Innovative Payment Solutions, Inc. Announces Appointment of Jonathan Severn to Lead the Company's Prepaid Card Division

Rhea-AI Summary

Innovative Payment Solutions, Inc. (OTCQB: IPSI) has appointed Jonathan Severn to lead its prepaid card division, specifically focusing on the IPSIPay™ platform. Severn brings over 30 years of experience in the prepaid card industry, having previously managed substantial credit card transaction volumes and successfully sold companies for significant value. CEO William Corbett expressed confidence in Severn's ability to integrate IPSIPay™ card services into the company's digital marketplace, anticipating that his leadership will accelerate business growth while addressing challenges faced by underserved consumers.

Positive

• Appointment of seasoned industry expert Jonathan Severn to lead prepaid card division.
• Severn's extensive 30-year experience in prepaid card payments and past achievements suggest potential for business growth.
• Expected swift integration of IPSIPay™ card services into the company's digital marketplace.

Negative

• Dependence on Severn's ability to effectively execute integration and drive profitability.
• Ongoing uncertainties related to the impact of COVID-19 on business operations.

NORTHRIDGE, CA, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century universal digital payment platform, IPSIPay™, today announced the appointment of Jonathan Severn to lead the Company’s prepaid card division.

“Mr. Severn is an invaluable addition to our team,” said CEO Willaim Corbett. “We believe Jonathan’s track record and success in the credit and prepaid cards business makes him the ideal person to lead our merchant processing and P2P division. With the final development of our payment processing system just around the corner, we’re confident that Jonathan’s leadership will enable a swift integration of IPSIPay™ card services into our universal digital marketplace platform.”

Native of Ventura County, Mr. Severn has been involved in the prepaid cards payment industry for over 30 years. In 1990, Mr. Severn served as an agent for Cardservice International, the largest privately held Independent Service Organization serving hundreds of thousands of merchants nationwide with credit card processing services, a rewards program, and software development. During his time at Cardservice, the Company became the largest privately held Independent Service Organization and Mr. Severn’s agency was the second largest in the U.S. In 2002, Cardservice International was sold to First Data in total for over $450 million. Following his time at Cardservice International, Mr. Severn founded Applied Merchant that oversaw approximately $20 billion annually in credit card transactions. The Company was sold for almost $150 million to Prudential Insurance in 2018. “I am very excited to join IPSIPay™  and hope to bring my experience and knowledge to elevate the Company’s cards and merchant processing business moving forward. I am intrigued by the business model IPSIPay™ has developed, including the humanitarian aspect that addresses challenges faced by underserved consumer. Since I have built my companies from ground up, I can also relate to the challenges small companies face daily and I welcome the opportunity to lead the IPSIPay™ P2P division.”

SAFE HARBOR STATEMENT

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate, "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding the expected contribution of Mr. Severn. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectation include, among others, Mr. Severn ‘s ability to enable a swift integration of IPSIPay™ card services into the Company’s universal digital marketplace platform, our ability to position the Company for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2020, and the Company's subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

For investor inquiries please call (866) 477-4729 or email investors@ipsipay.com.

FAQ

Who is Jonathan Severn and what is his role at IPSI?

Jonathan Severn has been appointed to lead the prepaid card division at Innovative Payment Solutions, Inc. (IPSI), focusing on the IPSIPay™ platform.

What experience does Jonathan Severn bring to IPSI?

Severn brings over 30 years of experience in the prepaid card industry, including successful management of substantial credit card transaction volumes.

What are the implications of Severn's appointment for IPSI's business?

Severn's leadership is expected to facilitate the swift integration of IPSIPay™ card services and enhance the company's market positioning.

What challenges does IPSI face with the new leadership?

Key challenges include ensuring effective integration of services and navigating uncertainties related to the COVID-19 pandemic.