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.
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