SAN ANTONIO, July 27, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS) today announced that it has established a fourth Originating Depository Financial Institution (ODFI) relationship, expanding its ACH processing network for merchant customers.
“We brought on this new ACH banking partner to better serve the needs of important customers. It expands our competitive advantage in the ACH processing arena and provides additional capacity, stability and readiness to existing and future customers by offering them an additional channel to transmit payment traffic to the Federal Reserve network. Operationally, it adds redundancy and better risk management to our system ensuring that we can provide the highest level of service in the industry,” said Louis Hoch, President and COO, Payment Data Systems, Inc. “The additional ACH network capacity is expected to increase traffic from existing merchants who have already expressed interest in maintaining multiple banking relationships, as well as help us to attract new clients to our platform.”
“In financial technology, strategic bank partnerships are critical. These partners help us define the parameters around the products and services we can build and offer. Peer-to-peer services like PayPal, processing companies like Square and Stripe, and even blockchain exchanges like Coinbase were all created from bank partnerships with financial technology companies. Our ability to build these partnerships in an era of ever-increasing regulation on banks has become a key component to reinforcing our competitive advantage and building barriers to the competition,” added Mr. Hoch.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data Systems, Inc. is headquartered in San Antonio, Texas, and has offices in New York, New York; and Los Angeles, California.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.
Investor Contacts: Julie MacMedan Elizabeth Brossy Financial Profiles PYDS@finprofiles.com
Source:Payment Data Systems, Inc.