News Roundup: Wirecard to Acquire Citi APAC Merchant Portfolio

In a roundup of news from this week, Wirecard acquires Citi’s merchant portfolio, Square sees a significant increase in chip cards, and PerformLine launches merchant monitoring.

German payments company Wirecard announced that it has agreed to purchase Citigroup’s merchant acquiring customer portfolio for 11 markets in the Asia-Pacific (APAC) region. The client base of more than 20,000 merchants is located in Singapore, Hong Kong, Macau, Malaysia, Taiwan, Indonesia, Philippines, Thailand, India, Australia and New Zealand.

The companies expect to complete the transaction by June 2018, according to a press release.

The company also announced recently that it had completed its acquisition of Citi Prepaid Card Services, expanding its presence in the U.S.

In a blog post on the decline of magnetic stripe cards, Square said that almost 84% of the cards the company processed from its U.S. sellers in February were EMV chip cards. That number is an increase of almost 57% from last year.

Technology company PerformLine has launched a new Merchant Monitoring solution, which provides oversight for e-commerce merchants.

“We’re excited to bring our Merchant Monitoring solution to market to give those in the payments space the same comprehensive compliance coverage we bring to our clients in other regulated markets,” Alex Baydin, PerformLine CEO, said in a press release. “With the PerformLine compliance platform, merchant acquirers, processors, ISOs, payment facilitators or anyone that holds merchant risk can now monitor across their web, voice and chat channels for complete coverage from one platform.”

According to a report in Finextra, the International Standards Organisation (ISO) Financial Services Committee (TC/68) is launching a FinTech Technical Advisory Group (TAG). The group is intended to facilitate dialogue among financial institutions, regulators and technology companies regarding the need for data and technology standards for commerce.