. Velera's Tom Pierce said consumers seek both familiarity and innovation. He recommended the integration of trust, speed and security across traditional and digital channels.
Cash-strapped SMBs plan to sit out Black Friday
A new Xero survey of more than 500 U.S. small business owners revealed that while most view discounts as an effective holiday sales tactic, financial constraints often keep them from participating. Seventy-two percent said discounts drive results, but 34 percent have never offered promotions, citing affordability (30 percent) and cash flow challenges (54 percent) as barriers.
Beyond pricing, top hurdles include managing customer traffic, marketing, inventory and stress. Notably, 38 percent of respondents said discounts aren't needed, and 32 percent indicated they fear devaluing their offerings. Xero urged owners to prioritize financial clarity and operational agility over short-term price wars for sustainable, year-round profitability.
PARTNERSHIPS
Juspay, HSBC to build future-ready acquiring solution
HSBC and Juspay formed a strategic partnership to launch a first-of-its-kind, full-stack acquiring platform designed for digital-first, global merchants. The unified solution combines HSBC's international reach with Juspay's advanced payments infrastructure to streamline the entire payment value chain. Merchants gain access to multiple payment methods, improved success rates, lower costs and industry-leading reliability through a single provider, the partners stated.
HSBC's Lewis Sun said the collaboration removes payment complexity, enabling merchants to focus on growth. Juspay's Sheetal Lalwani noted the partnership showcases how banks and fintechs can co-create future-ready infrastructure that blends institutional scale with the agility of modern technology.
PayPoint, NoteMachine team up to support ATMs
ayPoint expanded its partnership with NoteMachine, a Brink's company, to provide full engineering support for more than 3,000 ATMs across the UK. Building on their 2024 collaboration, NoteMachine will now deliver both first- and second-line maintenance, ensuring consistent uptime and reliability.
PayPoint's Anthony Sappor emphasized the importance of ATMs in maintaining cash access for communities with limited banking services. NoteMachine CEO Steve Makaritis said the partnership highlights his company's expertise in delivering large-scale, high-quality engineering support. Together, the companies aim to maintain a seamless, efficient ATM network serving businesses and consumers nationwide.
TreviPay, Sonder to launch net terms program
TreviPay, a global B2B payments platform, partnered with hospitality brand Sonder to launch Sonder Billing, a net-terms program allowing corporate travelers to pay for accommodations on 30-day terms with consolidated, VAT-compliant invoicing. The program streamlines corporate travel payments while enhancing cash-flow management for businesses, the partners stated. TreviPay handles invoicing, credit and collections, enabling Sonder to focus on premium guest experiences.
TreviPay CEO Brandon Spear said the solution builds loyalty through flexible, frictionless payments. Initially launching in the United States, U.K. and Canada, Sonder Billing will expand globally to support over 9,000 units, boosting efficiency and revenue as business travel spending rebounds worldwide, the partners noted.
UATP, Burbank to deliver card-present over internet
UATP has partnered with Burbank, creator of the world's first card-present over internet (CPoI) technology, to offer airlines a secure way to process card-present transactions online. CPoI enables shoppers to tap their physical payment cards on mobile devices and enter PINs, authenticating transactions as card-present and dramatically reducing fraud, chargebacks and false positives, the partners stated.
With fraud rising 69 percent annually and false positives costing merchants $443 billion, this innovation delivers major cost savings and liability protection, they added. UATP CEO Ralph Kaiser said the partnership reflects UATP's commitment to cutting-edge solutions that simplify payments, enhance security and unlock new revenue opportunities for merchants worldwide.
Worldpay now Kroger's exclusive payment processor
Worldpay entered an exclusive agreement to provide Kroger with comprehensive payment processing services across in-store, online, and mobile channels. Serving over 11 million customers daily, Kroger will leverage Worldpay's innovative, secure, and reliable technology to deliver a seamless checkout experience. Jason Pavona, Worldpay's North America general manager, said the partnership underscores the company's commitment to helping leading retailers stay at the forefront of commerce innovation.
Worldpay's solutions will enhance Kroger's payment operations through advanced security, efficiency, and flexibility, reinforcing both companies' focus on improving customer convenience and maintaining leadership in the rapidly evolving payments landscape.
ACQUISITIONS
BookNow Software acquired by ROLLER
Tequity served as exclusive financial advisor to CRM-native booking and operations platform BookNow Software in its acquisition by ROLLER, a global venue management company. The deal expands ROLLER's European and U.S. presence and strengthens its support for multi-venue enterprises, Tequity stated. BookNow founders Luke Sims and Gareth Stephens praised Tequity for its professionalism, deep Salesforce ecosystem expertise, and guidance.
Tequity President and co-founder Anish Singla commended BookNow's entrepreneurial team and said ROLLER's global scale and innovation make it an ideal match to accelerate growth and enhance customer experiences in the attractions and leisure industries.
Corpay and TPG close AvidXchange acquisition
Corpay Inc. and TPG completed the take-private acquisition of AvidXchange Holdings Inc., which was originally announced in May 2025. Corpay invested approximately $550 million for a 34 percent equity stake, with plans to potentially acquire the remainder later. Chairman and CEO Ron Clarke said the deal is expected to be slightly accretive in the fourth quarter of 2025 and fully accretive to 2026 earnings.
The partnership aims to accelerate AvidXchange's revenue and profit growth. TPG partners John Flynn and Tim Millikin said working with Corpay brings valuable strategic expertise to unlock AvidXchange's full potential in the corporate payments and accounts-payable automation market.
APPOINTMENTS
Jay Nadarajah joins i‑payout
Jay Nadarajah was appointed chief financial officer at i-payout. With more than 20 years of experience in fintech, merchant acquiring and payments operations, including senior leadership roles at Moneris Solutions, Bank of America Merchant Services, and North American Bancard, Nadarajah will lead i-payout's finance, risk and capital strategy as the company scales its global payouts and disbursement network.
He will formalize liquidity management, FX spreads and pricing strategy while aligning finance with product and risk teams. Eddie Gonzalez, CEO of I-payout, said the hire reflects their ambition to build a "finance function that compounds margin, resilience and trust."
Zeta Network taps Patrick Ngan
Patrick Ngan is now the chief Investment officer at Zeta Network. A veteran executive with more than 20 years of global experience in blockchain, fintech and investment banking, Ngan previously held senior roles at UBS, ABN AMRO, and Huatai International, and co-founded several fintech ventures, including Alchemy Pay and QFPay International. He also led Nova Vision Acquisition Corp. through its Nasdaq IPO and 2024 business combination. Educated at Stanford, Southampton and Plymouth, Ngan brings deep expertise in governance, risk management and institutional finance to his new role, where he'll focus on transparency, compliance and strategic growth initiatives.
Boriana Tchobanova — COO, Zilch
Boriana Tchobanova was named chief operating officer at Zilch, a UK-based buy now, pay later fintech. Previously chief transformation officer at American Express Global Business Travel, she brings to her new position nearly 15 years of experience at American Express Co. working across strategy, operations and digital transformation, with roles including COO of its digital business. At Zilch, Boriana will drive operational scale, unlock new revenue opportunities and support the company's expansion into new markets.
Her appointment follows Zilch's rapid revenue growth and supports the company's ambition toward an IPO and global market reach. 
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