GreenBox POS Receives Approval for Bank Identification Number (BIN) for Merchant Onboarding
GreenBox POS (NASDAQ: GBOX) has received approval from Merrick Bank to operate its own Bank Identification Number (BIN), significantly enhancing its capacity to onboard lucrative ISO portfolios. This approval allows GreenBox to act with the responsibility of an acquiring bank while onboarding ISOs and agents under its BIN. The company will now manage KYC, underwriting, and risk monitoring for its clients, enabling the onboarding of more profitable merchant accounts. This development is expected to accelerate GreenBox's growth in the competitive fintech landscape.
- GreenBox approved to operate a Bank Identification Number (BIN), enhancing operational capabilities.
- Ability to onboard lucrative ISO portfolios, increasing potential merchant accounts.
- Increased responsibility for KYC and risk monitoring may lead to higher compliance and operational efficiency.
- None.
Highly Coveted License Allows GreenBox to Onboard Large ISO Portfolios, Further Accelerating Processing Volume Growth Potential
SAN DIEGO, CA, May 24, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions today announced it has been approved by Merrick Bank to operate a Bank Identification Number (BIN), greatly expanding the Company’s ability to onboard lucrative ISO portfolios.
Being approved to operate a BIN is only available to companies with strong compliance, operations, and expertise. While acquiring banks hold the top position in the payment’s world, having a BIN allows GreenBox to have its own sub-acquiring license within the bank and act in full responsibility and liability as if it were an acquiring bank. GreenBox can onboard ISOs and agents under its specific bank identification number (BIN) that is separate from the bank's other clients.
GreenBox will ultimately be responsible for know-your-customer (KYC), underwriting, and risk monitoring for all clients within its BIN. Along with increased responsibilities, heightened monitoring, and due diligence, comes the added benefit of onboarding more merchant accounts, specifically ISOs, which are more lucrative accounts, that otherwise would not be onboarded within a standard agent-referral arrangement with the bank.
“We are very excited to be approved for our own BIN as the next logical step for GreenBox in our rapid expansion within the fintech vertical,” said Ben Errez, Chairman of GreenBox POS. “It provides enhanced flexibility, streamlined onboarding and management of new, large merchant accounts taking GreenBox to the next level in the payment processing industry.”
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us
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