Monday , May 20, 2019

Mitek Rejects Takeover Offer and other Digital Transactions News briefs from 10/11/18

  • Sarah Friar, chief financial officer of merchant processor Square Inc., will leave the company in December after six years to become chief executive of Nextdoor, developer of a private social-network app for neighborhoods. David Viniar, Square’s lead independent director, will lead the search for a new CFO. Square’s stock fell 14% Thursday morning in the wake of Friar’s news.
  • Mobile remote deposit capture and identity-authentication software provider Mitek Systems Inc. rejected a takeover offer from ASG Technologies, a software company backed by hedge fund Elliott Management Corp., Reuters reported.
  • In other Mitek news, the company released its third annual Mobile Deposit Benchmark Report that ranks 20 U.S. financial institutions on the quality of their customers’ experience in app design and policies. Capital One Financial Corp. came in first and Wells Fargo & Co. placed second, the same rankings the banks scored in Mitek’s 2017 report.
  • Apple Pay users can use the near-field communication (NFC) mobile-payment service at all CVS Pharmacy locations, reported. In August, Apple Inc. announced CVS Pharmacy and 7-Eleven Inc. would accept Apple Pay later this year. Both companies had been part of the now-defunct Merchant Customer Exchange LLC, a retailer consortium that sought its own mobilepayment service.
  • American Express Co. launched Early Pay, a supply-chain financing option for large U.S. companies and their domestic suppliers; the service enables suppliers to have eligible invoices paid before the due date at a discount.
  • Discover Financial Services said users of its Cashback Debit card can now add the card to the Apple Pay mobile wallet.
  • Payment-technology provider MagTek Inc. said QwickPay, its mobile-payment acceptance app, now supports card-present EMV transactions. The service already is EMV-certified with a First Data Corp. platform and Total System Services Inc. (TSYS), with certifications from Worldpay Inc., Chase, and Elavon expected this year. MagTek also debuted DynaWave, an OEM payment peripheral that enables near-field communication-based payments.
  • Mosaic, a provider of financing for home-improvement projects, launched a point of-sale app allowing contractors to originate and complete an application on a mobile device.
  • Identity-technology companies Thales and Gemalto, which are seeking to merge, announced six of 14 required regulatory clearances have been achieved, while “steps to obtain the remaining eight are well-advanced.” Discussions with antitrust authorities now lead the companies to estimate they will close the merger in the first quarter.

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