March 5, 2019

USA Technologies Inc., a digital payment and logistics provider for the self-service retail industry, has received notice from Nasdaq Stock Market LLC that it will be delisted as of March 7, unless it appeals the move, according to to a company release.

Nasdaq informed USA Technologies that the company was being delisted because it was not in a position to file the periodic reports with the Securities and Exchange Commission by the extended March 12 deadline, which is a Nasdaq requirement.

USAT notified Nasdaq on Feb. 8 that it would not be able to file its annual report for the fiscal year ended in June 2018, the fiscal first-quarter ended in September or other required filings, according to the release.

In January, USA Technologies shook up its senior management team and named a compliance committee after an internal investigation found that revenue had been improperly recognized during the fiscal 2017 and 2018 fiscal years.

The Malvern, Pennsylvania-based firm said it will file an appeal of the delisting by the March 5 deadline and will ask for a hearing. The panel will review the request and respond by March 20; a hearing is normally granted 30 to 45 days later.

Topics: Contactless / NFC, Mobile Payments, Regulatory Issues

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March 5, 2019

The NFC Forum, a body that advocates for the near field communication industry, has issued the NFC Money Transfer Candidate Specification, an alternative to QR code-based payment transactions.

NMT is faster and more efficient than a QR code-based transaction because it eliminates the need for a camera or scanner to capture a QR code, a forum press release said. 

Forum officials said that NMT uses an open framework that allows payment service providers to easily map out their already-defined data exchange.

"The NFC Money Transfer Candidate Specification uses the intrinsic benefits of NFC technology — convenience, speed, security and usability — to create a better user experience than QR codes," Paula Hunter, executive director of the NFC Forum, said in the release.

To pay via NMT, consumers hold their device next to an NFC reader. A smartphone camera or portable scanning device is not required, making the transaction faster and more secure than a QR code transaction.

Hunter said that more than 2 million NFC-enabled devices are currently in use around the world, making the majority of smartphone users able to use the technology as a standard feature.

Topics: Contactless / NFC, Internet of Things, NFC, Technology Providers

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March 4, 2019

Silicon Valley Bank, a lender used by some of the leading technology and life science startups in the U.S., announced that it has obtained approval from Canadian regulators to launch in that country.

The bank will open Canadian headquarters in Toronto after the Superintendent of Financial Institutions granted a license to the bank.

The Santa Clara, California-based bank has operated cross-border with Canadian firms since 2000, and has helped finance companies ranging from Drop and Shopify to SnapTravel and Vanedge Capital. The bank has financed companies in multiple international markets, including the U.K., Ireland, Germany, Israel and China.

"SVB's official entrance into Canada is another sign that our technology ecosystem is growing quickly," Andrew Graham, founder and CEO of Borowell, a Toronto-based fintech and client of SVB, said in the announcement. "They have worked with many of the world's most successful technology companies and have a deep understanding of high growth innovation companies across life stages."

Venture Capital funding in Canada hit a record $3.5 billion in 2018, involving 471 deals, according to the company, citing a report by PWC and CB Insights. Another report showed Toronto as the fastest-growing tech capital in North America for the second year in a row.

Topics: Mobile Banking, Money Transfer / P2P, Region: Americas, Regulatory Issues

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