Payment Data Systems Achieves Third-Party Sender Certification Through NACHA Certified
January 16 2018 - 9:00AM
Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic
payments solutions provider, today announced it has successfully
met criteria set forth by NACHA—The Electronic Payments
Association (“NACHA”) to become a NACHA Certified Third-Party
Sender. NACHA Certified is a voluntary accreditation program for
Third-Party Senders in the ACH Network that demonstrate to the
industry, including Originating Depository Financial Institutions
(ODFIs), originators, and their peers, that they are meeting
standards established by NACHA that signal credibility, quality,
and strong core practices.
NACHA Certified helps Third-Party Senders set
themselves apart in today’s competitive market by demonstrating to
financial institutions that they are vetted, validated, and valued.
Payment Data Systems is one of the first Third-Party Senders in the
industry to achieve this certification.
Wayne Gonzales, Vice President of Risk
Management and Compliance, stated, “Payment Data Systems, Inc. is
approaching our twentieth anniversary in 2018 and originates
billions of dollars in entries every year. We are committed to risk
management, compliance, payment security and quality services.
Being NACHA Certified means that effective controls, standards, and
oversight are all core competencies. Additionally, our team
understands the risk and compliance obligations associated with
processing ACH Entries, and we hold our originators to the same
standards. We believe this important accomplishment will strengthen
our relationships with Originating Depository Financial
Institutions (ODFIs), originators, partners, and shareholders.”
“Payment Data Systems, Inc. and other
Third-Party Senders are instrumental in helping businesses
originate ACH payments,” said Jane Larimer, chief operating officer
of NACHA. “We congratulate Payment Data Systems, Inc. on becoming a
NACHA Certified organization through its successful demonstration
of effective business oversight, and understanding of the risk and
compliance obligations associated with processing ACH
transactions.” Additional information on NACHA Certified can be
found on NACHA’s website: www.nachacertified.org
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ:PYDS), a
leading integrated payment solutions provider, offers a wide range
of payment solutions to merchants, billers, banks, service bureaus,
and card issuers. The Company operates credit, debit/prepaid and
ACH payment processing platforms to deliver convenient, world-class
payment solutions and service to their clients. The strength of the
Company lies in its ability to provide tailored solutions for card
issuance, payment acceptance, and bill payments as well as its
unique technology in the prepaid sector. Payment Data is
headquartered in San Antonio, Texas, and has offices in New York,
New York; Long Beach, California; St. Augustine, Florida and
Nashville, Tennessee. Websites: www.paymentdata.com,
www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com,
and www.ficentive.com. Find us on Facebook®.
About NACHA—The Electronic Payments
Association
NACHA—The Electronic Payments Association is the
steward of the ACH Network – one of the largest, safest and most
reliable payment systems in the world. The ACH Network creates
value and enables innovation by universally connecting all U.S.
financial institutions, and moving money and information directly
from one bank account to another. In 2016, there were 25 billion
ACH payments made that moved $43 trillion. NACHA also brings
together diverse organizations to develop rules and standards to
benefit payments ecosystem participants, including Electronic
Benefits Transfer (EBT) and healthcare Electronic Funds Transfer
(EFT). By collaborating with other standards organizations and
geographies, NACHA facilitates compatibility and integration with
U.S. payments. Visit nacha.org for more information.
Forward-Looking Statements Disclaimer
Except for the historical information contained
herein, the matters discussed in this release include
forward-looking statements which are covered by safe harbors. Those
statements include, but may not be limited to, all statements
regarding management's intent, belief and expectations, such as
statements concerning our future and our operating and growth
strategy. These forward-looking statements are identified by the
use of words such as "believe," "intend," "look forward,"
"anticipate," "schedule", and "expect" among others.
Forward-looking statements in this press release are subject to
certain risks and uncertainties inherent in the Company's business
that could cause actual results to vary, including such risks
related to the realization of the anticipated opportunities from
the Singular acquisition, the management of the Company's growth,
the loss of key resellers, the relationships with the Automated
Clearinghouse network, bank sponsors, third-party card processing
providers and merchants, the security of our software, hardware and
information, the volatility of our stock price, the need to obtain
additional financing, risks associated with new tax legislation,
and compliance with complex federal, state and local laws and
regulations, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission
including its annual report on Form 10-K for the fiscal year ended
December 31, 2016. One or more of these factors have affected, and
in the future, could affect our businesses and financial results in
the future and could cause actual results to differ materially from
plans and projections. We believe that the assumptions underlying
the forward-looking statements included in this release will prove
to be accurate. In light of the significant uncertainties inherent
in the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
All forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor Contact: Preston Graham
Preston@stonegateinc.com 972-850-2001
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