RYVYL Announces Strategic Partnership with Intercash In Expansion of Banking-as-a-Service Platform in European Markets
RYVYL Inc. (NASDAQ: RVYL) has announced a strategic partnership with Intercash to facilitate card issuance for customers in the European Economic Area (EEA). This collaboration allows businesses to provide co-branded debit and prepaid cards through RYVYL's new Banking-as-a-Service (BaaS) platform. Intercash, a leader in customizable payment solutions, has migrated over 50,000 cards to RYVYL's program, with plans for further migration. The partnership enhances RYVYL's banking infrastructure, enabling near-real-time payments across currencies with lower fees and improved security. The company anticipates processing over $100 million in monthly transaction volume once fully operational. This agreement showcases RYVYL's success in signing international financial institutions as clients.
- Strategic partnership with Intercash for card issuance in the EEA.
- Migration of over 50,000 cards to RYVYL's card program.
- Potential to process over $100 million in BaaS transaction volume monthly.
- Enhanced banking infrastructure for near-real-time payments.
- None.
SAN DIEGO, CA, April 19, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, announced today it has entered into a strategic partnership with Intercash to collaborate on card issuance for customers in the European Economic Area (EEA).
Intercash is a global payment solution leader focusing on customizable white-label card programs in thousands of locations around the globe that allows users to transfer funds to bank accounts, instantly convert funds into local currency, and make real-time payments. Through the collaboration, business customers can now offer co-branded debit and prepaid cards to untapped consumer markets leveraging RYVYL’s new Banking-as-a-Service (BaaS) platform as the infrastructure. White-label cards can be issued as virtual or physical, allowing businesses enhanced flexibility. Intercash, which currently has over 1 million cards issued, has already initiated the first phase of the process by moving more than 50,000 cards to the RYVYL card program and plans to continue with the migration in phases based on card issuance.
RYVYL’s banking infrastructure includes the ability to make near real-time payments in multiple currencies, even during non-business hours; with lower fees than third-party wiring companies; and enhanced fraud protection and security.
“Until now, certain B2B customers, through no fault of their own, have been largely excluded from using this important brand-building marketing tool,” says Fredi Nisan, Co-Founder and CEO of RYVYL. “By leveraging our partnership with Intercash, we are excited to be able to bring businesses in Europe the ability to create their own customized cards.”
The agreement is another example of RYVYL’s recent successes signing international financial institutions such as Paydek, Xace and others to its BaaS solution. The company expects to process more than
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
Cautionary Note Regarding Forward-Looking Statements.
This press release includes information that constitutes 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. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
RVYL@mzgroup.us
www.mzgroup.us
FAQ
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