AppTech Payments Announces Strategic Partnership with FISB Solutions to Upgrade Legacy Banking Systems
AppTech Payments (Nasdaq: APCX) announces a strategic partnership with FISB Solutions to update the legacy core banking systems for over 200 community banks. This collaboration aims to integrate the latest neobank technologies, offering these banks a competitive edge in digital banking. AppTech will introduce Independent Sales Organizations (ISO) to support community banks in expanding their customer base without additional costs. Jerry Federico, President of FISB Solutions, praised AppTech's fintech solutions, emphasizing the alignment in commitment to enhancing community banks and credit unions with top-tier fintech services. The initiative focuses on modernizing technology, expanding reach, and driving growth for community banks.
- AppTech partners with FISB Solutions to upgrade legacy banking systems for over 200 community banks.
- Community banks to receive latest neobank technologies, enhancing competitive advantage.
- ISOs will support community banks in expanding customer base without extra costs.
- AppTech recognized for providing best-in-class fintech solutions.
- Partnership expected to drive new customer growth and technological modernization.
- Potential risk if the integration of new technologies faces delays or technical issues.
- No specific financial data or projected financial impact from the partnership disclosed in the PR.
- Dependence on ISOs might pose challenges if these organizations fail to perform as expected.
Insights
The strategic partnership between AppTech Payments Corp. and FISB Solutions is poised to bring significant changes to the landscape of community banking. By upgrading legacy banking systems to the latest neobank technologies, AppTech aims to provide community banks with enhanced operational efficiency, improved customer experience and a competitive edge in the digital banking era. This integration can potentially reduce operational costs for these banks while enabling them to offer a broader range of services, thus broadening their market reach.
From a financial perspective, this partnership could positively impact AppTech’s revenue streams. Tapping into over two hundred community banks creates a substantial opportunity for recurring revenue through software subscriptions and service fees related to the upgraded technologies. Investors might view this as a growth catalyst, particularly in a highly competitive fintech market where innovation and market penetration are key drivers of valuation increases.
In the short term, the announcement may not immediately affect AppTech's stock price, but as the implementation progresses and community banks begin to see tangible benefits, we could anticipate a positive market response. In the long term, fostering strong relationships with community banks can help AppTech secure a stable and growing customer base, reinforcing its market position.
The implementation of neobank technologies in community banks represents a significant tech upgrade from older legacy systems. Neobanks are essentially digital-first banks that often provide superior user experiences through mobile and online platforms compared to traditional banks. By adopting neobank technologies, community banks can offer features such as real-time notifications, enhanced security protocols and improved direct banking services, which can appeal to a tech-savvy customer base.
The integration of these technologies suggests a shift towards more adaptive and responsive financial services, aligning community banks with current market trends. This move can help community banks retain existing customers and attract younger demographics who prefer digital banking solutions. Additionally, the involvement of seasoned fintech professionals in the rollout and support phases ensures that the transition will be smooth and will maximize the utility of the new systems.
It's also important to note that such a comprehensive upgrade may face initial challenges related to data migration, staff training and potential downtime during the switch. However, the long-term benefits of streamlined operations and customer satisfaction are likely to outweigh these short-term hurdles.
The community banking sector has traditionally been at a disadvantage regarding technology adoption due to limited resources and smaller economies of scale. This strategic partnership directly addresses these challenges by providing a scalable, modern solution that these banks can leverage without significant upfront capital investment. The use of Independent Sales Organizations (ISOs) to extend local reach and foster relationships is a strategic move that could enhance customer acquisition and retention for these banks.
By aligning with FISB Solutions, AppTech is tapping into an established network, which facilitates quicker market penetration and potential network effects across the community banking sector. The ability to offer cutting-edge technology and support without additional costs to the banks is likely to be a strong selling point.
However, it is important to monitor the competitive landscape as other fintech companies may seek to replicate or counteract this strategy. The partnership's success will largely depend on the execution and the ongoing support provided to the banks to fully utilize the new technologies.
For retail investors, understanding the broader market trend towards digital banking and the specific advantages being offered can help in assessing the potential growth trajectory for AppTech.
Over two hundred community banks represented by FISB to receive the latest neobank technologies
CARLSBAD, Calif., June 11, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (Nasdaq: APCX) (“AppTech” or the “Company”), a pioneering Fintech company powering frictionless commerce, announces today a strategic partnership with FISB Solutions (“FISB”) whereby the Company will update the legacy core banking systems represented by FISB with the latest neobank technologies, empowering hundreds of community banks with a competitive advantage in the digital banking era.
AppTech Founder and CEO Luke D’Angelo stated, “The foundation of community banks are the diverse local relationships from the mayor’s office to the local hospitals, churches, schools, and small to medium-sized businesses that make up the depository base. Historically, the key challenges facing small banks are limited reach and low-end technology. Additionally, these banks require additional touch points in the community to offer new products and services. AppTech plans to introduce strategic local Independent Sales Organizations (ISO) to act as an extension for the community bank who would otherwise not have the resources to meet, greet, follow up and establish new relationships with the bank. We look forward to empowering community banks with a modern technology solution that is complemented with a team of seasoned fintech professionals to drive new customer growth at no additional cost to the bank.”
Jerry Federico, President and Founder of FISB Solutions Inc., added, "Of the hundreds of financial institutions and independent sales organizations I have worked with to deliver electronic payment solutions to small businesses, AppTech is among the very best. We are gratified to align with an established Fintech partner that shares our commitment to providing community banks and credit unions with a menu of best-in-class fintech solutions.”
About FISB Solutions
FISB is a champion for small businesses, helping them compete in the fintech industry with cutting-edge solutions. FISB seeks to deeply understand its clients’ needs and work tirelessly to ensure their objectives are met. FISB’s leadership blends decades of experience in community financial institutions, technology, financial services and entrepreneurship. Chairman and Founder Jerry Federico, a pioneer in the payments industry with over 34 years of experience, is recognized as the leader of the Electronic Lockbox Work Group of NACHA that was responsible for the ACH entry class code ARC or Accounts Receivable conversion.
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Relations Contact
CORE IR
Scott Arnold
scotta@coreir.com
AppTech Payments Corp.
760-707-5959
info@apptechcorp.com
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