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EFT and ACH: Unraveling the Mysteries of Modern Financial Transactions

FTB News Desk — Thu, 08 Aug 2024 13:00:55 +0000

Table of contents:
1. The Basics of EFT and ACH
2. EFT vs. ACH: The Key Differences
3. The Role of EFT and ACH in Modern Finance
4. Innovations and Trends
5. Wrapping Up

In the world of finance, two acronyms have emerged as central players in the realm of electronic transactions: These two types of transfers are very popular namely, EFT (Electronic Funds Transfer) and ACH (Automated Clearing House). They are frequently used in talks and negotiations of funds, but their details may not be clear even to the expert. Let’s alleviate confusion surrounding EFT and ACH, their functions, the distinctions between them, and the effects they have on contemporary financial systems. Well, get ready for the lowdown on these staples of balanced financial statements.

1. The Basics of EFT and ACH
In its simplest assurance, Electronic Funds Transfer can be explained as an all-encompassing term that covers any settlement of funds through electronic transferring from one account to the other. No matter you make EFT by sitting in the comfort of your home and using your computer to bank or using your ATM card or mobile to make wire transfers, you are using EFT. In effect, EFT can be said to be the larger ‘bubble’ beneath which such subcategories of payment solutions as mobile payments and electronic checks can be located.

Specifically, ACH is considered a subheading of EFT. ACH is a processing system that deals with mass payments and collections, for example salaries and bills, in one go or in a batch. ACH credit transactions occur in batches; this is often a major advantage, especially where businesses are involved in processing a large number of transactions at one instance.

2. EFT vs. ACH: The Key Differences

Processing Speed: A major difference between EFT and ACH lies in the fact that the latter is processed much faster as compared to the former. EFT transactions with emphasis on wire transfers are normally conveyed in real time or almost real time. ACH transactions, on the other hand, are batch processed, and the funds can take 1-2 days to clear. This is something that is very essential for businesses that, for instance, need to make some quick transfers of funds
Transaction Volume and Frequency: It is similar to wire transfers, while EFT transactions are used for large or rush payments. ACHE, on the other hand, is good for back-to-back transactions or large volumes of smaller payments. For instance, the monthly subscription payments, which you make, or employee salaries probably through ACH.
Cost Implications: In most cases, EFT transactions, particularly wire transfers, are more costly as compared to ACH transactions. ACH is cheaper when the transactions are frequent and are of a repetitive nature, thus why companies prefer it for payroll and suppliers’ payments.
Security and Fraud Prevention: EFT and ACH are equally secure despite the fact that each approaches the issue of fraud in a distinct manner. Due to the real-time aspect of the EFT transactions, security measures to counter fraud are usually integrated into these transactions. ACH transactions are equally as safe but contain extra measures of confirmation because of the batch processing nature of the transactions. To safeguard the credibility of these transactions, institutions use the fraud detection systems.

3. The Role of EFT and ACH in Modern Finance
Businesses today make extensive use of both EFT and ACH to simplify things and raise productivity in the financial market. EFTs clearly have a real-time feature, which makes them very useful for high-value or time-sensitive transactions. EFT is applied in businesses and other entities for fast transfer means by which funds are transferred in the shortest time between accounts or institutions.

ACH is the gross volume and cost-effective clearing house that applies to the routine functional base of money transactions. It deals with the convenience in making subscriptions, rent, electricity bills, and other bills where pre-determination is possible on use of some method in relation to financial management.

4. Innovations and Trends
Like any other sector, EFT and ACH transactions also have changed in view of the development of technology in today’s world. New developments affecting this area are seen in the emergence of RTP as a subcategory of the EFT, which takes the practice to the next level through the provision of near-instantaneous processing. In terms of practicality, RTP can complete a fund transfer in real time, thus presenting competition to the time-consuming methods of both EFT and ACH.

Within ACH there is Same Day ACH, which has caused a shift in the time taken to process ACH transactions from days to hours. It makes available more flexibility in the business and usage of funds by the consumers as well as to access the funds quicker.

5. Wrapping Up
All in all, despite the fact that EFT and ACH may sound like acronyms used in technical languages, it is essential to comprehend their significance as well as the distinction between these two in the context of financial operations. Rather, EFT has real-time features, while ACH has batch processing, which is well suited and collectively helps in creating a highly efficient and flexible financial environment.

For any business looking to make payments at a cheaper price or a layman curious to know how his transactions work, it is pertinent to know more about EFT and ACH. In this case, one needs to follow the trends and innovations in the sphere of payments to remain updated about these types of transactions and to perform the financial activities quickly and safely.

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Ibanera and DMALINK to Equip Tech Companies for Global Success

PRNewswire — Mon, 01 Jul 2024 14:49:42 +0000

DMALINK, a leading data-driven Electronic Communication Network (ECN) specializing in institutional foreign exchange (FX) trading, and Ibanera, a distinguished global financial infrastructure provider, announced a strategic partnership to tackle the unique financial challenges faced by technology companies.

This collaboration combines DMALINK’s renowned FX trading capabilities with Ibanera’s robust cross-border payment solutions. The joint offering is tailored to meet the needs of tech firms, providing them with a comprehensive financial toolkit to navigate the international market effectively.

“We are excited to partner with Ibanera to address the specific financial needs of high-growth technology companies,” said Manu Choudhary, CEO of DMALINK. “By integrating our FX expertise with Ibanera’s superior cross-border payment solutions, we aim to empower tech startups to thrive in the global market.”

Ibanera specializes in the financial and wealth management needs of technology businesses and entrepreneurs, offering a wide range of financial services across multiple continents. Licensed in the United States, Canada, Europe, and Singapore, Ibanera provides a global platform for entrepreneurs to manage local banking services with international reach. By leveraging Ibanera’s extensive cross-border payment network, DMALINK can now deliver cost-effective and efficient FX solutions to fast-growing tech companies for their international transactions.

Michael Carbonara, CEO of Ibanera, expressed his enthusiasm, stating, “Our partnership with DMALINK focuses on delivering customized financial solutions that simplify payments and support our clients’ digital growth. By leveraging our combined offerings, we can equip tech startups with essential tools for seamless global expansion.”

DMALINK’s sophisticated FX trading platform perfectly complements Ibanera’s cross-border payment expertise. This partnership creates a holistic solution for tech firms, facilitating smooth cross-border transactions and efficient FX trading, allowing them to concentrate on core business growth while navigating the global market.

This alliance represents more than just a combination of services; it signifies a shared commitment to digital innovation and market disruption. DMALINK’s state-of-the-art execution platform will be introduced to Ibanera’s clientele, enhancing transparency, efficiency, and accessibility in electronic FX trading.

Additionally, DMALINK and Ibanera are collaboratively developing new products and services tailored to the evolving needs of tech firms. This shared vision includes the realm of digital assets, ensuring clients have access to cutting-edge solutions that keep pace with the dynamic financial landscape. Together, we aim to create more open, transparent, and accessible financial markets for all participants.

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Sumsub Joins Mastercard Engage for User Verification

PRNewswire — Wed, 05 Jun 2024 17:00:15 +0000

Sumsub, a global full-cycle verification platform, has joined the Mastercard Engage Partner Program as a technological partner focused on Digital First solutions. Sumsub will provide its full suite of verification and anti-fraud solutions to secure customers’ onboarding and ongoing compliance journey.

Sumsub will expedite customer onboarding processes, mitigate fraud risks and foster trust, ultimately driving growth by enhancing the digital experience for end-users. The Engage Program makes it simple for partners to build, launch and grow payment solutions for Mastercard’s global network of customers and accelerate time to market for product innovation while enabling seamless payment experiences.

Sumsub will offer its Know-Your-Customer (KYC) products to Mastercard customers implementing Digital First solutions. These solutions will ensure quick, secure and compliant onboarding experiences with the capabilities to track and monitor the subsequent user journey, mitigating illicit activity during sign-up and up until transaction completion.

According to Statista, payment fraud led to 1.59 USD billion-dollar losses in the US alone in 2022. As fraud continues to rise, there is an urgent need for reliable transaction monitoring and payment screening tools. Sumsub’s platform integrates features such as chargeback prevention and fraud detection, enabling companies to effectively mitigate risks associated with fraudulent activities and unauthorised transactions.

“We are thrilled to be joining the Mastercard Engage Partner Program. It is essential for companies – particularly businesses responsible for high transaction volumes – to provide their partners with the tools needed to protect themselves and their customers, and enhance user experiences. They require continuous fraud prevention measures that extend beyond just the user onboarding phase,” says Martin ten Houten, VP of Business Development, Europe at Sumsub. “This reaffirms our commitment to simplifying and facilitating the verification process for fintech businesses, while ensuring the highest level of compliance due to our comprehensive solutions.”

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How Mobile Phones Will Revolutionize Payments Beyond 2024

FTB News Desk — Thu, 23 May 2024 13:00:28 +0000

Table of Contents
1. Ubiquity and Convenience
2. Mobile Wallets and Digital Payments
3. Contactless Payments and Beyond
4. Blockchain and Cryptocurrencies
5. Financial Inclusion
6. The Role of AI and Machine Learning
7. Regulatory and Security Challenges
Conclusion

Mobile phone technology has evolved in the last one decade from mere communication devices to portable and personal assets that handle everyday tasks including the financial. As we transform into a new year and move past 2024, the general picture concerning payments cannot be viewed independently of the evolving mobile devices. Take a look at this article to learn more about how the mobile phone is making payments in the future and what is to come.

1. Ubiquity and Convenience

We cannot over emphasize the extent of the use of these gadgets, where mobile phones are now in almost every nook and cranny of the known world. With over 6.8 billion people using smart-phones around the globe as per 2023 statistics, scaling mobile penetration to a touching 85% of the globe. For this reason, payment solutions are well-suited to mobile phones given their massively adopted usage today. The idea of carrying money around on the go is a reality that is changing how people pay for things. People no longer own those bulky wallets in their pockets or that set of cards in their hand; we now use phones as wallets.

2. Mobile Wallets and Digital Payments

Technology such as NFC enabled mobile wallets like Apple Pay, Google Wallet, Samsung Pay etc are already in practice. According to the report of Statista, the mobile-wallets will surpass 1.5 billion users globally in 2024: According to IBIS World, the internet industry continues to grow and expand its population, reaching 5 billion users around the world by the end of the year 2024. These are electronic money that is processed and transferred for payment from a customer’s mobile device via touch or scan. Past this year, we anticipate even tighter integration of these wallets with other digital platforms to improve user experience and enable smooth transactions when transacting online.

3. Contactless Payments and Beyond

The arrival of COVID-19 helped in speeding up the uptake of contactless payments. With the emergence of the COVID-19 virus, people wanted to make payments that they could make with minimal contact, making the usage of the contactless payments more popular. According to Mastercard, more than half of customers are turning to contactless payments with 79% being in use currently. With NFC and the RFID technology set to advance, the transaction capabilities presented here are expected to become faster and more secure.

However, contactless is just the starting point. This means that biometric payments and other modes of transactions such as payments via fingerprints, facial recognition or even scans on the retina of the eye are soon to be in the market. This is already a reality with companies like Apple with their Face ID and fingerprint sensors for payments.

4. Blockchain and Cryptocurrencies

Another segment that is promising and can see fast growth is the use of blockchain technologies and cryptocurrencies in the context of mobile payments. Well established businesses such as PayPal have gone a step further and added the ability to purchase and sell digital currencies such as Bitcoin and Ethereum directly on their mobile application. After the year 2024, there could be even more widespread adoption of Cryptocurrencies for purposes of various transactions due to increased trust and regulation. Subsequently, mobile applications are likely to integrate multiple currencies’ wallet services such that customers can transact in both fiat and crypto.

5. Financial Inclusion

Mobile payments’ greatest advantages are what makes them a great way of increasing access to finance. While in many places physical banking structure is in its development stage, mobile phones are bringing about undue accessibility in personal finance. According to the World Bank, 1.7 billion adults worldwide remain unbanked, yet two-thirds of them own a mobile phone. Mobile money services like M-Pesa in Kenya have already transformed the financial landscape for millions, offering basic banking services through mobile phones. As mobile technology advances, we can expect more innovative solutions tailored to underserved populations, helping bridge the financial inclusion gap.

6. The Role of AI and Machine Learning

Mobile payments have widely been considered to be integral functions for the future of mobile commerce, where artificial intelligence and machine learning will assume active roles. These technologies can be used in security where fraud detection algorithms facilitate the detection of risky transactions in real time, convenience where spending or withdrawal patterns are predicted for the user, and advice where customers are provided with tailor made recommendations to manage their spending. AI-driven chatbots have slowly been installed in mobile banking applications to help the customers with the basics of balance, credit card, and much more. Over the time as these technologies advance, their ability to fully integrate with mobile payments is set to advance, offering improved financial services.

7. Regulatory and Security Challenges

However, there is still a long way ahead for the evolution of the mobile payment system that will not be bereft of some pitfall. Some of the key challenges that are bound to be faced will include: Regulatory issues and security remains another critical factor that will have to be worked on in order to increase adoption among consumers. Regulators are likely to have to tread carefully in an attempt to support the fintech industry to grow and become more efficient, effective and innovative while at the same time also ensuring that consumers are not taken advantage of. However, the continual improvement of terminology that is used in the encryption balance, tokenization process, and biometric controls will play an important role in preventing fraud and cyber risks.

Conclusion

The concept of mobile payments is regarded as the future due to the harmonious integration of technology, consumer flexibility, and development of financial instruments. Beyond the year 2024, expect mobile phones to alter the way people pay for products and services, further enhancing the speed, security, and the manner in which payments are conducted. The scope is immense, and the exploration has been initiated merely. This is a call for change because the future of payments lies in your hand.

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REPAY Recognized as WEX Partner of the Year

BusinessWire — Wed, 22 May 2024 16:30:14 +0000

Repay Holdings Corporation, a leading provider of vertically-integrated payment solutions, announced it has been awarded Partner of the Year and inducted into the WEX Circle of Excellence at the WEX 2023 Community Awards. Chosen from an impressive pool of WEX technology partners, REPAY has been recognized as a best-in-class fintech partner in the corporate, embedded, and API-facilitated business-to-business (B2B) payments category. This is a result of REPAY’s innovative approach to the payment experience and ongoing collaboration with WEX to provide next-generation payment technology that accommodates the modern demands and rapidly changing landscape of B2B vendor payments.

REPAY partners with WEX to provide virtual card issuance and processing support for REPAY’s automated vendor payment platform, providing simplicity and efficiency to AP processes. One of the main threats to the payment industry today is payment fraud, and REPAY prides itself on making enterprise clients feel secure in their integrated payment solution. With WEX as their primary issuer of virtual card services, REPAY clients benefit from the added security provided by virtual cards, including one-time use and customizable amount and approval limits.

“We are honored by the distinction of WEX’s Partner of the Year Award for Corporate Payments and our induction to their Circle of Excellence. This reaffirms our dedication to top-notch payment solutions and showcases the strength of our partnership with WEX,” said Darin Horrocks, EVP, Business Payments, REPAY. “Together with WEX, we are committed to delivering secure, integrated vendor payment solutions that mitigate fraud threats and drive growth for our clients.”

“WEX is proud to collaborate with REPAY, as we share the same commitment to simplifying business management operations with secure, cutting-edge technology,” said Robert Deshaies, WEX’s Chief Operating Officer, Americas. “Together, we empower businesses with innovative solutions, ensuring they navigate today’s complex landscape with confidence and ease.”

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Green Dot appoints Renata Caine to Lead Banking as a Service

BusinessWire — Tue, 16 Apr 2024 14:30:45 +0000

Green Dot Corporation, a digital bank and fintech powering consumers and businesses with seamless banking and payment solutions, announced the appointment of Renata Caine as General Manager of Banking as a Service (BaaS). Caine will oversee the company’s BaaS business with a focus on building and supporting embedded finance that fuels retention, engagement and growth for Green Dot’s growing list of world-class BaaS partners.

“Renata is an impressive leader whose deep experience driving strategy and growth for global businesses will support our evolution as a market-leading single-source embedded finance platform,” said George Gresham, Chief Executive Officer, Green Dot Corporation. “We are thrilled to welcome Renata to the team as we continue serving and growing our current partners, building our pipeline and establishing a strong foundation that enables scalable growth for our embedded finance business.”

Caine is a payments leader with 17 years of experience building businesses and teams across the globe, most recently as a consulting advisor for Point72 Ventures supporting specific investment activities through diligence, value creation and go-to-market planning. She has also held leadership roles at Justt, where she led all global commercial aspects of the Tel Aviv-based chargebacks startup as Chief Commercial Officer, and Marqeta, where she spent over four years – most recently as SVP of International, Strategy and Planning – managing the company’s rapidly scaling business operations and guiding its transformation into a global enterprise, including the company’s 2021 initial public offering. Prior to that, she spent nearly 12 years at WEX, primarily in the organization’s Commercial Payments division.

“Green Dot is uniquely positioned to make its mark as a leading BaaS and embedded finance provider given its unique assets and powerful platform and tools designed to help current and future partners achieve scale and innovation,” said Caine. “I look forward to helping Green Dot navigate the ever-evolving fintech landscape and to establishing the company as the market-leading single-source platform businesses rely on for embedded finance tools and services.”

Green Dot’s embedded finance platform provides partners all the building blocks necessary to develop and support seamless, secure and value-driven embedded financial services, including:

Bank licensing through Green Dot’s FDIC-insured bank charter;
Operations including risk, fraud prevention, compliance and customer support;
Technology including configurable APIs, cloud-based core banking and processing; and
User interface including design and overall user experience development and support.

Caine will lead the team responsible for managing and supporting Green Dot’s BaaS partners, enabling companies to drive more meaningful value, engagement and loyalty with their customers and employees through seamless, secure and value-driven financial tools and services. With more than a decade of experience building and supporting embedded finance solutions for partners, Green Dot has served as the BaaS partner to some of the world’s largest and most trusted brands in industries spanning technology, retail, ecommerce, investing, small business and many others.

Following the completion of a comprehensive, multi-year processor conversion centered on building a more efficient, nimble and powerful platform company, Green Dot is now focused on continued stabilization and growth, and has recently added several new brands (including Dayforce, Stockpile and Credibly) to its growing list of BaaS partners.

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AvidXchange announces Board Additions and Transitions

GlobeNewswire — Wed, 27 Mar 2024 16:00:31 +0000

AvidXchange Holdings, Inc., a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced the appointment of two new Board members – Oni Chukwu and Arthur J. (“A.J.”) Rubado. Mr. Chukwu was elected by the Board to serve as a Class I director of the Company effective upon the resignation of Ms. Murdock. Mr. Rubado was elected by the Board to serve as Class III director of the Company effective upon the resignation of Mr. Harris. Messrs. Chukwu’s and Rubado’s terms will expire at the annual meeting of the Company’s stockholders to be held in 2025 and 2024, respectively. The appointments maintain the number of directors at nine, eight of whom are independent.

Both Messrs. Rubado and Chukwu bring decades of combined strategic, operational and financial expertise spanning both public and private-equity owned software and payments companies at various stages of their corporate lifecycles.

“I am thrilled to have Oni and AJ join our Board of Directors. Given their diverse backgrounds and skill-sets in building companies at-scale within the tech and payments landscape, as well as other industries both domestically and internationally, they bring the right industry, strategy and leadership perspectives as we scale the business to be a $1 billion company, our next big milestone of growth and a target we set out during our 2023 Investor Day,” stated Michael S. Praeger, Chairman and Chief Executive of AvidXchange Holdings.

Among his decades of experience in leadership roles as director, chief executive officer and finance leader across companies and industries, Mr. Chukwu currently serves on the board of directors of Invatron Systems Corp. (a Tailwind Capital company) since July 2020, Opus Agency (an ABRY Partners company) since January 2021, and Pole Star Space Applications Limited since April 2021. Previously, Mr. Chukwu served as Chair of the board of directors of Exago Inc. from 2016 until its sale to Insight Software in October 2021 and also served on the board of directors of Paya (formerly traded on the NASDAQ as “PAYA”) from April 2021 through June 2023. From 2013 to 2020, Mr. Chukwu was the Chief Executive Officer of Aventri, a cloud-based enterprise Event Management Software. Mr. Chukwu was an Executive Vice President and the Chief Financial Officer of Triple Point Technology, an enterprise software company, from 2006 to 2013. In addition, Mr. Chukwu served as the Chief Financial Officer of Healthcare Software Synergies before it was acquired by United Healthcare, and at LexBridge Corporation, before it was acquired by PKS. Mr. Chukwu attended the University of New Haven, where he earned an MBA and received an honorary Ph.D. in Business Administration.

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PayToMe.co elevates fintech ecosystem as Official Plaid Partner

PRNewswire — Mon, 11 Mar 2024 17:00:56 +0000

In a groundbreaking move set to redefine the fintech landscape, PayToMe.co, an international award-winning Digital Payment Platform and strategic partner of NASDAQ-listed AppTech Payments Corp., proudly announces its strategic partnership with Plaid, the world’s leading financial data network. This alliance is poised to revolutionize the way businesses across the globe, particularly within the e-commerce, travel, and hospitality sectors, engage with financial data services, marking a new era of secure, seamless, and innovative financial solutions.

Leveraging the impactful alliances Plaid formed with industry giants like Okta, Fiserv, Treasury Prime, and Riskified, PayToMe.co now offer unprecedented access to Plaid’s sophisticated financial data sharing technology. Elevated into Plaid’s prestigious Partner Directory as a Platform Partner and Reseller Partner, PayToMe.co is sparking a new era of fintech solutions for international markets. Uniquely, PayToMe.co broadens its service portfolio, merging its proprietary solutions with Plaid’s celebrated financial data sharing capabilities, to deliver a comprehensive dual-platform service to its clientele.

Mike, CEO of PayToMe.co, articulates the transformative potential of this collaboration: “Joining forces with Plaid doesn’t just elevate PayToMe.co; it catapults our clients into the next frontier of financial technology. We are now equipped to unlock a universe of possibilities for businesses worldwide, fostering growth, enhancing operational efficiency, and creating frictionless financial experiences. This partnership is more than an alliance; it’s a launchpad for global fintech innovation.”

The dual-platform service, integrating Plaid’s capabilities with PayToMe.co’s platform, underscores a joint dedication to creating secure and accessible financial ecosystems. This offering allows businesses to harness PayToMe.co’s innovative digital payment solutions alongside real-time financial data from Plaid. It streamlines payment processes and bolsters customer trust, all while maintaining the utmost standards of security and compliance.

As PayToMe.co prepares to roll out new features and capabilities powered by this partnership, we stand at the cusp of delivering a suite of fintech solutions that promise not just to meet but exceed the demands of the digital economy. This partnership is a testament to our vision of creating a world where financial services are seamlessly integrated, universally accessible, and inherently secure.

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Virgin Atlantic implement Payment Orchestration with CellPoint Digital

PRNewswire — Thu, 18 Jan 2024 16:30:53 +0000

In a significant step towards enhancing the customer experience, Virgin Atlantic Airlines and its affiliated tour operator, Virgin Atlantic Holidays, have teamed up with the leading payment solutions provider for the airline industry and a pioneer in Payment Orchestration, CellPoint Digital. The full implementation of CellPoint Digital’s Payment Orchestration Platform promises seamless and secure payment transactions for travellers and aims to set new benchmarks for efficiency and customer satisfaction in the airline industry’s payment landscape.

By partnering with CellPoint Digital, Virgin Atlantic will see reduced transaction costs by leveraging intelligent routing capabilities, gain more control over their payment processes and acquirer relationships, and centralise the management of their entire payment ecosystem through a single unified platform.

“Virgin Atlantic are high-performing, global enterprises with a reputation for innovation – ideal candidates for Payment Orchestration,” said Kristian Gjerding, CellPoint Digital’s Chief Executive Officer. “With this solution in place, we can expect to drive significant cost reductions, improved conversion rates and eventually the swift and seamless introduction of new payment methods.”

Before implementing CellPoint Digital’s Payment Orchestration solution, one of Virgin Atlantic’s key challenges was managing an expanding array of individual acquirers and payment method providers in different markets, each with its own implementation process and cost structure. The airline also lacked a way to view its entire payment ecosystem’s performance at one time, making it challenging to execute optimal payment combinations that would yield the best financial results.

Payment Orchestration solves these challenges by providing a single platform that reduces complexity and gives Virgin Atlantic more control and visibility into its payment processes. CellPoint Digital’s Payment Orchestration platform also allows the airline to dynamically route its transactions to its preferred acquirers, quickly add new acquirers and streamline its cross-border payments, all of which help to mitigate costs and diversify risk. The Velocity platform also offers the ability to roll out more payment options to passengers and travellers, creating a more positive booking experience, minimising abandoned transactions and growing revenue.

“CellPoint Digital has enabled us to transform our business,” says Yasin Demir, Head of Distribution & Payments at Virgin Atlantic. “Now that we have been able to use multiple acquirers at one time, we have been able to diversify our risk, reduce cost, and optimise our payments strategy.”

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The ai Corporation appoints Piers Horak as Chief Executive Officer

The ai Corporation — Tue, 16 Jan 2024 11:54:31 +0000

The ai Corporation (ai), the leading provider of payments and fraud management technology, announced the appointment of former Chief Commercial Officer Piers Horak as its new Chief Executive Officer. Horak brings over 15 years of extensive expertise in enterprise retail payments, banking, and fraud prevention. Over the past five years, Horak has spearheaded ai’s commercial business operations, showcasing remarkable leadership. In his new role, Horak will be responsible for building on ai’s track record of developing innovative technology that allows its clients and their customers to take control and grow profitably by managing omnichannel payments and stopping fraud.

Piers Horak, ai’s new Chief Executive Officer, says: “I am incredibly excited to lead ai further into the rapidly advancing world of fuel and mobility payments. As technology advances and the payments value chain continues to converge in line with customer demand, ai is perfectly positioned to take advantage of the evolution of payment digitations by leveraging our cloud-based, industry-wide payments platform to ensure our customers are primed to seize market opportunity.”

ai’s issuer payment solutions enable fleet and mobility providers to enhance and futureproof their payments business by offering IFSF and EMV-compliant physical, virtual, contactless, and mobile payment capabilities. Those solutions are supported by ai’s suite of unique fraud management solutions and alerting services, enabling fuel retailers and banks to reduce the impact of fraudulent activities, including card cloning, card swapping, and skimming, as well as identifying and stopping fraud before it takes place, allowing those retailers to focus on their core offering and leave transaction security to ai.

Ashley Head, Chairman of The ai Corporation, adds: “Piers has been an integral part of our organisation for the past decade, demonstrating exceptional leadership, strategic insight, and an unparalleled grasp of our industry and our company’s workings. His unwavering commitment to ai and these commendable qualities position Piers as the ideal candidate to guide us into the next phase of advancement and growth. I offer my full support to Piers in his new role.”

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