SAN ANTONIO, Nov. 16, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS) today announced the launch of Akimbo Now, a simple yet powerful payment service and API that allows businesses and third-party applications to send rewards, incentives, and other payments. Akimbo Now introduces a new and unprecedented disbursement method — a virtual card account that is sent via email and can be used immediately for online purchases or added to a mobile wallet.
Unlike other services, Akimbo Now allows the recipient access to funds through a virtual card account. The recipient creates a username and password during a quick registration process to securely access the account. This simple collection process is particularly advantageous for smaller payments, such as those disbursed for rewards and incentives. In addition, users have the option of requesting a plastic card in the mail, or upgrading to a reloadable Akimbo Prepaid MasterCard. Once upgraded, the recipient can chose to transfer funds to an external bank account, and businesses have the ability to fund existing reloadable Akimbo Card accounts in real time as well.
"Akimbo Now empowers businesses and third-party apps with the ability to immediately deliver a wide variety of payments, from small incentives to large payroll checks," said Houston Frost, SVP of Payment Data Systems Corporate Development. "With Akimbo Now, the recipient has real time access to the funds through a virtual card account that can be used online or in mobile wallets. Larger, recurring payments can be sent to existing Akimbo Prepaid MasterCard accounts."
For businesses that want to send regular ACH payments, Akimbo Now also offers direct ACH processing solutions through Payment Data Systems.
"By leveraging Payment Data's processing solutions we can offer a one-stop shop for businesses that need to send money." said Louis Hoch, cofounder, President, and COO of Payment Data Systems. "Not only can they send funds via email through Akimbo Now, they can also initiate regular ACH payments in the same integration. We even provide the ability to send paper checks."
Akimbo Now will initially be offered for free, with fee-based corporate branding options. Beginning in 2016, Akimbo will charge a nominal fee for each virtual card sent. "Our goal is for the cost to be the same or less than that of ACH," said Frost. "We want businesses to be able to increase the frequency and speed of payments without increasing their costs."
The Akimbo Now API allows for direct app integration so that businesses can automate processes like customer referral rewards or other payouts. Payments can also be initiated through batch uploads on an online web portal. Payment Data Systems envisions a broad range of implementations for Akimbo Now, including consumer apps that automatically reward customers for specific behaviors, tools for sales teams to order incentive cards for prospective or new clients at the click of a button, or a quicker way for payroll companies to pay employees.
"We want to open up the power of the Akimbo platform to businesses and apps," said Hoch. "For years, consumers have been using Akimbo to send money to friends and family. Now businesses can do the same in a flexible, scalable way."
To learn more about Akimbo Now, please visit www.akimbocard.com/now.
The Akimbo Gift MasterCard is issued by Sunrise Banks NA, Member FDIC, pursuant to a license from MasterCard International.
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus, and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance, and bill payments. For additional information, visit www.paymentdata.com. Contact Michael Long for investor relations information at 210-249-4040 or email at IR@paymentdata.com.
About FiCentive, Inc.
FiCentive, Inc. is a turn-key prepaid card provider that quickly and securely delivers customized prepaid card programs for corporations, financial institutions, affinity groups or any organization which needs to deliver financial incentives to its customers, vendors, or employees. Our proprietary platform boasts the highest level of security, encryption and card association compliance. For more information about FiCentive, please visit www.ficentive.com or email firstname.lastname@example.org. FiCentive is a wholly owned subsidiary of Payment Data Systems, Inc.
About Sunrise Banks, N.A.
Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation given to approximately 109 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Sunrise Banks is Member FDIC.
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Source:Payment Data Systems, Inc.