Welcome to our recap of the top 5 fintech news from this second week of october 2024.
We’ll cover the most exciting developments in financial technology, from groundbreaking innovations and major partnerships to regulatory updates and market trends. Stay tuned to catch up on the latest advancements shaping the future of finance with Financial Technology Insights.
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News Headlines:
- Adyen Pioneers In-Person Payments with New Industry-Defining Products
- ABBYY is Relocating its Global Headquarters from California to Austin
- BitRail has joined an elite group of companies processing money in all 50 states and D.C.
- MoneyGram Provides Update on Cybersecurity Issue
- Global Holiday Spending Projected to Grow 16% in 2024, With BNPL Surging
Adyen Pioneers In-Person Payments with New Industry-Defining Products
As the demand for contactless payments continues to soar, the introduction of Tap to Pay technology offers a game-changing opportunity for businesses of all sizes. Adyen was the first to introduce Tap to Pay solutions on a global scale and it is now expanding its Tap To Pay on Android capabilities into Europe, the UAE, Hong Kong, Malaysia, Australia and New Zealand. Adyen’s Tap to Pay on Android solution transforms any NFC-enabled Android device into a secure payment terminal, eliminating the need for traditional POS hardware. This reduces upfront costs for merchants and offers greater flexibility in accepting payments whether in-store, at pop-up events, or on-the-go. As a leader in the industry, Adyen is also one of the first to offer both a comprehensive SDK and a payments app, balancing robust control with ease of integration.
ABBYY is Relocating its Global Headquarters from California to Austin
The headquarters relocation comes at a pivotal moment for ABBYY, as the company continues to invest in the future of AI, bringing in new leaders and refining its product and customer operations. Hopeful Owitti joins us as Vice President of Customer Experience, bringing expertise from leading customer care at OutSystems.
Read more here: AI Giant ABBYY Makes a Power Move: Global Headquarters Shift and Leadership Shakeup
Nick Hyatt, formerly of Ionic, will also join as Vice President of Engineering, to strengthen ABBYY’s engineering and development efforts. To maximize operational efficiency and compliance amidst the transformation and rapid growth, ABBYY has appointed Roman Kilun to Chief Compliance Officer. Kilun will report directly to Persson and will be responsible for ensuring that ABBYY maintains a comprehensive and rigorous compliance program across global operations. Looking to the future, ABBYY is excited to continue its transformation and invites partners and clients to join them at ABBYY Ascend, a digital event on October 30, where leadership will reveal the latest AI advancements and share more about the company’s forward-looking plans to shape the future of intelligent automation.
BitRail has joined an elite group of companies processing money in all 50 states and D.C.
Money transmitters have become a modern necessity. As consumers increasingly rely on online platforms to pay for everything from grocery orders to clothing, digital-wallet and peer-to-peer money transfer applications have seen a surge in users. But operating a money transmitter business requires compliance with federal, state, and local regulations. Most states have not adopted a uniform definition of money transmission, and so this can vary from state to state. The process to secure these MTLs and ensure ongoing compliance is expensive and time consuming. BitRail can now work with merchants in all 50 states and DC to launch and manage their own branded payments. These payments can save merchants up to 3% per transaction, drive loyalty and improve branding.
MoneyGram Provides Update on Cybersecurity Issue
The types of impacted information varied by affected consumer and included names, contact information (such as phone numbers, email and postal addresses), dates of birth, national identification numbers, a limited number of Social Security numbers, copies of government-issued identification documents (such as driver’s licenses), other identification documents (such as utility bills), bank account numbers, MoneyGram Plus Rewards numbers, transaction information (such as dates and amounts of transactions) and, for a limited number of consumers, criminal investigation information (such as fraud). The Company’s website notice and FAQs for affected consumers provide recommendations regarding steps those consumers can take to help protect their data. These can be found at www.moneygram.com. The Company has also set up a dedicated call center, which is open Monday through Friday between 8 am and 8 pm CT and is available in English and Spanish. MoneyGram regrets any concern this issue may cause its consumers and takes its obligation to safeguard personal information very seriously. The Company will continue to work hard to support consumers and deliver the services they expect from MoneyGram.
Global Holiday Spending Projected to Grow 16% in 2024, With BNPL Surging
ACI’s Unwrapping Checkout Trends report anticipates a 16% increase in global eCommerce transaction value during the 2024 holiday season, with the travel sector leading the growth. Synthetic identity fraud is the top threat this holiday season, with average transaction value at nine times more than other common types of payments fraud. Sales transaction volume is expected to increase 6% across all Cyber Weekends. Global holiday spending is expected to rise 16% in value from October through December 2024 compared to the same period last year, according to analysis by ACI Worldwide, an original innovator in global payments technology. ACI’s annual Unwrapping Checkout Trends report provides merchants and acquirers with essential insights on payment trends, spending and fraud predictions, and actionable ways to maximize secure and authentic conversions.
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Thank you for joining us for this recap of the top 5 fintech news from this week. We hope you found these updates insightful and exciting. Stay tuned for more news and developments in the fintech world. Keep innovating and exploring the future of finance with us. Until next time, stay informed and stay ahead in the fintech space. We will be covering more such updates on Financial Technology Insights.
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