CORRECTING AND REPLACING: Usio, Inc. Chosen by ClassWallet to Process ACH Payments and Power Digital Payments Disbursement Programs

Rhea-AI Summary

Usio has announced corrections to its press release regarding an expanded partnership with ClassWallet. The corrected version clarifies that the partnership provides agencies, not ClassWallet, with new insights and analytics to better understand program outcomes. Usio, a FinTech company offering integrated electronic payment solutions, is enhancing its collaboration with ClassWallet, a platform for public funds management.

The partnership now includes Usio's ACH processing and remote authorization capabilities in ClassWallet's digital wallet technology. This expansion aims to create innovative solutions for prepaid and funds disbursement applications, addressing the need for robust payment platforms. The collaboration is expected to accelerate ClassWallet's product innovation and improve payment processes for service provider vendors.

Both companies emphasize that this partnership will help maximize the impact of public fund programs and enhance efficiency for all recipients.

Usio’s Proprietary ACH Processing and Remote Authorization Technology Continues to Provide Innovative Solutions to a Host of Fund Disbursement Needs

SAN ANTONIO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Usio announced corrections to the fifth paragraph of its press release that was distributed on October 16, 2024.

The fifth paragraph is corrected to read as follows, “Jamie Rosenberg, ClassWallet founder and CEO, noted that the expanded partnership also provides agencies with new insights and analytics to better understand program outcomes and help the agencies that use ClassWallet maximize the impact of their programs for the people they serve.”

Originally, this paragraph read, “Jamie Rosenberg, ClassWallet founder and CEO, noted that the expanded partnership also provides ClassWallet with a wealth of data. This data can be mined by ClassWallet’s agency customers to better understand program outcomes so that these agencies can improve the impact of their programs on the people they serve.”

A Full Text of the Corrected Release follows:

Usio, Inc. (NASDAQ:USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced the continued expansion of its partnership with ClassWallet, the leading purchasing and reimbursement platform for public funds.

“Usio and ClassWallet’s strong partnership continues to create innovative new solutions for an ever-widening array of prepaid and funds disbursement applications,” said Houston Frost, Usio’s Chief Product Officer. “Building on their existing integration of our electronic payments technology, ClassWallet is now adding industry-leading ACH and proprietary remote authorization capabilities into its digital wallet technology platform. These new solutions address the need to both offer a robust payments platform and enable the building of innovative payment solutions demanded by its customers. We are extremely pleased to provide an integral element of ClassWallet’s various digital electronic payments solutions, and we look forward to supporting their growth objectives.”

The partnership creates a comprehensive ecosystem of payments technology ClassWallet can use to accelerate the pace of innovation to bring new products to market. The partnership also enhances the payment process for ClassWallet’s service provider vendors, resulting in efficiencies for more predictable and faster vendor payments.

Jamie Rosenberg, ClassWallet founder and CEO, noted that the expanded partnership also provides agencies with new insights and analytics to better understand program outcomes and help the agencies that use ClassWallet maximize the impact of their programs for the people they serve.

“Our partnership with Usio helps further the ClassWallet mission, and creates opportunities for everyone involved, most importantly our clients and end users,” Rosenberg said. “Together, we are presenting ClassWallet client organizations with secure, digital wallet innovation that unlocks the full potential of these public funds and maximizes program efficiency and outcomes for all recipients.”

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

Websites: www.usio.com , www.akimbocard.com and www.usiooutput.com. Find us on LinkedIn, Facebook^® and Twitter.

About ClassWallet

ClassWallet is the leading digital wallet for public funds. A pioneer in financial and government technology, ClassWallet's technology is used by public agencies across 35 states to maximize the positive impact of public funding on people’s lives. Since 2014, the ClassWallet platform has been used to deliver more than $4 billion in public funds to millions of citizens and has helped clients achieve the highest standards of program integrity and efficiency. With customer loyalty and satisfaction exceeding some of the world's largest brands, ClassWallet was recognized by J.D. Power in 2024 for providing "An Outstanding Customer Service Experience" for Phone Support. ClassWallet is headquartered in Hollywood, Florida, and ranks as the 88th fastest-growing software company on the prestigious Inc. 5000 list.

Company Contact

Paul Manley
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804

FAQ

What new capabilities is Usio adding to ClassWallet's platform?

Usio is adding ACH processing and proprietary remote authorization capabilities to ClassWallet's digital wallet technology platform.

How will the Usio-ClassWallet partnership benefit agencies using ClassWallet?

The partnership will provide agencies with new insights and analytics to better understand program outcomes and help maximize the impact of their programs for the people they serve.

What improvements can ClassWallet's service provider vendors expect from this partnership?

The partnership is expected to enhance the payment process for ClassWallet's service provider vendors, resulting in efficiencies for more predictable and faster vendor payments.

What is the main goal of the expanded Usio-ClassWallet partnership?

The main goal is to create innovative solutions for prepaid and funds disbursement applications, addressing the need for robust payment platforms and enabling the development of innovative payment solutions demanded by customers.

When did Usio (USIO) announce the correction to its press release about the ClassWallet partnership?

Usio announced the correction to its press release on October 17, 2024, regarding the partnership announcement originally made on October 16, 2024.