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IndustryUpdate

ANNOUNCEMENTS Fed Payments Strategy Director to retire

Federal Reserve System Payments Strategy Director
Boost completes funding round Gordon Werkema will officially retire in September.
During his tenure, Werkema was instrumental in devel-
New York-based fintech company Boost Payment oping the Federal Reserve's 2015 Strategies for Improving
Solutions Inc. completed a round of growth strat- the U.S. Payment System, a plan to support five specific
egy funding financed by San Francisco-based Mosaik strategies for ensuring consumer and business access
Partners. The Boost Intercept business-to-business (B2B) to an efficient, real-time and secure national payments
gateway platform transforms email-based virtual card network, according to the Fed.
notifications into straight-through processed payments,
and with its B2B-specific reporting capabilities, remit- Pearl raises SMB financing capital
tance data can be integrated within existing enterprise
resource planning platforms, the company noted. Pearl Capital Business Funding LLC closed a $15 mil-
lion financing round from Chatham Capital. Through its
Data breach occurs at Buckle chain national origination platform, Pearl provides alternative
financial solutions to small and midsize businesses that
The Buckle Inc. retail fashion chain experienced a secu- are unable to access sufficient funding from banks and
rity incident in which a criminal entity accessed guest nonbank lenders, the company stated. In 2015, Pearl was
credit card information following purchases at certain acquired by Capital Z Partners, a private equity investor
locations. Third-party forensic experts were able to serving the financial services industry.
identify and remove POS malware, which may have
affected certain cards used in stores from Oct. 28, 2016 TSYS earns Civic 50 honors
to April 14, 2017. According to Buckle, at the time of
the incident, POS systems at all 462 stores were EMV For the fourth consecutive year, Total System Services
(Europay, Mastercard and Visa) enabled. Inc. earned a spot on Points of Light's The Civic 50, a
national standard that recognizes superior corporate
CardinalCommerce named Venture of the Year citizenship and showcases companies that use their
time, skills and resources to improve the quality of life
CardinalCommerce won the Ohio Venture Association in the communities where they do business. "I take tre-
2016 Venture of the Year Award. The winning venture, mendous pride in seeing our company recognized for
which was selected by the Board of Trustees for the this honor," said M. Troy Woods, Chairman and CEO
northeast Ohio business professional network, high- of TSYS.
lights successful entrepreneurial activity in Ohio. "Our
team is proud to be recognized for our dedication to Vantiv receives NAFCU Innovation Award
fostering business growth in the community in which
we operate." said Tim Sherwin, co-founder and Chief Vantiv Inc. won the 2017 NAFCU Innovation Award
Executive Officer of CardinalCommerce. for its fraud protection solution, OmniShield, which
uses advanced software to trigger real-time alerts when
CFPB seeks comment on prepaid rule changes fraudulent transactions are suspected. The award comes
on the heels of an internal analysis of Mastercard data
The Consumer Financial Protection Bureau is seek- by Vantiv that showed Gross Fraud Basis Points for
ing comment on proposed updates to its prepaid rule. Vantiv issuers were 32 percent below the industry aver-
The CFPB issued the prepaid rule in 2016, requiring age, with fewer fraudulent transactions per card, on
financial institutions to limit consumer losses, inves- average, than U.S. issuers overall.
tigate and resolve errors, offer free and easy access to
account information, and provide protections. The pro- Worldpay trials smartphone card terminal
posal would adjust requirements for resolving errors on
unregistered accounts and provide greater flexibility for Worldpay launched the first extended-trial of a soft-
cards linked to digital wallets. ware-only card payment mobile POS application. My
Business Mobile will enable businesses to download
Clearent's Geraty receives honor an app and accept face-to-face contactless card transac-
tions on their smartphones without requiring additional
EY awarded Clearent LLC founder and CEO Dan Geraty payments hardware. "By taking hardware out of the
the Entrepreneur Of The Year 2017 Award in the Central equation, we are really bringing payments into the
Midwest. The award recognizes entrepreneurs who future," said Nick Telford-Reed, Director of Technology
excel in such areas as innovation, financial performance, Innovation at Worldpay.
and personal commitment to their businesses and com-
munities. Geraty was selected by an independent panel
of judges. As a regional winner, he is now eligible for
consideration for the Entrepreneur Of The Year 2017
national program.
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