Tuesday , July 7, 2020

Newtek Makes Developer Bet and other Digital Transactions News briefs from 11/21/19

  • Newtek Business Services Corp., a provider of loans, merchant processing, and other services for small businesses, acquired a 51% stake in POS on Cloud, developer of payments and business-management systems for restaurants, retailers, assisted-living providers, and parks and golf courses.
  • Fidelity National Information Services Inc. (FIS) said Eyefinity, a software developer for eyecare practitioners, will integrate Worldpay’s payment acceptance into its product. FIS bought Worldpay earlier this year.
  • In its “Lost in Transaction: The New Relationship for ISVs and Payments” report, Paysafe reported 87% of ISVs, or business-to-business software developers, said the number of payment options they offer has a direct impact on the volume of business they have. Eighty-eight percent said upgrading their payments capabilities is a priority.
  • ATM network owner Cardtronics plc reported Quebec-based convenience-store operator Alimentation Couche-Tard Inc. extended its long-term ATM placement agreement with Cardtronics in the continental United States. Couche-Tard is one of Cardtronics’ top five merchant customers, its C-store banners include Circle K, Corner Store, Flash Foods, and The Pantry.
  • Elliptic Enterprises Ltd., a provider of risk-management services for financial institutions and businesses using cryptocurrency, estimates XRP, the currency of the Ripple payment network, has been used for $400 million in illicit transactions. That amount represents less than 0.2% of total XRP transactions, Elliptic said.
  • R.R. Donnelley & Sons Inc., a technology provider to businesses for marketing and communications, said it will support Mastercard Inc.’s digital bill-pay service, Mastercard Bill Pay Exchange.
  • In Discover Financial Services’ annual Holiday Shopping Survey, 42% of consumers expect to use credit cards for most of their holiday shopping, compared to 38% in 2018 and 32% in 2017.
  • In the American Express Co. 2019 Digital Payments Survey, 77% of U.S. merchant respondents said their companies experienced some type of fraud and their efforts to manage security affect them financially. In fact, they estimate an average of 27% of their annual online sales are fraudulent.
  • Authentication-services provider Giact Systems released its “The Hidden Costs of Synthetic Identity Fraud” white paper.
  • ACI Worldwide Inc. joined the U.S. Faster Payments Council.
  • Cross-border payments firm Transpay, which is owned by Mastercard Inc., released its “Removing Friction from the Payments Flow: Deploying Local Bank Transfer as a Competitive Advantage” guide.
  • Wells Fargo & Co. said Ray Fischer, a former JPMorgan Chase & Co. executive, joins the bank to lead its Cards, Retail and Merchant Services unit. Wells also said Avid Modjtabai, senior executive vice president and head of its Payments, Virtual Solutions, and Innovation group, will retire in March after 26 years at the bank.

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