AppTech Corp. (“AppTech”), a fintech company, today announces that the company has entered into a strategic partnership with NEC Payments B.S.C(c) (“NECP”). NECP provides digital banking and payment technology solutions to facilitate open-integration between financial institutions and the fintech ecosystem, and to drive the take-up of innovative digital financial services products.
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Through the deployment of NECP’s technologies, AppTech will extend its product offering to include flexible, scalable, and secure payment acceptance and issuer payment processing that supports the digitization of business and consumer financial services and the migration of cash and other legacy payment types to distanced and contactless card and real time payment transactions.
NECP will assist AppTech to complete the development of its text payment solution and, to do so, AppTech is licensing its patents to NECP enabling them to customize and provide best-in-class software that complements AppTech’s intellectual property. AppTech will also receive licenses to utilize NECP’s digital banking platform, including exclusivity in the United States for its payment acceptance software.
The integration of AppTech’s merchant services and the secure text payment solution with NECP’s digital account and multi-channel issuer payment processing capabilities will enable an end-to-end payment acceptance and digital banking solution for small to medium-sized enterprises. The integration will also enable AppTech to aggressively target straight-through processing opportunities in the business-to-business payments space and to automate payments and data sharing across multiple points in the supply chain, to eliminate manual administration, and minimize transaction processing time.
As part of the agreement NECP will become AppTech’s single largest shareholder, demonstrating the companies’ commitment to the joint success of this partnership.
Luke D’Angelo, Executive Director, AppTech stated “Our significant equity and cash investment into the partnership with NECP provides AppTech with the clearest and quickest opportunity to bring to market cutting edge technologies and achieve scale and profitability from their rapid adoption.”
Andrew Sims, CEO, NEC Payments said, “NEC Payments is delighted to be joining with AppTech in the United States as a part of our strategic plan to invest in partnerships with customer organizations and develop mutual value. AppTech’s existing intellectual property, merchant services, and marketing capabilities are a great complement to our innovative technologies, and the resulting integration and customizations will enable both of our companies to benefit from dynamic market penetration across multiple segments and distribution models.”
The above terms are subject to the capital requirements contained within the relevant agreements. Complete terms of the strategic partnership are disclosed in AppTech’s related 8K SEC filing.
