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IndustryUpdate

port continues a broader modernization effort following Modeshift said the system will also provide real-time
completion of its FATforward expansion project. Airport operational insights and lay the foundation for regional
officials said the platform will streamline the parking fare integration among Pennsylvania transit agencies.
experience while improving operational visibility. Cash
payments will remain available through designated ACQUISITIONS
lanes, and on-site personnel will continue assisting trav-
elers as needed.
Kikoff acquires The Service Bureau assets
Hilton, Navan connect booking, payment systems
Consumer fintech Kikoff acquired the technology, cus-
Navan and Hilton plan to launch what they describe tomer relationships and other key assets of The Service
as the first direct connection between a hotel company Bureau, a provider of credit reporting and data furnish-
and a travel management company, linking Hilton's ing solutions. Kikoff said the acquisition expands its
reservation system with Navan's AI-powered business enterprise credit platform, adding technology used by
travel platform. The integration will provide real-time more than 1,000 organizations while strengthening its
hotel availability, rates, bookings and property content capabilities in credit furnishing, compliance, disputes
through Hilton-developed APIs, replacing traditional and bureau integrations. The company added that the
distribution methods. The companies said the partner- transaction will help financial institutions and other
ship will improve the corporate travel booking experi- organizations streamline credit reporting operations
ence while laying the groundwork for greater automa- while expanding access to credit infrastructure. Kikoff
tion and post-booking services. It also will streamline plans to continue supporting The Service Bureau's exist-
virtual payment acceptance across Hilton's global port- ing customers as the businesses are integrated. Financial
folio, reducing payment friction for travelers and travel terms were not disclosed.
managers, the partners stated.
Stripe, Advent propose PayPal acquisition
Nuvion, Turnkey enhance
embedded wallet capabilities Stripe and private equity firm Advent International
reportedly offered more than $53 billion to acquire
Nuvion partnered with Turnkey to expand embedded PayPal, proposing to pay $60.50 per share in a deal
wallet and stablecoin capabilities for businesses and backed by approximately $50 billion in financing. If
fintechs. The collaboration combines Turnkey's wal- completed, the transaction would combine two of the
let infrastructure with Nuvion's regulated financial world's largest online payments companies, with an
platform, enabling organizations to launch stablecoin- estimated annual payment volume of about $3.7 tril-
powered financial products without managing block- lion. According to Reuters, PayPal has not responded
chain infrastructure or private keys. The integrated to the proposal, and Stripe, Advent and PayPal have
offering includes embedded wallets, stablecoin accounts, declined to comment. The reported bid follows an earlier
treasury and payment automation, global payout capa- approach this spring and remains a proposed acquisition
bilities, and on- and off-ramp services. Nuvion said rather than a completed transaction.
the partnership is designed to simplify adoption of
blockchain-based financial services while maintaining APPOINTMENTS
enterprise-grade security, compliance and operational
controls.
Mark Alsentzer signs on with Kurv
rabbittransit, Modeshift launch
fare collection platform Mark Alsentzer joined Kurv as chief technology officer.

rabbittransit and Modeshift launched rabbitPAY, an A Vanderbilt University computer engineering graduate
account-based fare collection platform that adds mobile with a focus on artificial intelligence, Alsentzer began his
ticketing, reloadable smart cards, automatic fare cap- career at a payments startup before helping drive tech-
ping and online account management for transit rid- nology transformation at companies including Paysafe
ers across several Pennsylvania counties. The platform and Pavilion Payments following acquisitions involving
allows riders to pay through a mobile app, smart card or Citibank and Global Payments. He brings expertise in
web portal, with fare capping ensuring they automati- AI, systems engineering and scalable payment platforms
cally receive the lowest available monthly fare. Future developed through roles spanning software develop-
enhancements will include ticket vending machines and ment, operations, risk and technical sales. At Kurv,
open payments supporting contactless bank cards and Alsentzer will oversee product enablement, technology
mobile wallets. strategy and organizational transformation as the com-
pany expands its AI-powered payments platform.

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