Exela Technologies Adds Mobile to Suite of Payment Solutions with Global Bank

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) has expanded its partnership with a leading global bank to include mobile payment processing. This extension of a 30-year relationship is part of a multi-year contract within Exela's ITPS segment. The new mobile solution will manage payments in accordance with Pay.UK standards, enhancing the existing services in payments, fraud detection, and mortgage processing. This development positions Exela to offer additional services such as Request to Pay and Real-Time Payments, further solidifying its presence in the digital banking landscape.

Positive

• Expansion of a 30-year relationship with a tier one global bank for mobile payment processing.
• Inclusion of mobile payment solutions in Exela's ITPS, its largest reporting segment.
• Opportunity to offer additional services like Request to Pay and Real-Time Payments.

Negative

• None.

LONDON, April 12, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), a global business process automation leader, today announced Exela has expanded its 30-year relationship with a tier one global bank by adding mobile payment processing. Our customer currently uses Exela for payments, fraud detection and mortgage processing. This multi-year XBP contract will be included in ITPS, Exela’s largest reporting segment.

Exela’s exchange for bills and payment solutions can be deployed to bridge the gap between traditional and digital banking providing choice and scale. The mobile solution will fully manage mobile payments conforming to rules and best practices from Pay.UK, the UK’s primary payments body.

“We are thankful to be selected and this also sets the stage for XBP solutions including Request to Pay, Account to Account Transfers and Real Time Payments,” noted Vitalie Robu, President of Exela, EMEA.

Exela is a leader in bills and payment processing with more than thirty years of experience handling complex problems and delivering simplicity. XBP liquidity solutions allow billers, consumers and businesses to communicate and transact. Offering a complete solution to its customers, Exela enables improved control, insights and analytics globally in over 50 countries.

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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 17,000 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 recent contract did Exela Technologies announce with a bank?

Exela Technologies announced an expansion of its partnership with a tier one global bank to include mobile payment processing.

Where will the mobile payment processing contract be reported for Exela?

The mobile payment processing contract will be reported under Exela's ITPS segment.

What services will Exela add with the new mobile payment processing?

Exela will add services including Request to Pay and Real-Time Payments as part of the new mobile payment processing.

How long has Exela Technologies been partnered with the global bank?

Exela has been in partnership with the global bank for 30 years.

What company does the ticker symbol XELA represent?

The ticker symbol XELA represents Exela Technologies.