MELBOURNE, Florida,
September 7, 2017 /PRNewswire/ --
Bank of America (NYSE: BAC ) and
FitPay, Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ:
NXTD), today announced an agreement to extend contactless payment
capabilities to a range of new devices, giving Bank of America
customers more payment options and accelerating the adoption of new
payment devices. This collaborative effort enables Bank of America
customers to use their credit or debit cards to make secure
contactless payments directly from devices that are integrated with
the FitPay[TM] payment platform at
NFC-enabled point-of-sale locations and more than 9,000 Bank of
America ATMs.
"As digital payments evolve, our goal
is to give Bank of America customers access to payment options that
are easy to use and highly secure," said Mark Monaco, Head of Enterprise Payments at Bank
of America. "Working with FitPay will allow our customers to use a
range of new contactless payment devices to improve the payment
experience, provide a high level of security, and fit seamlessly
into any lifestyle."
Under the agreement, Bank of America
will participate in FitPay's Digital Wallet Program, which enables
manufacturers of Internet of Things (IoT) and wearable devices to
add contactless payment capabilities to their product, making it
possible for consumers to pay for goods and services at near-field
communication-enabled (NFC) point-of-sale terminals with a simple
tap. The platform uses tokenization, a payment security technology
that replaces cardholders' account information with a unique
digital identifier (a 'token'), to transact highly secure
contactless payments.
"We are very pleased to be working with
Bank of America to give their customers access to the latest
payment technology," said Michael
Orlando, COO of NXT-ID and President of FitPay, Inc. "Broad
adoption of digital payments requires fundamentally changing the
payment experience and making new payments methods widely
available. Our work with device manufacturers and Bank of America
is driving both of these goals."
Manufacturers of 15 IoT and wearable
devices are currently integrating with the FitPay payment platform.
Bank of America and FitPay are working together to enable Bank of
America customers to use their credit or debit cards to make
contactless payments or use NFC-enabled Bank of America ATMs with
these devices. This collaboration includes ensuring that the
devices meet Bank of America's technical, usage, security,
branding, and consumer experience requirements. Product
announcements from the manufacturers of these devices are
anticipated in 2017 and 2018.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 47 million consumer and small business relationships
with approximately 4,500 retail financial centers, approximately
16,000 ATMs, and award-winning digital banking with approximately
34 million active users, including 23 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of
Columbia, the U.S. Virgin
Islands, Puerto Rico and
more than 35 countries. Bank of America Corporation stock (NYSE:
BAC) is listed on the New York Stock Exchange.
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NXT- ID, Inc. and FitPay,
Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a
comprehensive platform of technology products and services that
enable the Internet of Things (IoT). With extensive experience in
access control, biometric and behavior-metric identity
verification, security and privacy, encryption and data protection,
payments, miniaturization and sensor technologies, NXT-ID develops
and markets groundbreaking solutions for payment and IoT
applications. Its industry-leading technology products and
solutions include MobileBio®, a suite of biometric solutions that
secure consumers' mobile platforms, the Wocket™, a next-generation
smart wallet and the Flye, a digital credit card developed in
collaboration with WorldVentures. NXT-ID includes three mobile and
IoT-related subsidiaries: LogicMark, LLC, a manufacturer and
distributor of non-monitored and monitored personal emergency
response systems ("PERS") sold through dealers/distributors and the
United States Department of Veterans Affairs; FitPay, Inc., a
proprietary technology platform that delivers end-to-end solutions
to device manufacturers for contactless payment capabilities,
credential management, authentication and other secure services
within the IoT ecosystem, and 3D-ID LLC, which is engaged in
biometric identification and authentication. Learn more about
NXT-ID at http://www.nxt-id.com . NXT-ID Inc. Corporate Contact:
info@nxt-id.com . FitPay and the FitPay Payment Platform are
trademarks of FitPay, Inc.
Forward-Looking Statements for NXT-ID: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business
strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
Media Contacts:
Bank of America
Betty Riess
+1-415-913-4416
FitPay, Inc. and NXT-ID
Chris Orlando
chris@fit-pay.com
+1-760-468-7273
D. Van Zant
press@nxt-id.com
+1-800-665-0411
SOURCE NXT-ID, Inc.