Exela Technologies Expands Partnership with Global Bank

Rhea-AI Summary

Exela Technologies has announced an expansion of its contract with a major global bank, enhancing services to include foreign payment processing. This new offering is part of Exela's XBP platform and involves sophisticated payment security. The bank has confidence in Exela's international payment solutions, reflecting the company's continuous growth in payment processing across global banks.

Positive

• Expansion of the contract with a major global bank, enhancing the service offerings.
• Introduction of foreign payment processing, indicating trust and reliance on Exela's solutions.
• Continued growth in payment processing services as part of Exela's XBP platform.

Negative

• None.

IRVING, Texas, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), a global business process automation leader, today announced Exela has expanded a contract with a top global bank. Exela has augmented the service offering to the bank which currently includes payment clearing, case management, payment fraud detection and mortgage payments. The expansion includes foreign payment processing, which is subject to complex international rules and regulations.

“Payment processing, especially foreign payments, requires a level of sophistication with respect to timing of payments and higher levels of security. We appreciate the bank’s confidence in our international payment solution,” noted, Vitalie Robu, President of EMEA.

Exela continues to expand this type of processing across a number of global banks as part of its XBP platform offering. The need for payment across the supply chain continues to evolve as businesses become more global.

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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 services has Exela Technologies expanded with the global bank?

Exela Technologies has expanded its services to include foreign payment processing alongside payment clearing, case management, payment fraud detection, and mortgage payments.

What is the significance of the contract expansion for Exela Technologies?

The expansion signifies the bank's confidence in Exela's international payment solutions and highlights Exela's growth in the payment processing sector.

How does the foreign payment processing service benefit Exela Technologies?

The foreign payment processing service enhances Exela's offerings by including complex international payments, which is crucial as businesses expand globally.

What is the stock symbol for Exela Technologies?

The stock symbol for Exela Technologies is XELA for common shares and XELAW for warrants.