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FitPay Adding MasterCard Funding Capability and other Digital Transactions News briefs
July 11, 2017

• Payments provider North American Bancard Holdings LLC said it completed its acquisition of Total Merchant Services Inc. The combined company now processes nearly $50 billion in payments annually.

• FitPay Inc., a provider of payment-authentication technology, said it will offer prepaid capability on contactless-enabled wearable devices through a FitPay prepaid Mastercard. The program will allow consumers to store funds directly on their device. The issuer of the prepaid Mastercard is Sunrise Banks N.A. The program manager is Cascade Financial Technology Corp. FitPay is a unit of NXT-ID Inc., a provider of technology for the Internet of Things.

• Consumer revolving credit shot up in May at an 8.7% annualized rate, seasonally adjusted, the Federal Reserve reported. Revolving credit outstandings of $1.02 trillion are up 6.1% from May 2016.

• Avanti Markets Inc., which provides snack-dispensing kiosks for employee break rooms, said it discovered on July 4 that malware was placed on some of its kiosks; in addition to possibly capturing credit card data, Avanti originally said the malware may have captured customers' biometric data if they used a kiosk's fingerprint reader. The company later said the fingerprint readers use point-to-point encryption and that biometric data were not compromised.

• Compliance services provider Conformance Technologies LLC said payments provider Pivotal Payments Inc. will use the company's services.

• Cross-border payments platform Transpay appointed Peter Shore as general manager and Kevin Gallagher as senior vice president for global sales. Shore is a former executive with Expedia. Gallagher formerly worked for Chase Paymentech, 2Checkout.com, and Merchant e-Solutions.

• Former Google engineer Kevin Greer has joined real-time payments platform nanopay Corp. as vice president of engineering. Nanopay operates the MintChip digital currency.

• Peter Fredell has left his position as chief executive of Stockholm-based mobile point-of-sale vendor Seamless Distribution AB and has been replaced by Tomas Jalling, who has been head of legal at Seamless since December 2012. Seamless, whose mobile-payment platform is called Seqr, processes more than 5.3 billion transactions annually through 675,000 merchant locations in 35 countries.

• Rego Payment Architectures Inc., which offers a parent-controlled, child-oriented e-commerce payment service called Oink, has appointed former eBay and PayPal executive David Knight as chief operating officer and president.

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