NEW YORK, December 11, 2018 /PRNewswire/ --
Digital payment solutions have become so mainstream that now millions of consumers use them on a daily basis. Consumers with an electronic device that has access to the internet can easily access a digital payment platform. These platforms allow users to simplify the process of sending transactions between one another. Despite the convenience of digital payment solutions, consumers are now demanding real time payment (RTP) solutions as well, causing payment technology to advance even further. According to data compiled by Maximize Market Research, the global real time payment market was valued at USD 4.5 Billion in 2017 and is estimated to reach USD 37.5 Billion by 2026. Additionally, the market is projected to grow at a CAGR of 30.35% during the forecast period. Consumers are now looking for ways to send transactions quicker, but more conveniently and at a lower cost per transaction. The rise of the internet and payment systems has further accelerated the technological growth of real time payment solutions to deal with the growing expectations. GreenBox Pos LLC (OTC: GRBX), Square, Inc. (NYSE: SQ), ACI Worldwide, Inc. (NASDAQ: ACWI), EVERTEC, Inc. (NYSE: EVTC), Cardtronics plc (NASDAQ: CATM)
Real time payment systems are already widely used as a solution to send funds between two users within just a matter of seconds after the payment initiation. In context, the payment industry is declining, while instant payment plans are rapidly growing. Now, many financial institutions are transitioning to real time payment services that consumers and businesses are adopting. "The call to action is clear: fintechs must go beyond providing connectivity and processing and take the lead in educating and working with banks every step of the way. Banks should embrace collaborating with fintechs to harness the 95 percent of innovation that happens outside their institutions. Consumers will continue to demand more real-time services and it's up to the industry to act. With RTP, they can finally deliver," said Vinay Prabhakar, Head of Markets Strategy, Payments at Finastra.
GreenBox Pos LLC (OTC: GRBX) earlier last week, the Company announced breaking news that, "TrustEscrow, a real-time partner payment module, is now live. The new technology is a plug-in to GRBX's robust TrustGateway system and is an essential part of the Company's scalability plan. TrustEscrow allows GRBX to meet the demand for the Company's services as the number of clients, partners, and agents soar. The new toolkit allows agents submitting accounts to GreenBox to get paid in real-time for each transaction.
'Current industry standards for agent residual payments are 30-60 days in arrears. Bringing residual payments from 30-60 days out to true real-time payment gives GreenBox a massive competitive advantage,' stated Ken Haller, GreenBox's Senior Vice President of Payment Systems. 'Clients, partners, and agents are the core of our business. They are a pillar to our sales force and we just injected them with the cashflow needed to continue bringing on new accounts. The days of waiting for residual settlements are over - everyone will be paid instantly and securely through our blockchain technology.'
About GreenBox POS, LLC: GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA."
Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square recently announced a new way for restaurants to take tableside payments. By bringing two of its newest products together, Square aims to end the slow back-and-forth of transporting credit cards and receipts around a restaurant. Just weeks after launching Square Terminal, Square's new all-in-one card processing device, the company is already announcing the first major update, integrating Square for Restaurants with Square Terminal for an elegant, integrated handheld experience that enables restaurants to turn tables faster, delight diners, and accept mobile payments. "When we launched Square for Restaurants earlier this year, we built the product for speed, simplicity, and efficiency. Today, we're extending the functionality of Square for Restaurants by integrating it with Square's newest hardware, providing a better payments experience for diners and making it even easier for restaurants to run their business," said Alyssa Henry, Seller Lead at Square. "Restaurants using Square Terminal will be well-equipped to let diners pay any way they want - contactless cards, smartphones, or watches - and stay ahead of the curve when it comes to payments technology."
ACI Worldwide, Inc. (NASDAQ: ACWI), the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. ACI Worldwide recently announced that Everlink Payment Services Inc., a leading provider of payments solutions and services for credit unions, banks, and small and medium enterprises across Canada, has selected ACI's UP Retail Payments to deliver modernized payment solutions to their Canadian clients. Headquartered in Markham, Ontario, Everlink, a long-time ACI customer, provides technology infrastructure and payment network connectivity through its Payment Network Gateway. In addition, the company offers a diversified range of integrated payments lines of business, including ATM Managed Services, Card Issuance and Management, Fraud Management Solutions, SME Solutions, Mobile Payments and a suite of Professional Services. Everlink's decision to extend its relationship with ACI was based on its desire to maintain industry-leading payments solutions, and the opportunity to evolve its payments processing environment. "Driven by Canada's rapid adoption and acceleration of fintech solutions and payments technologies, we wanted to ensure our clients were equipped with the performance they have come to expect, coupled with the capability to develop and integrate new and emerging payments solutions," said Mark Ripplinger, President and Chief Executive Officer, Everlink Payments Services Inc. "We're pleased to collaborate with a market leader like ACI, with its strong UP Retail Payment platform, which will enable us to offer these new and emerging payments solutions and services with seamless and secure continuity."
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction processing business in Latin America, providing a broad range of merchant acquiring, payment processing and business solutions services. EVERTEC, Inc. recently announced the launch of its ATH Móvil payment solution for e-commerce websites and mobile applications. This new solution will be available for a limited group of merchants as part of an extended pilot and will be available for all participating business of ATH Móvil Business® at the beginning of 2019. Mac Schuessler, President & Chief Executive Officer of Evertec Inc. said, "Given the rapid adoption of smart phones and ATH Móvil, we created this solution to streamline the online purchase process and offer our local merchants increased convenience to accept electronic payments in an easy and secure way. Additionally, our over 1.1 million users of ATH Móvil will now be able to pay faster on the digital platforms of the businesses participating in this extended pilot."
Cardtronics plc (NASDAQ: CATM), making ATM cash access convenient where people shop, work, and live, is at the convergence of retailers, financial institutions, prepaid card programs, and the customers they share. Cardtronics announced earlier this year that it has extended its long-term agreement with Meridian, Ontario's largest credit union, to continue providing issuing and acquiring processing services for Meridian's consumer and business credit and debit card portfolios. This latest agreement, which extends a relationship established in 2006, also renews Cardtronics as ATM managed services provider for Meridian - covering Meridian's entire fleet of branch and off-premise ATMs. Cardtronics is the world's largest ATM owner/operator and a leading payments services provider in Canada. "This agreement is a testament to the open communication we've fostered with Meridian, and certainly our commitment to the Canadian marketplace," said Brian Bailey, Cardtronics Managing Director - North America. "The Cardtronics team is dedicated to providing the highest level of support to Canada's credit union system, and we welcome the opportunity to continue supporting Meridian with innovative payments services technologies."
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