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.MAC UPDATES
Join your industry peers at Tech Day(s)
Join the almost 200 industry leaders who have registered for Tech Day(s) and start connecting with solutions providers and industry peers. The schedule is packed with cutting-edge educational content and actionable takeaways; plus, we have added interactive networking roundtables and boardrooms to facilitate industry discussion.
Register today; time is running out!
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MAC's Webinar: 10 Merchant Red Flags to Spot Before Boarding
Join us for our next webinar on Thursday, Feb. 25.
In this practical webinar, we’ll highlight “problematic” through real-world case examples illustrating the telltale signs that you’re dealing with a potential bad actor or high-risk merchant.
Learning Objectives:
- Better identify high-risk and undesirable merchants before boarding
- Map your risk tolerance to underwriting rules, scoring, and decisioning policies
- Optimize your KYC data and processes for faster and more effective underwriting
- Understand how speed and automation affect KYC accuracy and effectiveness
- Enable boarding recommendations to identify “green flag” merchants for auto-approval
MAC Webinars earn ETA CPP Continuing Education (CE) Credits at one credit rate per 50 minutes of electronic transactions industry-related session time, including questions and answers.
Register by clicking here.
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Legitimate merchants and bad actors alike can adapt to anything, including a pandemic. Whether you have a conservative or risky merchant portfolio, understanding shifts in payments risk is core to your success. This year’s event is dedicated to the tools of modern risk management—web forensics, data science, and automation.
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.INDUSTRY NEWS
Contactless payment limit hike: Economic boost or fraud risk?
ICAEW
Cash makes up just 23% of transactions in the UK, according to UK Finance, and is now third by popularity behind debit cards and credit cards (in that order). Cards and contactless payments now account for more than half of all transactions conducted in the UK.
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Kenya is becoming a global hub of fintech innovation
Harvard Business Review
For over sixty years, the U.S. was the leading innovator of financial technology (or FinTech) in the world. Over the past decade, however, China has become the global leader: Powered by smartphones and social apps, China has used remote payments and the digitization of money management to build a steady vehicle of financial inclusion. But it may not be the leader for long. Recently, African countries such as Nigeria and Kenya have emerged as FinTech hotbeds, and are using inexpensive, accessible tech to mobilize consumers in ways never seen before. To stay competitive, U.S. banks and FinTech companies need to study the factors enabling these successes abroad — and figure out how they can keep pace.
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Finding flexibility and compliance in cannabis B2B payments
PYMNTS
As the B2B payments landscape continues to make headway on the digitization front, not all industries are able to benefit from the modernization push.
The legal U.S. cannabis market continues to struggle with a lack of access to traditional financial services, and even a surge in FinTech solutions cannot close the gap. As a result, cash and clunky wire transfers, riddled with manual paper-based processes, are now the norm in a quick-growing market where cannabis has been legalized at the state level.
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Forget bitcoin — fintech is the 'real COVID-19 story,' JPMorgan says
CNBC
Bitcoin is an “economic side show” and fintech innovation is the story that will dominate financial services, according to JPMorgan.
Analysts at the bank said that despite bitcoin’s monster rally, the cryptocurrency is still beset by a number of issues that may prevent it from becoming a mainstream asset.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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Major payment trends driving business growth in 2021
Times of Malta
As lockdowns were introduced around the world throughout 2020, the payments industry experienced a rapid increase in online transactions. Throughout the past year, we have seen the ecommerce industry grow at a very fast pace, in the process accelerating several significant payment trends that impact small businesses worldwide, including those in Malta.
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Top 3 fintech predictions for 2021
Finextra
2021 will be the year that tech acceleration finally transforms the City. Bespoke tech is no longer the priority or the attraction; we’ll begin to see the re-use of technology by financial institutions emerging. The trend in 2021 will be outsourcing to tech platforms that have been widely adopted, especially in areas like securities processing, financial messaging, and payments, which are critical but non-differentiating for a financial institution. For example, only half of the post-trade activities that could be outsourced has in fact been outsourced so far, but the pace is accelerating.
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Walmart announces 14 billion in investments to boost its ecommerce capabilities
The Paypers
Walmart has announced plans to invest USD 14 billion to become 'the primary destination for customers'.
According to Yahoo Finance, the company reported in its fourth-quarter announcement that it was going to spend USD 14 billion on enhancements, including in automation, supply chain, and other areas that might boost long-term sales.
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Vendor payment arrangements reveal battle between businesses
PYMNTS
When it comes to supplier payment terms, there is often a tug-of-war at play. On one side, corporate buyers are looking to lengthen their vendor payment timeframes as long as possible to be able to hold onto capital longer. On the other end are the suppliers, often smaller businesses with less leverage to convince their customer to pay more quickly.
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Promoted By LegitScript
In this upcoming LegitScript webinar on Wednesday, March 24th, learn the latest research on transaction laundering typologies, including the ways in which launderers hedge their risk and alter strategies over time.
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Payment Protection Program Fraud
KADN
Fraud investigations are on the rise across the country, PPP loans in particular as fradulent businesses are receiving large amounts of money.
Since the beginning of the pandemic loan scams have become a major issue. Chris Babin of the better business bureau says businesses are receiving phone calls saying they are eligible for grants or loans.
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Positive developments in retail earnings and faster payments
PYMNTS
Tanger Factory Outlet Centers has reported that its open-air shopping campuses nearly reached their pre-pandemic traffic levels in the last quarter. In international retail, surging Asian demand for leather bags, wallets and very high-end sneakers saw Hermès post a double-digit rise in sales for its most recent quarter. And in faster payments, request-for-payment features are helping firms and freelancers get paid on time and safeguard their cash flows. All this, Today in Data.
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Open Vector, Fiorano launch Open Finance Sandbox in Mexico
The Paypers
UK-based Open Banking and Open Finance specialist company Open Vector has launched its Open Finance sandbox platform for Mexico which will be powered by Fiorano, according to the official press release.
The sandbox platform’s goal is to promote financial inclusion and, above all, allow banks and participants of the Mexico-based financial system, including fintechs, to continue their efforts to implement the Open Finance initiative in Mexico.
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Promoted by
Sysnet Global Solutions
| Learn how acquirers and processors can reduce their reliance on PCI non-compliance fee revenue while setting the stage to deliver enhanced security capabilities that increase PCI compliance, reduce merchant churn, and dramatically enhance overall recurring revenue |
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Promoted by
MultiView
Nearly two decades ago we recognized that industry associations relied on offline communications in an increasingly online world. We also saw that businesses who sell to other businesses [B2B] were limited to just a few traditional tactics for reaching their niche groups.
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UAE government agency KIKLABB now accepts digital currency payments
CoinGeek
The United Arab Emirates government has taken a step towards digital currency payments, with one of its entities becoming the first to accept digital currency payments. KIKLABB, a Dubai-based license bureau, will allow citizens to pay for their visa and trade license fees in digital currencies.
KIKLABB has noted a rising interest in citizens interested in making payments via digital currencies stated CEO Tasawar Ulhaq.
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