NCR is now two companies, Revolut adds security pros

NCR has executed its planned separation into two companies, with the ATM-focused NCR Atleos now trading on the New York Stock Exchange under the symbol NATL and the digital commerce-focused NCR Voyix trading under VYX.  NCR announced in September 2022 that it would split following a review of the company's operations. The digital commerce firm is expanding faster with double-digital yearly growth, while the ATM business is expanding at about 5% yearly. By separating, the ATM business will carry less debt and a less expensive development model. NCR has upgraded its payments business over the past several years, adding more e-commerce and digital payments options to compete with Amazon, Stripe, Apple and other technology companies that sell to merchants. NCR's ATM spinoff will focus on an ATM-as-a-service strategy that enables institutions to outsource ATM management, upgrades, compliance and other functions. —John Adams

The U.K. fintech has doubled the headcount in its financial crime unit over the past two years. The company has more than 2,500 crime-prevention employees scattered across six locations covering a third of Revolut's workforce, focused on product development, data science, customer support, operations and anti-money laundering. Revolut attributes the growth to the company's own expansion, reaching 35 million globally and approaching one million in the U.S., and the overall payment fraud threat. Revolut contends that its team has prevented more than $300 million in fraud over the past 12 months. "We increasingly see fraud being perpetrated by sophisticated, organized and ruthless networks of criminals," said Aaron Elliot Gross, head of financial crime and fraud at Revolut, in a release. "In order to stay ahead of the curve, we are committed to investing in top talent in this space." Revolut faces a regulatory probe in the U.K. over a potential violation of regulations that govern identifying suspicious payments, and is also trying to obtain a banking license in the U.K. Revolut's PR office said the security hires are not linked to regulatory or licensing issues. —John Adams

The Chinese government has opened an industrial zone designed for the country's digital yuan and other payment innovations. Located near Shenzhen and Hong Kong, the zone will incentivize people and tech firms to relocate with the promise of low-cost loans and free rent, according to Cointelegraph and local media reports. Commercial banks can also receive financial incentives to set up offices in the zone, along with developing uses for China's central bank digital currency. There are only nine tenants of the district at launch, including offices for Chinese payment technology companies such as Hengbao and Wuhan Tianyu Information. China is considered to be further along than most large economies in developing a CBDC, with the digital yuan deployed at recent Olympic Games and other sports festivals, as well as in testing with large retailers such as McDonalds and Starbucks. —John Adams