Exela Expands Mastercard Relationship in Europe

Rhea-AI Summary

Exela Technologies has expanded its partnership with Mastercard in the EMEA region, focusing on automating Giro payments in Norway via its XBP platform. The initiative aims to enhance processing efficiency for over 11 million Giro payments using advanced optical/intelligent character recognition and automated signature verification. Exela's president for EMEA, Vitalie Robu, expressed pride in continuing this collaboration, highlighting its significance in the Norwegian market as part of Exela's global rollout of the XBP solution.

Positive

• Expansion of partnership with Mastercard, increasing business opportunities.
• Implementation of technology to automate 11 million Giro payments, enhancing operational efficiency.
• Strengthening Exela's position in the European payments market.

Negative

• None.

IRVING, Texas, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced it has expanded an existing relationship with Mastercard in the EMEA region to support the automation of Giro payments and processing in Norway utilizing Exela’s XBP platform.

Exela will develop and deploy a new, innovative solution using optical/intelligent character reading to automate the content extraction of payment documents in the Brevgiro service in Norway. As part of this solution Exela will also provide automated signature verification of payment transactions. This solution will be used to process over 11 million Giro payments in Norway.

“We are proud to continue developing our partnership with Mastercard and look forward to servicing the entire Norwegian Giro payments market,” said Vitalie Robu, president of Exela EMEA, adding “this solution is part of our global XBP rollout.”

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About Exela Technologies

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 17,500 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading "Risk Factors" in Exela's Annual Report and other securities filings. In addition, forward-looking statements provide Exela's expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela's assessments to change. These forward-looking statements should not be relied upon as representing Exela's assessments as of any date subsequent to the date of this press release.

Investor and/or Media Contacts:

Vincent Kondaveeti

E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin

E: IR@exelatech.com

FAQ

What is Exela Technologies' recent partnership development with Mastercard?

Exela Technologies has expanded its partnership with Mastercard to automate Giro payments in Norway, leveraging its XBP platform.

How many Giro payments will Exela process in Norway?

Exela will process over 11 million Giro payments in Norway as part of its new solution.

What technology is Exela utilizing for payment processing in Norway?

Exela is using optical/intelligent character recognition and automated signature verification for processing payments.

When was Exela's partnership with Mastercard announced?

The announcement regarding the partnership expansion with Mastercard was made on January 12, 2022.

What is the stock symbol for Exela Technologies?

The stock symbols for Exela Technologies are XELA and XELAW.