PAYMENTS

Global Payments Agrees to Acquire MineralTree, a Leader in Business-to-Business (B2B) Software-Led Payments

Global Payments | September 09, 2021

Global Payments Inc., a leading worldwide provider of payment technology and software solutions, today announced an agreement to purchase MineralTree, a leading provider of accounts payable automation and business-to-business (B2B) payments solutions, from an investor group led by Great Hill Partners, .406 Ventures and Eight Roads Ventures. MineralTree’s software-as-a-service (SAAS) offerings automate key procurement processes, including invoice capture, coding and approval, and enable virtual cards and integrated payments options across a variety of key vertical markets to digitize payables for thousands of customers.

In combination with Global Payments' existing B2B payments capabilities, including leadership in commercial payments, domestic and international acquiring, payroll, data and analytics, access to non-card based rails and virtual card provisioning, MineralTree’s cloud native solutions substantially expand Global Payments’ target addressable markets and provide significant incremental avenues for growth in one of the most attractive technology markets. Global Payments also will provide unique advantages for buyers, suppliers and employers through the creation of new virtual networks, deepening its competitive moat by expanding the company’s arsenal of distinctive marketplaces and ecosystems.

“B2B reinforces each of the legs of our strategic stool, including software primacy, a leading ecommerce franchise and an unmatched presence in many of the most attractive markets worldwide,” said Jeff Sloan, Chief Executive Officer, Global Payments. “Post our merger with TSYS in 2019, we have many of the elements of a successful B2B offering. The addition of MineralTree’s digitized payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments. We intend to scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud centric technologies globally.”

Under the terms of the acquisition agreement, Global Payments will acquire MineralTree for $500 million in cash. Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2021.

About Global Payments
Global Payments Inc. is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.

Headquartered in Georgia with nearly 24,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America, Europe, Asia Pacific and Latin America.

About MineralTree
MineralTree provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk, while improving cash flow. More than 3,000 companies and financial institutions, from the mid-market to the Fortune 500, rely on MineralTree to digitize and optimize the entire AP Automation and Payment process. As a result, they are able to preserve control over the complete invoice-to-payment workflow, improve vendor relationships, maximize ROI, and transform the finance function from a cost center to a profit center.

Spotlight

As the trend of moving to the Cloud continues to flow from business function to business function, other trends are emerging. As organizations transform to eliminate complex functions, standardize and integrate systems to reduce costs, and minimize nonvalue add activities, they are challenging themselves to get the most from their investment. The shift from transactional to strategic, and from reporting to actionable and predictive analytics, positions companies for growth like never before. Many organizations look to break down silos, not only within their company but also within their industries, to share lessons and leverage efficiencies from others’ learnings.


Other News
FINTECH

IDT Acquires Sochitel, A Global FinTech and Digital Distribution Business

IDT | January 21, 2022

IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, announced today that it has acquired a majority stake in Sochitel, a global hub and digital distribution platform for mobile top-up, electronic vouchers, and other value transfer services. Headquartered in London and Lagos, Sochitel has a deep footprint across Africa interconnecting Mobile Network Operators, banks, and financial service providers. Sochitel’s fintech platform empowers the continent’s leading banks to deliver digital, value-added services to over 60 million customers across Africa and supplies its services to corporate clients worldwide. IDT and Sochitel will leverage their combined capabilities to expand the reach of IDT’s current digital offerings, including mobile top-up and money transfers into Africa, and to support future offerings including bill payment and e-vouchers. Our combination with Sochitel significantly expands and streamlines our distribution network in key African markets, broadens our mobile top-up platform with new digital services, and provides access to a significant new base of partners and clients as we continue to grow our global value transfer businesses.” Emilio del Rio, Senior Vice President of Prepaid Services at IDT. We are delighted to join the IDT family. Africa is enjoying unprecedented growth while pacing the world in the adoption of digital fintech solutions. Combining our strength and depth in the African market with IDT’s distribution capabilities positions us for significant expansion as we further integrate Africa with the global marketplace.” Jerry Ejikeme, CEO of Sochitel. Africa, with a population of over 1.2 billion and some of the developing world’s most dynamic economies, represents a significant growth opportunity for the mobile financial service sector. According to the Global System for Mobile Communications (GSMA), Sub-Saharan Africa alone is home to half of the world’s mobile money services and generates two-thirds of global mobile money transactions value. Increasing mobile penetration, a scarcity of traditional transaction infrastructure, and the region’s rapidly evolving mobile payments infrastructure are creating tremendous opportunities for financial service providers to unlock significant value. About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight. About Sochitel: Headquartered in London and Lagos, Sochitel has a strong pan-African footprint supplying digital products and services to major banks and Mobile Money Operators in over 20 countries, as well as corporate clients across the world. Its leading FinTech platform enables financial and corporate partners to offer an extensive and growing range of digital products that supports their customers’ daily activities.

Read More

FINANCIAL MANAGEMENT

Flycoin Announces Strategic Partnership with BitGo

BitGo | June 09, 2022

FlyCoin, Inc., a cryptocurrency-based travel rewards technology company, announces today their partnership with BitGo, the industry's gold standard for custody and security solutions. FlyCoin will hold a significant portion of the company's minted cryptocurrency token, FLY in BitGo's US Qualified Custody Solution. The announcement comes on the heels of Flycoin's $33M seed funding earlier this year. "As we continue to grow Flycoin's ecosystem of partners and end-users, it is critical that we properly safeguard these digital assets. BitGo's reputation and credibility as a global leader in digital asset cryptocurrency are unmatched, and a key factor in our decision to partner with them in this capacity," stated Lenny Moon, Flycoin's CEO. Custodians of crypto assets play an essential role in storing and securing digital assets, while also interacting directly with brokers and exchanges to facilitate transactions for institutional and individual stakeholders. BitGo's global reach , and other platform services in addition to providing qualified custody, align well with Flycoin's focus on scaling its rewards platform offerings globally. "I am very pleased to work closely with the FlyCoin team and for BitGo to be a trusted partner in their journey to revolutionize the travel rewards industry through the use of blockchain technology" said Kai Kono, Managing Director, Global Head of Digital Asset Sales, BitGo. Flycoin's partnership with BitGo will go a long way toward further enhancing their portfolio of partners. Last month, the company announced major crypto heavyweights Lisa Nestor and Rena Shah as strategic members of their advisory team. Other Flycoin partners include ThanksAgain, and Ravn Alaska Airlines. About BitGo BitGo is the leader in digital asset financial services, providing institutional investors with custody, liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin. In 2020, BitGo launched BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes approximately 20% of all global Bitcoin transactions, and supports over 500 coins and tokens. BitGo's customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. About FlyCoin, Inc. FlyCoin represents the evolution of loyalty programs. FlyCoin's revolutionary technology infrastructure provides companies in the consumer loyalty space - including travel and hospitality, insurance and benefits, financial services, and more, with a powerful, turnkey solution to incentivize users in a more customer-centric way. Users can earn FlyCoin's newly minted token, FLY, reward doesn't expire, is easily transferable, and has an abundance of redemption options.

Read More

CORE BANKING

Park National Bank Selects Predict360 Integrated Risk and Compliance Management Platform

360factors, Inc. | April 11, 2022

360factors, Inc. announced today that Park National Bank, a bank with $10B in assets headquartered in Newark, Ohio, selected 360factors' Predict360 risk and compliance intelligence platform to enhance its enterprise risk management program and streamline quarterly certifications and attestations for Sarbanes-Oxley. The bank will deploy 360factors' Predict360 solution suite, an artificial intelligence (AI)-powered platform that vertically integrates risks and controls, regulations and requirements, KRIs with risk insights, audit and examinations, policies and procedures, and more in a unified, cloud-based system. Predict360's SaaS architecture and modern technologies deliver predictive analytics, data insights for predicting risks and streamlined compliance. 360factors is especially thrilled to welcome Park National Bank to the 360factors family, Predict360 is ideal for growing financial organizations that require cost-effective, intuitive solutions that are easy to deploy and scalable." Carl L. McCauley, CEO for 360factors. As a risk and compliance solutions leader within the banking and financial services industries, 360factors continues to develop relationships with banks and financial services institutions seeking to remove inefficiencies while elevating their risk and compliance management programs. About 360factors, Inc. 360factors empowers organizations to accelerate profitability, innovation and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is a Risk and Compliance Intelligence Platform augmented with A.I. technology to predict and mitigate risks while streamlining compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a cloud-based SaaS platform to provide predictive risk analytics and streamline compliance. 360factors is the endorsed solution provider for risk and compliance management by the American Bankers Association (ABA). About Park National Bank Headquartered in Newark, Ohio, Park National Corporation had $9.6 billion in total assets (as of December 31, 2021). Founded in 1908, it offers a full range of financial services in Ohio, Kentucky, and the Carolinas. The bank consistently earns high marks and awards for its service, community leadership, and financial performance.

Read More

PAYMENTS

Data Mynt Payment Processing Platform Now Supports Bitcoin Payments

Data Mynt | April 06, 2022

Data Mynt, a leading provider of simple, stable cryptocurrency payment products, now enables payments over the Bitcoin network, which already supports roughly 225,000 transactions per day and $30 billion USD dollar equivalent volume per day worldwide (as of publishing). Now the Data Mynt payment processing platform enables payments from any wallet and asset across the $2 trillion combined market cap (as of publishing) available to make a payment over the Bitcoin, Ethereum Mainnet and Polygon networks. The Data Mynt payment processing solution enables merchants and enterprises to expand their payment options for their customers and partners. At the same time, it reduces payment processing costs and eliminates frictions such as chargebacks and crypto price volatility. As a payment processor, it only makes sense for us to enable our merchants and partners to accept what the world already accepts—the biggest cryptocurrency, Almost one-quarter of the US population owns Bitcoin. Many other countries such as Brazil, Indonesia, UAE, Singapore, Israel, India, Mexico, and South Africa have even higher adoption rates. Data Mynt merchants can feel good knowing they offer these Bitcoin owners another payment option." Data Mynt CEO Alex Christian. About Data Mynt Data Mynt is a leading crypto payment processor. Its wallet, asset and blockchain-agnostic suite of solutions offer partners and merchants an omnichannel approach to accepting on-chain crypto payments free from volatility and the risks and costs of traditional payment methods. The Data Mynt payment platform is also designed to streamline implementation delivering a seamless customer experience.

Read More

Spotlight

As the trend of moving to the Cloud continues to flow from business function to business function, other trends are emerging. As organizations transform to eliminate complex functions, standardize and integrate systems to reduce costs, and minimize nonvalue add activities, they are challenging themselves to get the most from their investment. The shift from transactional to strategic, and from reporting to actionable and predictive analytics, positions companies for growth like never before. Many organizations look to break down silos, not only within their company but also within their industries, to share lessons and leverage efficiencies from others’ learnings.

Resources