American Express and card-on-file management company Knot are launching a card-on-file payments solution to improve the payment experience at trusted retailers. 

“Amex has integrated with Knot’s CardSwitcher technology, which allows eligible card members to quickly and securely provide their payment information to participating merchants directly through the Amex website,” Stephanie Schultz, vice president and head of partnerships at Amex Digital Labs, told Bank Automation News. 

Retailers participating in the pilot program include Bloomingdales, Hilton and Macy’s, according to a Sept. 5 Amex release.

The solution allows card members to add cards on file without manually entering card information, Schultz said. “By utilizing the functionality, future transactions for the customer and merchant will occur more seamlessly.” 

Knot, an Amex Ventures company, received from Amex Ventures during Knot’s series A funding round last year, according to the release. 

Trustly selects Fifth Third’s embedded payments platform

Open banking payments company Trustly selected Fifth Third Bank’s embedded payments platform Newline to enhance its payments capabilities. 

 “Trustly will be leveraging the Newline platform to offer their customer ACH transactions, RTP transactions and deposit solutions,” Tom Bianco, general manager of Newline by Fifth Third, told BAN. Trustly will connect to Newline’s API, he said. 

Trustly has been working with Fifth Third since 2021, Bianco said. 

PayPal to process Shopify transactions

PayPal is set to become a payment processor for Shopify, the company announced Sept. 9.  

PayPal Complete Payments, PayPal’s marketplace solutions, will be integrated into the Shopify platform in the United States as an online credit and debit card processor, according to the release.  

PayPal and Shopify first teamed up in 2022 when they launched Shopify Payments in France, according to the release. 

AI company Progress to acquire ShareFile for $875M

AI infrastructure software provider Progress will acquire workflow technology provider ShareFile to enhance its digital offerings, including the ability to share secure documents, Progress announced at Finovate Fall on Sept. 9. 

Progress is expected to acquire the company for $875 million, according to a Progress release. The deal is expected to close before Nov. 30. 

“We have to go through a regulatory compliance, but we are really, really excited for this next chapter in our journey,” Matt Geiger, strategic director at ShareFile, said at Finovate Fall. 

Visit Bank Automation News’ Transactions Dashboard, which lists the technology selected or acquired by companies in the financial services industry, with a focus on technology that enhances automation.  

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