Woodforest National Bank Selects REPAY as Clearing and Settlement Processor

Rhea-AI Summary

Repay Holdings Corporation (NASDAQ: RPAY) has been selected by Woodforest National Bank to provide a comprehensive clearing and settlement processing platform. This agreement includes services such as risk monitoring, chargeback management, and enhanced reporting capabilities. REPAY’s platform is designed to offer customizable solutions, ensuring accurate and timely transaction processing. Both companies expressed optimism about the partnership, highlighting the potential for improved operational efficiency and customer service enhancements across Woodforest's network.

Positive

• Secured partnership with Woodforest National Bank enhances REPAY's market presence.
• Offers customizable clearing and settlement solutions, improving operational efficiency.
• Provides services like chargeback management and online dispute processing.

Negative

• None.

REPAY to provide powerful back-end clearing and settlement platform, including risk monitoring, chargeback management and intuitive reporting, to Woodforest National Bank and its merchants

ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced Woodforest National Bank has chosen REPAY as a clearing and settlement processor. REPAY will offer services including flexible boarding APIs, enhanced merchant billing options, online chargeback and dispute processing, and next day funding within a PCI-DSS compliant environment.

REPAY’s proprietary clearing and settlement platform offers fully customizable programs, providing more autonomy and greater payment flexibility than the traditional large acquirer programs. The clearing and settlement solution is supported by high-touch service, a powerful payments engine, and intuitive reporting software, all of which is designed to ensure on-time and accurate transaction processing.

“Woodforest National Bank was searching for a payments partner who could enhance their operations and provide the reporting that will set the business up for greater success in the future,” said Shaler Alias, President, REPAY. “We’re looking forward to working with the team at Woodforest National Bank to create a unique program that optimizes their business’ back-office tracking so they can continue delivering the same level of exceptional service their customers have come to expect.”

“We’re excited to begin working with REPAY to optimize our back-channel clearing and settlements and make the overall payment experience easier for our network of banks and merchants across the country,” said Todd Linden, EVP & Head of Merchant Acquiring, Woodforest National Bank. “REPAY’s high-touch service allows us to customize a clearing and settlement solution that gives us the capabilities we need to better serve our customers and continue to grow and scale our operations.”

About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.

About Woodforest National Bank
Celebrating more than 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005083/en/

Investor Relations Contact for REPAY:

repayIR@icrinc.com

Media Relations Contact for REPAY:

Kristen Hoyman

khoyman@repay.com

Source: Repay Holdings Corporation

FAQ

What is the new partnership between REPAY and Woodforest National Bank about?

REPAY will provide a clearing and settlement processing platform to Woodforest National Bank, offering services such as chargeback management and enhanced reporting.

What services will REPAY provide to Woodforest National Bank?

REPAY will offer risk monitoring, chargeback management, flexible boarding APIs, and next-day funding in a PCI-DSS compliant environment.

What are the benefits of REPAY's clearing and settlement platform?

The platform allows for customizable programs, ensuring greater payment flexibility and accurate transaction processing.

How might this partnership affect REPAY's stock (RPAY)?

The partnership could enhance REPAY's revenue potential and market reach, positively influencing investor sentiment.

When was the partnership announcement made?

The partnership between REPAY and Woodforest National Bank was announced recently and highlights enhanced operational capabilities.