XTM Signs Iconic Art & Hospitality Brand Drake Hotel to Its Today™ Program Digital Payout Solution

Rhea-AI Summary

XTM, a company based in Miami and Toronto, has announced the re-opening of its dining services at Drake Hotel and additional venues as part of its Today™ instant payout solution for digital employee payouts. With a strong history in hospitality, the Drake brand aims to enhance operational efficiency through XTM's fintech solutions. The restaurant sector continues to face challenges in staff recruitment post-pandemic, and XTM's services aim to address accelerated payout needs, enhancing employee satisfaction and operational excellence.

Positive

• Partnership with Drake Hotel enhances XTM's brand image.
• Expansion of the Today™ instant payout solution to new restaurants.
• Increased employee satisfaction expected from faster payout processes.

Negative

• Hospitality sector still struggles to refill 650,000 jobs lost during pandemic.
• Potential delays in recovery due to ongoing economic challenges.

 Legendary Drake Hotel Properties, an arts-infatuated hospitality brand, re-opens dining with efficiency, energy and a big buzz. XTM also welcomes Drake Devonshire and Motor Inn located in Prince Edward County and Drake One Fifty in Toronto’s financial district.

MIAMI & TORONTO--(BUSINESS WIRE)-- XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world, is pleased to announce the roll-out of the Drake Hotel to its rapidly growing Today™ member instant payout solution.

The XTM team welcomes Drake Hotel, Drake Devonshire and Motor Inn and Drake One Fifty to its Today Program for digital employee payouts. (Photo: Business Wire)

The Drake Hotel opened its doors in 2004, now boasting a successful track record of close to two decades of hospitality operations. A proven contender in travel, leisure and hospitality operations Drake Properties manifest the know-how to thrive within the sector. With the recent economic challenges hospitality has been facing of late, efficient operations and incentive for staff to return to work are essential for the successful come-backs, even for the contenders. The restaurant industry still struggles to re-fill the 650,000 jobs lost during the pandemic, 75% of hospitality staff operators identify recruiting and retaining employees as their biggest challenge.

“The Drake is a place for people to come, meet, eat, drink, sleep, shop and generally feel the buzz of community. A motivated and fulfilled workforce leading the guest experience, helps us to meet our goal,” said Matthew Brooks, Director of Operations, Drake Hotel Properties. “We view XTM’s digital solution as a way for to help us to improve our operational efficiencies while freeing us to focus on the art of hospitality.”

“Employee payouts are critical in the hospitality ecosystem,” said Marilyn Schaffer, CEO, XTM. “Paying out wages and gratuities faster results in increased time, attendance and employee satisfaction. XTM will continue adding solutions to our ecosystem with the overall goal of supporting operational excellence for hospitality, personal care and the services sector at large.”

XTM is actively engaged in internal development as well as the pursuit of acquisitions and partnerships that are complementary to the existing suite of Today services including US and Canada payroll services, compliance and employee on-boarding.

About XTM

XTM, www.xtminc.com, is a Miami and Toronto-based fintech innovator in the neo-banking space, helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities. XTM's Today™ Solution, comprised of a free mobile app and a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and staff across Canada and the United States. XTM is a global card issuer and real-time payment specialist. Our technology is used by Restaurants, Salons and service staff at no charge to automate and expedite Earned Wage and Gratuity Access, increasing time and attendance and eliminating cash from ecosystems. XTM's Today solution drives operational efficiencies and delivers a bespoke user experience designed specifically for service workers.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, that the integrations will attract new business owners to use the Today program, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. While XTM can make best efforts to estimate when businesses will re-open or back to pre-Covid 19 business levels there are no guarantees this will happen in the time the Company expects or if at all. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220209005430/en/

For further information:

Marilyn Schaffer

E: finance@xtminc.com

T: 416.260.1641

Source: XTM, Inc.

FAQ

What is XTMIF's role in the hospitality industry?

XTMIF provides mobile banking and payment solutions to enhance operational efficiencies for hospitality businesses.

When did the Drake Hotel reopen its dining services?

The dining services at the Drake Hotel have recently reopened as part of XTM's initiatives.

How does XTM's Today™ solution benefit employees?

XTM's Today™ solution allows for faster payouts of wages and gratuities, improving employee satisfaction and attendance.

What challenges does the hospitality industry face post-pandemic?

The industry is facing challenges in recruiting and retaining staff, with significant job losses during the pandemic.

What locations are associated with XTM's recent announcement?

XTM's announcement involves locations like the Drake Hotel in Toronto and the Drake Devonshire in Prince Edward County.