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

Rhea-AI Summary

Usio, Inc. (NASDAQ:USIO) has announced an expanded partnership with ClassWallet, integrating Usio's ACH processing and remote authorization technology into ClassWallet's digital wallet platform. This collaboration enhances ClassWallet's ability to offer innovative payment solutions for public funds disbursement.

The partnership allows ClassWallet to accelerate innovation and bring new products to market faster. It also improves the payment process for ClassWallet's service provider vendors, leading to more efficient and predictable payments. Additionally, the integration provides ClassWallet with valuable data that can be used by agency customers to better understand and improve program outcomes.

Both companies view this expansion as mutually beneficial, with Usio supporting ClassWallet's growth objectives and ClassWallet furthering its mission to maximize program efficiency for public fund recipients.

Positive

• Expansion of partnership with ClassWallet, a leading platform for public funds disbursement
• Integration of Usio's ACH processing and remote authorization technology into ClassWallet's platform
• Potential for accelerated innovation and faster product development for ClassWallet
• Improved payment process efficiency for ClassWallet's service provider vendors
• Access to valuable data for ClassWallet's agency customers to improve program outcomes

Negative

• None.

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

SAN ANTONIO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- 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 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.

“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 technology is Usio providing to ClassWallet in their expanded partnership?

Usio is providing ACH processing and proprietary remote authorization capabilities to be integrated into ClassWallet's digital wallet technology platform.

How will the expanded partnership between Usio (USIO) and ClassWallet benefit ClassWallet's vendors?

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

What advantages does the Usio (USIO) and ClassWallet partnership offer to agency customers?

The partnership provides ClassWallet with data that agency customers can use to better understand program outcomes and improve the impact of their programs on the people they serve.

How does the expanded partnership align with ClassWallet's mission according to their CEO?

According to ClassWallet's CEO, the partnership helps further their mission by presenting client organizations with secure, digital wallet innovation that maximizes program efficiency and outcomes for all recipients.