Quisitive Technology Solutions, Inc., a premier Microsoft solutions provider and payment solutions provider, executed a bank sponsorship agreement with Peoples Trust Company (“Peoples”), which will allow LedgerPay to process payments in Canada.
Peoples Trust, a Federally regulated Canadian financial institution, has been in the market for more than 35 years and is focused on providing tailored financial solutions with world class customer interactions. These solutions are what enable their clients, especially those in the fintech community, to provide services to Canadian customers. Over the years, the company expanded its product and service offerings, which now covers retail lending, deposit services, commercial mortgages, services and securitization, and payment solutions and card services.
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Sponsor banks are members of credit and debit card associations that create the necessary links between payment processors, merchants, and credit and debit card companies to enable payment processing. Bank sponsorship is a critical partnership in each country for any payment processor and the partnership with Peoples represents another significant milestone on the pathway to the full commercialization of LedgerPay, a Quisitive product. Additionally, the process of attaining bank sponsorship includes extensive due diligence that has certified Quisitive’s financial status, business strategy, background checks, and more to ensure that Quisitive is a reputable payment processor and key participant in the global financial system. The achievement of bank sponsorship in Canada further validates the Company’s preparedness as it approaches the general availability of LedgerPay.
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“We are thrilled to receive bank sponsorship from a well-respected and highly-regarded team in Peoples Trust,” said Quisitive CEO Mike Reinhart. “This marks a milestone achievement that adds the ability for Quisitive’s LedgerPay solution to process payments in both the United States and Canada. This accomplishment comes on the heels of receiving the necessary hardware for testing with Mastercard and the recent bolster of our executive team. We are experiencing strong progress and momentum as we continue our organic growth efforts within our payment solutions business.”
Howard Klein, President of Peoples Payments and Cards, part of Peoples Group, added, “Peoples Trust is excited to partner with Quisitive’s LedgerPay solution and we look forward to a long-term successful partnership in Canada.”
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