Latest news with #embeddedpayments
Finextra
a day ago
- Business
- Finextra
NMI names Steven Pinado as CEO
NMI, a global leader in embedded payments infrastructure, announces a leadership transition designed to power its next wave of innovation and growth. 0 After seven years at the helm, CEO Vijay Sondhi will step down, making way for seasoned fintech executive Steven Pinado to take the reins as Chief Executive Officer, effective September 2, 2025. To ensure a seamless transition, Sondhi will remain with the company as a strategic advisor through the end of the year. Vijay Sondhi, CEO at NMI said: 'Leading NMI has been both an honor and a privilege. I'm incredibly proud of what we've built together - a platform that empowers innovation across the payments ecosystem. As the company enters its next phase, I'm confident we've laid a strong foundation for continued growth, powered by an exceptional executive team and a new CEO ready to lead NMI into its next chapter.' Pinado brings nearly 30 years of experience in fintech, embedded payments, and scaling growth-stage businesses. Most recently a Partner at Radian Capital, he led the firm's operating team, advising high-growth technology companies. Before that, he served as President of Billtrust, where he steered the company through a successful IPO and subsequent sale. He also held leadership roles at Jonas Software and Constellation Payments, where he pioneered embedded payments for software platforms. His diverse background spans payment processors, issuers and SaaS platforms, uniquely positioning him to lead NMI into its next chapter of growth and innovation. This appointment follows a thoughtful succession planning process, led by Sondhi in close partnership with NMI's executive leadership team and board of directors, to ensure continuity and position the company for long-term success. During Sondhi's tenure, NMI transformed from a payment gateway provider into a full-stack embedded payments acceptance platform. Over the past seven years the company has grown from enabling 550 million transactions and $45 billion in annual payments volume to processing more than 5.8 billion transactions and $440 billion annually. The network of merchants powered by NMI has expanded nearly tenfold, now exceeding one million worldwide. Under his leadership, NMI completed five acquisitions, expanding the company's capabilities across in-person, online, unattended and mobile commerce, and accelerating its evolution into a category leader in embedded payments. Peter Christodoulo, partner at Francisco Partners and chairman of NMI's board said: 'Vijay has been an exceptional leader for NMI, guiding the company through a period of significant transformation and growth. His vision and execution helped shape NMI into the embedded payments leader it is today, and we're deeply grateful for his many contributions. As we look to the future, we're thrilled to welcome Steve as our new CEO. His strategic mindset and deep expertise across payments and software make him the right person to lead NMI into its next phase.' Steven Pinado said: 'NMI has built an impressive legacy as a leader in embedded payments infrastructure. I am honored to succeed Vijay, and excited to join this outstanding team at such a pivotal moment. As software continues to reshape commerce, NMI is well-positioned to continue helping our partners deliver seamless, scalable payment experiences.' Byron Lichtenstein, Managing Director at Insight Partners said: 'Vijay's leadership played a pivotal role in positioning NMI as a category-defining embedded payments platform. As the company enters its next stage of growth, Steve's operational experience, fintech fluency and strategic vision will help NMI scale new heights and deliver even greater value to our partners. We look forward to supporting him and the NMI team in this exciting new journey.'
Yahoo
30-07-2025
- Business
- Yahoo
Fortis purchases B2B payments firm Serve First Solutions
Fortis, a company that specialises in embedded payment technology, has acquired B2B payments firm Serve First Solutions. Serve First Solutions, as detailed on its website, provides an array of payment services, including processing for B2B cards, retail point of sale systems, e-commerce, and mobile payment solutions. Serve First Solutions chief revenue officer Matthew Greco said: 'Joining Fortis allows Serve First to bring our expertise to a broader market of software platforms. Together, we'll deliver powerful, integrated solutions with the service excellence customers depend on.' Fortis will integrate Serve First's B2B-focused expertise and customer service approach with its own technology and enterprise resource planning (ERP) capabilities to improve the efficiency of payment technology systems for businesses that manage payments across multiple channels. Fortis anticipates that this acquisition will facilitate its entry and growth in essential market segments, notably in the wholesale, distribution, and manufacturing industries. The enhanced capabilities resulting from the merger are expected to provide software platforms and their business users with a set of tools and services, as well as improved support for critical financial transactions. Fortis CEO Greg Cohen stated: 'By combining our technology with a world class distribution and service model, we're not just processing payments—we're helping our clients unlock new revenue and accelerate cash flow. 'Serve First brings deep expertise in B2B payments, and together we'll deliver even more value to customers through integrated solutions built for scale.' In March, Fortis received a joint investment from Audax Private Equity and its existing investor, Lovell Minnick Partners (LMP). "Fortis purchases B2B payments firm Serve First Solutions " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
21-07-2025
- Automotive
- Yahoo
In-car payments are set to soar. What banks need to know.
The payments industry is driving forward with plans to allow consumers to seamlessly pay for gas, parking, charging and more from their vehicles. Embedding payments within cars has been a slow go, with multiple fits and starts. Still, a 2021 study from Juniper Research predicted that global transaction volume of in-vehicle payments—made via vehicle systems as opposed to smartphones—will exceed 4.7 billion by 2026, up from 87 million in 2021. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You With embedded and invisible payments becoming more ubiquitous, some industry professionals expect to see more use cases within the automotive industry. It's largely a question of timing, according to Chris Uriarte, partner at Glenbrook Partners. "We can all envision a future where you drive your car anywhere, and whether it's parking, charging, a McDonald's drive-through or a toll plaza, it just seamlessly works," Glenbook's Uriarte told American Banker. "I think it's just a question of getting the industry moving in the right direction together." Here's what banks need to know about where embedded payments in autos stand today and where the future could be headed: Major card manufacturers have enabled embedded payments Several manufacturers have rolled out embedded technology within their vehicles in the past few years. Others have been mulling how to best enable embedded payments for use cases that include fuel, parking, charging and payments at drive-throughs, Uriarte said. In 2023, Mercedes-Benz joined forces with Mastercard to introduce embedded in-car payments at the point of sale, allowing customers to use a fingerprint sensor in their car to make convenient and secure digital payments at more than 3,600 service stations in Germany. Mercedes' in-car payment service, which uses biometric technology for customer authentication, is available in Germany and several other European countries. The company is exploring options to expand to other markets, but has no specific time frame to introduce it in the U.S., according to a company spokesperson. The company is working on bringing seamless in-car payments to U.S. customers for on-street parking, though there's also no timeline for release of this feature, the spokesperson said. Read more about mobile payments. (Mobile payments | American Banker) Also in 2023, Hyundai Motor America introduced Hyundai Pay, which allows customers to find and pay for services with their vehicle's touchscreen using securely stored credit card information. It started with parking payments and has since expanded to charging and fueling at participating stations, a spokesperson told American Banker. Hyundai Pay is now available on most of the company's models via an over-the-air update. Last year, BMW introduced in-car payments for parking fees and fuel at participating locations in Germany and announced vague plans to roll out these payment features in additional countries. Challenges persist Integrating with the various points of sale has proved challenging for auto manufacturers. At the moment, there's no centralized infrastructure or unified standards for doing this, Uriarte said. Another issue is that not all vehicles on the road today are connected to the Internet to allow seamless payments, though the market is moving in that direction. A 2023 study from Juniper Research predicted that the number of connected vehicles in service will reach 367 million globally in 2027. That's up from 192 million in 2023. Even so, it's still possible to buy cars that aren't connected, and some consumers even prefer that option for privacy reasons. "I think we still have a while to go on this," Uriarte said. Embedded payments are also a challenge for fleet managers of cars, trucks, vans and rental companies that operate under shared driving models because different people are driving the vehicles, said Brian Gaynor, vice president of product at BlueSnap, a payment processing company. That's where apps like Android Auto and Apple CarPlay offer potential. Whoever is driving the car shouldn't have to worry about payment, Gaynor told American Banker. Other up-and-coming payment options With the PACE Drive app, consumers in multiple European countries can compare fuel prices at participating stations in their vicinity, get alerted to exclusive deals and initiate contactless payments from their car. App manufacturers also have the potential to integrate with Android Auto and Apple CarPlay for more seamless in-car payments, Gaynor said. Amazon Alexa users also have the option to pay for contactless refueling using voice commands. Chris Colson, payments expert for the Atlanta Fed who focuses on emerging payments, said he can pull up to a participating gas station, tell Alexa to pay for gas, confirm the pump location, and pay effortlessly. There are other options for seamless payments being rolled out. For example, last year, Metropolis Technologies, an artificial intelligence company that enables checkout-free payment experiences, bought parking network company, SP Plus Corporation. Its AI-recognition technology is now in use in more than 4,600 locations. Drivers enter their card information once, and are charged seamlessly on subsequent visits. "It's not just a manufacturer play in terms of embedded payments. There are other potential use cases here," Gaynor said. How banks can respond For embedded vehicle payments to become more pervasive, a coordinated effort is necessary between the manufacturers, the gas stations, charging stations and parking lot vendors, Gaynor said. "It's going to become an overall network." One concern for banks is the potential loss of card revenue if their card isn't top-of-wallet, or if consumers bypass the card network altogether, cutting out interchange fees. Consumers might opt, for example, to pay using the lower-cost real-time payment rails instead, Gaynor said. To better position themselves, banks need to understand how customers want to pay, the potential use cases within cars and also what might need to be done from a fraud and risk management perspective, Uriarte said. A large bank might consider partnering with an auto manufacturer on marketing and co-developing solutions, for example. "At the end of the day, this has to work with all banks and all cards," Uriarte told American Banker. Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
11-07-2025
- Automotive
- Yahoo
Embedded payments drive into parking
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Embedded payments are often associated with convenience stores and ride hailing companies like Uber and Lyft, but these services are also becoming common in the parking sector. Last year the artificial intelligence company Metropolis bought SP+ Parking, one of the biggest parking companies in the world, and added its AI-recognition technology to thousands of parking lots across the United States. The company's system requires a driver to enter their credit card information the first time they park, using a QR code, and then an AI camera system recognizes their vehicle by its license plate and charges them for the duration of their stay. Drivers have to provide their credit card information only the first time they use the service. On subsequent parking trips, they just drive into the lot and the system charges them appropriately. This method of parking will become more ubiquitous as consumers become accustomed to the ease and convenience, said Andrew Radlow, an industry consultant and former executive for the now defunct cashierless payment provider Grabango, who advises companies like Metropolis. 'You literally have the ability to just drive in,' Radlow said in an interview. 'The experience of waiting to get in, or waiting for someone to take your ticket is all obviated by AI.' The payment method is also used at toll booths and now accounts for millions of transactions daily, Radlow said. Competitors to Metropolis include Boston-based Vend Park, which was founded in 2020, and Santa Clara, California-based ParkingAI, which was founded in 2023. A downtown Cleveland parking garage is among those operated by Metropolis. The concrete behemoth of a building stands between the city's skyscrapers and hugs the northern edge of Progressive Field, the home of the Cleveland Guardians baseball team. Signs posted at the garage's multiple entrances extol customers to just drive in and scan a QR code to enter their payment information. Signs at the exits remind customers they can just drive out. Metropolis, which is based in California, operates about 4,600 parking locations, the majority of which are in the United States, a spokesperson said. 'We started to develop this technology in 2019 and really started to scale it in a pretty big way in 2022,' said Travis Kell, the company's co-founder and chief strategy officer. The acquisition of SP+ last year helped supercharge the company's growth, Kell said in an interview. Metropolis now has 16 million drivers signed up for the platform, he added. The AI-assisted parking system is one of the ways the payments industry is embracing embedded methods of payment, according to industry insiders. So-called cashierless, or checkout-free, payment systems have proliferated at convenience stores and stadium concession stands in recent years. And a handful of supermarket and grocery store chains have embraced the technology at a limited number of locations. A customer at a checkout-free convenience store swipes a credit card when they enter and an AI camera system tracks what they take off the shelves then automatically charges them for it when they leave. You should expect to see artificial intelligence expand to this kind of technology into more types of businesses in the future, said Irfan Nasir, chief product officer and head of solutions for the French payments technology company Ingenico Group, which has its U.S. headquarters in Atlanta. 'Frictionless commerce is going to be the driving force for many, many diverse areas of our daily lives,' he said in an interview Recommended Reading Metropolis snags parking company SP Plus for $1.5B Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
Worldpay expands embedded payment solutions to Canada and UK
Worldpay has extended Worldpay for Platforms service to Canada and the UK, while enhancing its presence in Australia. The service allows software providers to integrate payment processing capabilities directly into their platforms to simplify financial transactions for developers and merchants. It aims to address the complexities associated with financial services by facilitating the creation of native software experiences, enabling automated reconciliation and providing a single point of service support. Worldpay for Platforms head Matt Downs said: 'As business software tools converge into unified experiences, we're investing in embedded payments to help SaaS providers become the everything platforms for their users. 'We are committed to serving our current software platforms and new clients in the key geographies where they do business by making embedded solutions easier to integrate and elevating the experiences they provide their users.' In the Canadian market, CampLife, an accommodation platform, is cited as an early adopter of this service. Worldpay for Platforms is characterised by a fully managed payments service that purports to mitigate risk and streamline compliance processes for platform providers. The service manages payment processing through a 'centralised' system. The service's API architecture is engineered to offer a single point of integration for a variety of payment methods, including credit and debit cards, direct debit, digital wallets, among others. Worldpay international platforms SVP and GM Alison Morris stated: 'By offering integrated payment experiences that are trusted, secure and designed around the end-customer, vertical software providers can unlock new revenue streams, increase retention and strengthen loyalty. 'By launching across these new geographies, we're helping our partners deliver more value, grow faster and stand out in increasingly competitive markets.' This month, Worldpay introduced domestic acquiring capabilities in Thailand, extending Asia Pacific reach. "Worldpay expands embedded payment solutions to Canada and UK " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
