New York, New York (NetworkNewsWire) – Financial technology, or
FINTECH, has established new platforms for many businesses and
companies. With improved capabilities, firms are catching on to
alternative forms of banking that offer automation of various
financial processes ranging from payments to billing and invoicing.
It’s especially useful in the modern world, where transactions are
more often done electronically. FINTECH is not limited to the
financial services industry, however. Sectors from logistics and
shipping, to high-risk ones such as the cannabis industry are
finding electronic wallets and mobile apps more practical than
traditional financial services. Global Payout, Inc.
(GOHE) (GOHE
Profile) is serving such needs with B2B financial automation
solutions through its Global Reserve Platform, while also affording
access to bitcoin via its MoneyTrac, Inc. (“MTRAC”) subsidiary.
Bitcoin Services (BTSC) is a big player in the
evolving FINTECH arena, as is BTCS, Inc. (BTCS).
Industry behemoths such as Apple, Inc. (AAPL) and
Alphabet, Inc. (GOOG) are taking FINTECH to new
levels on both the business and consumer fronts.
Global Payout,
Inc. (GOHE) makes payment solutions available to
clients around the world, serving the needs of everything from
commercial enterprises to government institutions. Its Global
Reserve Platform is a web-based banking platform that includes
everything domestic, foreign exchange, and international payment
service providers need to conduct financial transactions. It
handles online banking, compliance, mobile wallets, card
management, biometric payments, authentication, merchant payment
processing, bill payments and more, while also offering core and
traditional banking products. Global Payout’s primary focus in this
area is logistics, in addition to small to medium size companies,
banking, and travel firms.
MTRAC provides FINTECH solutions to alternative and high-risk
markets, such as cannabis, allowing businesses to manage virtual
currency and handle cash flow logistics while bypassing traditional
banks.
"Since there is an inability to access commercial banks for
merchant bank accounts, we feel it is imperative to focus on
currency alternatives such as bitcoin to service cannabis industry
transactions. Furthermore, our payment system is completely ready
for use. It will not require a great deal of time or money to
incorporate bitcoin into the equation," Hancock stated in a
previous news release (http://nnw.fm/Q3C9i).
A business development agreement between MTRAC and PotSaver
further demonstrates MTRAC’s broader strategy to take advantage of
new market opportunities. Based in Southern California, PotSaver is
a community periodical that serves local shops and dispensaries in
the region’s medical and recreational cannabis industry, providing
listings on discounted cannabis products. This partnership provides
MTRAC the opportunity to increase brand awareness in the cannabis
industry and potentially grow its revenue stream.
“With the medical and recreational cannabis industry growing at
an unprecedented rate in California, we are determined to be
conscious of the multiple opportunities that currently exist, or
that we can create for MoneyTrac to further expand its brand
throughout the industry as well as tap into every available revenue
source possible,” Vanessa Luna, COO of MoneyTrac, stated in the
news release (http://nnw.fm/KF5oq). “This agreement with PotSaver is
an excellent opportunity for us to offer the industry-specific
business development expertise we have acquired to help further
PotSaver’s go-to-market strategy, while simultaneously creating a
new source of revenue for our company as we continue to expand our
own brand throughout the industry.”
MTRAC’s developments play a supportive role in Global Payout’s
overarching mission in FINTECH. Global Payout began by offering
prepaid card services and a payment platform for businesses in
different countries, but improvements in 2016 added additional
functions now seen in its Global Reserve Platform. Blockchain
technology, such as that familiarized by Bitcoin Services
(BTSC), is part of the system, giving various industries
the benefits of FINTECH on a much broader scale.
Bitcoin Services is a cryptocurrency leader
offering an escrow service, a neutral third-party that serves
buyers and sellers during online transactions. Verification
processes are run by bitcoin mining services, so transactions are
always properly validated and secured. The company’s role in
FINTECH has been a key one since its incorporation in 1997,
especially since it is a major player in the development and sale
of blockchain software.
Another player in FINTECH and blockchain/digital currency is
BTCS, Inc. (BTCS). In August 2017, BTCS announced
the signing of a letter of intent to merge with Blockchain Global
Limited. A merger would give access to the Australian company’s
bitcoin exchange, transaction verification services, and start-up
accelerator program that provides fledgling business with access to
blockchain technologies and applications. Consulting and advisory
services are also offered, such as those supporting crowd-sourced
blockchain token sales. In a recent letter to
shareholders, BTCS mentions the 300 percent surge in bitcoin
over a year, and that this boost and the involvement of large
organizations demonstrates the mainstream acceptance of digital
FINTECH assets. It plans to participate in strategic market
purchases, make initial coin offerings, and resume transaction
verification services to expand its digital asset portfolio.
Innovative offerings by FINTECH companies are fueling activity
not just in the commercial sector. Some of them, such as Global
Payout’s MTRAC solution, are being used to offer advanced payment
solutions to consumer-facing companies.
Online purchasing solutions enabled by similar systems include
Apple Pay from Apple, Inc. (AAPL). Consumers can
pay for items with credit and debit cards on their mobile devices,
and can do so on the same platform even while in a store. One just
needs to hold their iPhone or Apple watch up to a reader for it to
work. Customers can pay within apps as well, make donations, or
shop online. The service can be used at many major retail chains
and websites, and to donate to a range of nonprofit organizations.
It extends the value of FINTECH to consumers who shop at
electronics, clothing, pharmaceutical, toy, and general stores; gas
stations; restaurants; and who stay at hotels.
Alphabet, Inc (GOOG) is also vested in the
consumer FINTECH segment. Google Wallet allows for automatic cash
transfer; users can send money to anyone using the app. Their email
address and phone number are all that is needed. The product is
useful in a variety of settings, from splitting the bill at a
restaurant to planning trips and purchasing group gifts, as well as
making commercial transactions. Transferring cash is possible for
payment of any service, especially for sole proprietors. That puts
FINTECH in the hands of anybody who wishes to make a transaction
online or via digital devices or methods. The service is available
in the U.S. and the UK, although users can’t yet transfer funds
between countries.
FINTECH companies and services are enabling business and
consumer transactions that can be managed digitally, without going
through a bank. These afford simpler, faster and increasingly
convenient options and enable business to be conducted more freely
in high-risk industries that are tightly regulated by traditional
financial institutions. FINTECH is gaining value at many different
levels. Logistics companies are catching on because it streamlines
shipping operations, while companies such as Apple and Google are
extending digital payment technologies to consumers, giving FINTECH
a nearly limitless market reach. The rapid growth of bitcoin and
blockchain technology is also clear evidence that digital B2B and
consumer payment solutions have significant upside potential.
For more information on Global Payout, Inc.,
please visit Global Payout
(GOHE)
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