Nilson Report

Issue 1171 | Mar 2020


Companies featured in this issue include:

Top Acquirers in the U.S.

Investments & Acquisitions—February 2020

U.S. Acquirer Totals 2019—Purchase Volume/Transactions

Merchant Acquirers in the U.S. 2019—Ranked by Visa/Mastercard Volume

U.S. Card Not Present (CNP) Acquiring 2019

Merchant Acquirers in the U.S. 2019 Ranked by Visa/Mastercard Volume

The table on pages 10 and 11 presents the 65 largest merchant acquirers in the U.S. ranked by Visa and Mastercard purchase volume handled in 2019. The five largest are shown here.

1. Chase Merchant Services, New York
$1,147.67 billion purchase volume, +10.1%
2. Bank of America Merchant Services, Georgia
$719.93 billion purchase volume, +5.2%
3. FIS (includes Worldpay), Florida
$707.84 billion purchase volume, +4.9%
4. Wells Fargo Merchant Services, California
$513.26 billion purchase volume, +21.9%
5. Global Payments (includes Tsys), Georgia
$507.39 billion purchase volume, +7.4%

Full access to the Merchant Acquirers 2019 Ranked by Visa and Mastercard Purchase Volume results in the United States is available when you subscribe to The Nilson Report. 



Credorax & Samsung SDS are Blockchain Partners

The enterprise blockchain of Samsung SDS, Nexledger Universal, will be used by merchant acquirer customers of Credorax to completely automate the reconciliation of their accounts payables and accounts receivables with bank statements. Currently, Credorax merchants, like all others, rely on manual or semiautomatic account reconciliation processes. 

Samsung SDS and Credorax recently completed proof-of-concept tests of the reconciliation platform, which integrates Credorax’s open banking services and existing acquirer support with the blockchain’s distributed ledger. Credorax, which developed the platform, expects to be in beta tests with select merchants by the third quarter of this year. 

Blockchain is superior to conventional database technology particularly because there is a chain of custody connected to all information in a transaction. The Samsung SDS blockchain is entirely encrypted, which provides trust in the chain of custody. Any attempt to change a record will be flagged. Discrepancies that could interfere with fully automating the reconciliation process will be immediately identified. 

Credorax offers omnichannel merchant acquiring and gateway services throughout the European Union (EU) and European Economic Area (EEA). It owns a bank license in Malta. Last year, Credorax began offering open banking services in the EU and EEA using cloud-based Temenos Transact (formerly T24) core banking technology. Samsung SDS’s Nexledger Universal technology will let Credorax more efficiently use APIs to deliver open banking services and more easily facilitate strong customer authentication (SCA) requirements of the European Union’s PSD2 legislation. 

In addition to Nexledger, Credorax will use Samsung SDS’s Brity Works robotic process automation software. Credorax says that this conversational AI-based software will improve chargeback management for merchants by reducing errors made by employees who will not need to interact with chargeback management systems available from Visa, Mastercard, and other card networks. 

Credorax expects that merchants deploying its blockchain-based automated reconciliation platform will not be able to immediately rely on the participation of every vendor they work with. Some vendors will directly access the blockchain via an API. For others that want to continue to deliver data in the existing manner, Credorax will act on behalf of its merchant, accepting the data and converting it to distributed ledger protocol. 

Samsung SDS’s blockchain partnership with Credorax is its first in Europe with a financial services company. Banks in South Korea use Nexledger to authenticate millions of customers online. The blockchain’s consensus algorithm can utilize other open source protocols, including Hyperledger and Ethereum. It is designed to let clients customize their use of distributed ledger technology. Clients access the blockchain via APIs. Other uses for Nexledger include know your customer (KYC) and anti-money laundering (AML) regulatory compliance.

Moshe Selfin is Chief Operating Officer at Credorax in Tel Aviv, Israel,,

Moritz von Widekind is Head of Business Development, Fintech and Blockchain in Europe at Samsung SDS in Frankfurt am Main, Germany,,

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