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.MAC UPDATES
Level Up - Are you registered?
Have you registered for MAC’s premier industry event, focusing on collaboration and building connections? Level Up 21, scheduled virtually for July 27-28, sets sail soon. Join us for this industry event with over 20 educational sessions focusing on strengthening your skillset to combat fraud and improve your planning efforts in this post-pandemic world.
Our agenda also features dedicated networking time, virtual partner experiences, interactive chats, and something special to close out Day One.
MAC members receive discounted pricing of $199.
Register today.
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MAC Monitor Returns
The MAC Monitor has long been an occasional publication of MAC. Normally produced a few times a year, it provides articles of interest to members on a range of current topics. With our new website, we are now ready to relaunch the MAC Monitor. We are looking for volunteers interested in developing short pieces (1-3 pages in length) on topics of interest to MAC members. The articles should be noncommercial in nature, however, we can allow for links to white papers or studies conducted by partner organizations.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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.INDUSTRY NEWS
COVID-19 puts payments into focus for retailers
Forbes
Merchants that have prioritized payments within their business have been best positioned during the pandemic. More than half (55%) of merchants that said payments are a highly strategic areas of focus within their business noted that COVID-19 was having a positive effect on sales, according to a March 2021 survey of more than 250 commerce and payments technology decision-makers conducted by 451 Research, part of S&P Global Market Intelligence. For those that said payments are either somewhat or not at all strategic, just 25% said the same.
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Why the payments industry should use AI to improve OpEx and customer experience
PaymentsJournal
Through digital transformation, payments companies have dramatically accelerated the speed of online transactions. With this positive evolution, however, comes inevitable challenges. For instance, the data volumes payments companies need to process are rapidly and continually expanding, which complicates ensuring smooth operations for customers and users — not to mention satisfying compliance requirements with various regulatory bodies. Increasing the number of employees on Operations and Finance teams can help mitigate payments failures and optimize payments behavior, however the exaggerated overhead can quickly become untenable.
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FIs close real-time payments 'gap' with new use cases
PYMNTS
For real-time payments to truly become ubiquitous across the globe, it’s time for financial institutions to close the gap that exists, where a significant number of accounts simply are not connected to the necessary infrastructure.
Ginny Chappell, senior vice president, digital payments at FIS, told PYMNTS’ Karen Webster that as many as 40 percent of larger accounts at big banks have yet to become enabled to send or receive real-time payments.
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8 fintech trends changing banking forever
The Financial Brand
The banking ecosystem continues to evolve, with several emerging themes that will play significant roles in the transformation of both new and traditional financial services businesses. These trends should provide the foundation for strategic planning and for the prioritizing of investments in the near term.
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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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Gaming is in hyper-growth, and with it, fraud
The Paypers
Since early 2006, the gaming industry has seen explosive growth and fraudsters have come along for the ride. From ACI data, we see that 28% of all fraud attempts in gaming are from people with no previous recorded history over the last two years. This means that new gamers are 3 times more likely to attempt fraud than previous customers.
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Harnessing the power of local payments in social commerce
FinTech Magazine
A staggering 3.8 billion people use social media, around half the internet users worldwide. With these figures in mind, social media giants are eager to reach the digitally connected consumer and monetise their userbases. Gone are the days where social media was simply a place to see what friends were doing and give them a 'like.' With the likes of TikTok, Facebook and Instagram leading the charge, purchasing products online is now as easy as liking a friend's post. In fact, with over one in three global shoppers having made a purchase on social media in the past year — social media is rapidly becoming the new online marketplace of choice.
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CFOs move digital beyond the cosmetic changes of automation
PYMNTS
B2B payments digitization has been on the mind of finance chiefs for years, but it suddenly seems that adopting technology to automate invoice processing or B2B payments is no longer enough to satiate CFOs’ digitization appetites.
This mindset shift became dramatically clear in PYMNTS’ The Strategic Role of the CFO, a report that surveyed hundreds of finance leaders about how the pandemic has altered their accounts payable (AP), accounts receivable (AR) and B2B payments strategies. The majority agreed: Digitizing business payments is no longer solely about automation, but about a more impactful transformation of the organization.
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Four lessons for fintech (and all) boards
Forbes
The mythology of renegade founders building massively successful companies is unescapable. But of course nothing happens in a vacuum. What is oftentimes left out of the narrative, is who founders surround themselves with — their team, investors and partners.
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Promoted by LegitScript
LegitScript's all-new Knowledge Partner Webinar Series delivers four free one-hour courses on buy now pay later, domestic gambling, the state of payments risk and compliance, and conducting merchant ad reviews.
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Interview with the FBI on financial fraud and crime threats
The Paypers
As the marketplace and demand for digital financial services grow, various legitimate and illegitimate entrepreneurs and opportunists are entering this space. Many entrants may not be aware of the U.S. compliance requirements mandated by regulatory agencies, thus full compliance exists on a spectrum. The lack of robust compliance programs to combat money laundering has allowed criminal actors to further their activity.
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Google to buy Japan payments firm Pring
Reuters
Alphabet's Google (GOOGL.O) has agreed to buy payments business Pring from backers including fintech firm Metaps Inc (6172.T) as the U.S. tech giant pushes into Japan's rapidly growing market for cashless services.
The startup's three top shareholders — Metaps, software company Miroku Jyoho Service Co Ltd (9928.T) and Nippon Gas Co (8174.T) — announced on Tuesday they would sell their combined 87% holding in Pring to Google.
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PayPal Zettle comes to U.S., enabling in-person and omnichannel digital payments
Vending Market Watch
PayPal Holdings Inc. is bringing PayPal Zettle to the U.S. The digital point-of-sale solution, already in use in Europe, enables small businesses to seamlessly sell across in-person and online channels.
PayPal said the launch comes at a time when there has been a historic shift in consumer behavior toward digital and omnichannel commerce.
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Post-Brexit Britain dominates European fintech funding charts
Finextra
In the midst of a global pandemic, post-Brexit London has cemented its status as the fintech capital of Europe, according to new figures from industry body Innovate Finance.
The UK fintech sector raised a total of $5.7bn in H1 2021, reports Innovate Finance, outstripping the total investment secured in 2020 ($4.3bn) by 34% and breaking the record year set in 2019 ($4.6bn) by 26%.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
Select Choice
| The world is changing every day. Help your team stay ahead of the curve with people solutions from Select Choice. In our latest whitepaper, Making Moments Matter, you'll have access to leading research on staff and resource development. |
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SPACs slow as fintech IPOs step into listings spotlight
PYMNTS
It wasn’t all about China’s crackdown on companies listing overseas.
You’d be forgiven for thinking that the news surrounding initial public offerings (IPOs) and SPAC deal-making was dormant — overshadowed, perhaps, by the investigations into Didi and other companies that are based in China but listing their shares overseas.
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White House encourages CFPB to roll out bank data sharing rules
Finextra
President Joe Biden is encouraging the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.
The White House made the call as part of an executive order on promoting competition in the US economy, stating that "it is hard to switch banks partly because customers cannot easily take their financial transaction history data to a new bank".
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