The Nilson Report

THE CURRENT ISSUE: Issue 1127 | Mar 2018


Companies featured in this issue include:

Top U.S. Merchant Acquirers

Cambridge Global and Ripple’s Blockchain

Verrency Issuer Innovation Platform

UATP Cards and Processing

Fortumo Direct Carrier Billing

CyberSource Token Management Service

TSYS and Walmart Are Wellness Partners

Credit Cards for New Arrivals

Investments & Acquisitions-February2018

Top U.S. Acquirers in 2017 Purchase Transactions with Change vs. 2016

Investments & Acquisitions-February 2018

Top U.S. Merchant Acquirers Ranked by Total Purchase Volume in 2017

U.S. Merchant Acquirers Ranked by Visa/Mastercard Volume in 2017

U.S. Card-Not-Present Acquirers in 2017

U.S. Card-Not-Present Acquirers in 2017

The top providers to card-not-present merchants are ranked on the table on page 12. Figures show transactions handled and purchase volume tied to those transactions.

1. Chase
11,087.3 million transactions
2. Wells Fargo
3,747.9 million transactions
3. Worldpay
2,429.2 million transactions
4. Elavon
506.4 million transactions

Full access to the U.S. Card-Not-Present Acquirers in 2017 results is available when you subscribe to The Nilson Report. 



Cambridge Global Payments processes over $25 billion in cross-border payments annually on behalf of more than 13,000 business clients in the U.S. and Canada. Those payments are made to suppliers and employees in 200 countries. Cambridge sees a client’s full accounts payable file and selects the best payment option for each invoice. It maintains direct banking relationships in many countries, uses Swift to facilitate data exchanges for cross-border transactions in others, and in some cases makes payments using virtual Mastercard cards.

However, Cambridge wants to lower costs and reduce the time it takes to make financial settlement on cross-border transactions while providing more comprehensive data to accompany settlement. That won’t happen with any legacy systems for cross-border payments. 

Cambridge sees blockchain and related technologies available from Ripple as the answer.

Money and data can move on the Ripple blockchain anywhere in the world as fast as data moves in email on the internet. 

Cambridge has been testing xCurrent, Ripple’s enterprise software for messaging and international transaction settlement. It allows financial institutions on both ends of a transaction to share information about a payment in near real time. Cambridge says errors common to legacy systems trigger exception items, and xCurrent, with its two-way communication between sender and recipient, greatly reduces errors. 

Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service. 

Currently, a company like Cambridge needs to keep funds in bank accounts in many countries in which it does business to make financial settlement. In any country in which Ripple can provide immediate conversion of XRP to fiat currency and submit that credit into the local automated clearing house network (ACH), Ripple clients will not need to keep their own funds in a local bank. Cambridge will first use Ripple XRP in Mexico. Other countries in Latin America as well as in Asia-Pacific will follow.

Cambridge also provides foreign exchange brokerage clearing services for securities trading and to corporations managing global receivables. In the U.S. and Canada, Cambridge uses virtual Mastercard cards from Comdata to handle accounts payable for some customers. 

Ripple has been steadily growing its partnerships with financial institutions and money transfer companies. They realize Ripple’s blockchain can protect some of their legacy businesses while also using the technology to establish new businesses involving instant data exchange accompanied by a financial value exchange. 

Ripple will expand its blockchain for cross-border B2B payments to any country that can provide instant ACH settlement after near-real-time conversions of its XRP digital currency to the local fiat currency. 

Mark Frey is Chief Operating Officer at Cambridge Global Payments in Toronto, Canada, (250) 478-8110 x6601,,

Danny Aranda is Director, Business Development at Ripple Labs in San Francisco, California, (917) 744-9720,,

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