Visa – Nonbanks Find Consumer Favor and other Digital Transactions News briefs from 2/10/21 – Digital Transactions
- As consumers increasingly turn to fintechs rather than banks, money decisions and payments share are shifting away from traditional financial institutions, according to a study from data-analytics firm Fair Isaac Corp. (FICO). Some 34% of consumers have at least one account with, or conduct financial activity with, a nonbank provider, while nonbank payment products now account for $252 billion in volume annually, the study indicates.
- TransUnion LLC said losses to synthetic fraud dipped during the pandemic in 2020, with the outstanding balance for suspected synthetic accounts at $220.2 million in the 2020 third quarter, a 22.5% decrease from $284 million in the year-prior quarter. Synthetic fraud is when criminals create fictitious identities by piecing together real identity attributes and fake information with the intent of opening fraudulent accounts. Research firm Aite Group completed the study for TransUnion.
- Amsterdam-based payments gateway Adyen Inc. reported it processed 174.5 billion euros ($211.8 billion) in the second half of 2020, up 29% year-over-year. For the full year, the company processed 303.6 billion euros ($368.4 billion), up 27% over 2019. Among Adyen’s clients is the big e-commerce platform eBay Inc.
- NCR Corp., a provider of ATMs and point-of-sale technology, reported fourth-quarter revenue of $1.63 billion, down 14% year-over-year. ATM revenue dropped 36% to $221 million. NCR recently agreed to acquire ATM network operator Cardtronics plc.
- Web-site hosting giant GoDaddy Inc. closed on its acquisition of point-of-sale technology provider Poynt Inc. Poynt founder and chief executive Osama Bedier will run GoDaddy’s new Commerce Division and report to Aman Bhutani, GoDaddy’s chief executive. The deal, announced in December, values Poynt at $365 million, including $320 million upfront and $45 million in deferred payments over three years.
- Credit union service organization PSCU announced it will offer an installment payment service initially in a pilot, to be followed by broader availability.
- Cyber risk management provider Axio Global Inc. said it is making a free Ransomware Preparedness Assessment tool available to organizations.
- Property-management platform Yardi Systems Inc. said it will help distribute federal emergency rental assistance funds to households and landlords.
- Paya said it received Acumatica-Certified Application certification across all of Acumatica’s Cloud ERP editions. Acumatica is a business-management platform.
- Payments platform Spreedly said it is working with Visa Inc. to grow adoption of network tokenization in Latin America.
- Card-issuing platform Marqeta said Martha Cummings, who has held roles at Wells Fargo and the Federal Reserve, joined its board of directors.
Top management at FIS Inc. made it plain Tuesday morning that growth through further acquisitions …