News & Events

ConnexPay, an all-in-one B2B payments platform, has received a US patent for a payments technology invention that unifies incoming payments and outgoing payments inside a single system. U.S. Patent No. 12,118,519 was granted by the United States Patent and Trademark Office, and is titled “Intelligent Payment Routing and Payment Generation.” The invention applies fraud control to incoming customer payments in real time, and generates corresponding outgoing supplier payments on demand.

Nuvei, a Canada-based payment processor, has completed its previously announced plan of arrangement under the Canada Business Corporations Act pursuant to which Neon Maple Purchaser Inc., an entity formed by Advent International, paid US$34.00 per share for all of the issued and outstanding shares of the Nuvei.

Telered, the main processor of electronic transactions and payment methods in Panama, is integrating with the Discover Global Network to give Sistema Clave cardholders access to Discover's 70 million global acceptance locations along with frequently used online merchants and streaming platforms. Users will also be able to withdraw cash at 1.8+ million ATMs in Discover’s network. Discover Global Network cardholders will be able to transact at Telered merchants in Panama.

Affirm, a payment network that allows consumers to split the total cost of purchases into a series of smaller payments, has expanded into the UK where it says nearly one quarter of BNPL users were charged late fees in 2023. Affirm, which been operating in the US and Canada, underwrites transactions and does not charge late fees. It currently has 50 million consumers and 300,000+ active merchants worldwide including Amazon, Shopify and Walmart. Initial merchants in the UK are Alternative Airlines, a flight booking site, and Fexco, a global payments processor.

The Consumer Financial Protection Bureau (CFPB) is being sued by the Financial Technology Association (FTA) over an interpretive rule that adds proections that apply to credit cards to BNPL products. These include the rights to dispute charges and to demand a refund from the lender. The FTA has accused the CFPB of doing an end-run around the Administrative Procedures Act, which requires notice and comment on new rules.

Synchrony, the largest private label credit card issuer in the US, has announced a long-term extension of their nearly 25-year partnership with JCPenney. The retailer's rewards credit cards are accepted at more than 650 stores in the US and Puerto Rico, as well as at JCPenney.com. The extended partnership will add Synchrony's BNPL financing option, Pay Later, for purchases over $300 in store or online.