Quisitive Technology Solutions Inc.
(“Quisitive” or “the Company”) (TSXV: QUIS), a
Microsoft Cloud Services and Payment Solutions Provider, has
announced that it has successfully executed its previously
announced letter of intent ("LOI") with The Bancorp Bank, the
wholly-owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK) to act
as a sponsor for direct payment processing for Visa™, Mastercard™,
and other major credit and debit card brands.
With over $6.2 billion in assets and over 600
employees around the nation, The Bancorp is a Delaware-based bank
that services the unique needs of non-bank financial service
companies, ranging from entrepreneurial start-ups to Fortune 500
companies. The Bancorp and its subsidiary, The Bancorp Bank (Member
FDIC, Equal Housing Lender), has been repeatedly recognized by the
Nilson Report as the Top Issuer of Prepaid Cards (US), a top
merchant sponsor bank, and a top ACH originator. The Bancorp works
with some of the most forward-thinking upstarts in financial
services by providing consultancy, financial services, and
technology that enable its clients to bring their business vision
to fruition.Sponsor banks are members of credit and debit card
associations that create the necessary links between payment
processors, merchants, and credit and debit card companies to
enable payment processing. Bank sponsorship is a critical
partnership for any payment processor and represents a significant
milestone on the pathway to the full commercialization of
LedgerPay, a Quisitive product. Additionally, the process of
attaining bank sponsorship includes extensive due diligence that
has certified Quisitive’s financial status, business strategy,
background checks, and more to ensure that Quisitive Payment
Solutions is a reputable payment processor. The achievement of bank
sponsorship validates the Company’s preparedness as it approaches
the general availability of LedgerPay.
“Successfully receiving bank sponsorship from a
well-respected and highly-accredited organization such as The
Bancorp, is an absolutely vital component that provides LedgerPay
with direct payment processing capabilities with the major credit
and debit card brands,” said Quisitive CEO Mike Reinhart. “The
Bancorp brings to the table a team of seasoned financial experts
that have a plethora of experience within the payments sector.
Quisitive’s recent acquisition of BankCard USA, onboarding of
payments industry leaders to the team, development of a
comprehensive risk management program, achievement of Microsoft
Co-sell Ready status, and now execution of the bank sponsorship
demonstrates significant progress toward full commercialization of
the LedgerPay solution.”
"The Bancorp is excited to announce our sponsorship
of Quisitive LedgerPay as a direct merchant acquiring partner. Our
support of this major milestone on LedgerPay's journey,
demonstrates The Bancorp’s confidence in their technology, risk
management, security strategies, and their leadership team. We look
forward to a robust partnership between The Bancorp and Quisitive
and the positive impact that the LedgerPay solution will have on
the market and our customers," said
Matt Carberry, Managing Director, Head of Partner
Strategy at The Bancorp.
LedgerPay, a Quisitive product, is a payment
processing and Payments Intelligence™ solution that captures and
analyzes rich data from every card-based transaction in every
channel. It transforms payments data into customer engagement by
empowering a merchant’s ability to deliver personalized promotions
based on an individual’s historic buying behaviors and category
preferences to shoppers at the point of purchase in real-time while
they are still in the store or restaurant. Quisitive leveraged
their alliance with Microsoft to develop LedgerPay on the Microsoft
Azure platform, creating the first of its kind, cloud-based
payments solution. Building a solid foundation on top of Azure
DevOps and utilizing Azure services such as Azure Kubernetes
Services, CosmosDB, and ExpressRoute, among others, allows
LedgerPay to fundamentally transform payment transactions into a
valuable customer engagement tool, offering personalized promotions
with 100% of non-cash merchant customers even if they are not
enrolled in a loyalty program.
“LedgerPay is a case study of how the power of
Microsoft Azure, together with the collective financial services
and payments expertise of the Microsoft and Quisitive teams, can
deliver innovative solutions to brick-and-mortar and omnichannel
merchants,” said Peter Hazou, Microsoft’s Worldwide Director,
Business Development, Financial Services. “The progress of
LedgerPay towards full commercialization is exciting because it’s
an application of Azure technology that offers both
brick-and-mortar and e-commerce merchants a new competitive
advantage that is unlike anything previously seen in the payments
field.”
About
QuisitiveQuisitive (TSXV: QUIS) is a premier, global
Microsoft partner that harnesses the Microsoft platform and
complementary technologies, including custom solutions and
first-party offerings, to generate transformational impact for
enterprise customers. Our Cloud Solutions business focuses on
helping enterprises move, operate, and innovate in the three
Microsoft clouds. Centering on our LedgerPay product suite, our
Payments Solutions business leverages the Microsoft Azure cloud to
transform the payment processing industry into an entirely new
source of customer engagement and consumer
value. Quisitive serves clients globally from ten
employee hubs across the world. For more information,
visit www.quisitive.com and follow
@BeQuisitive.
About The Bancorp:The Bancorp,
Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of
non-bank financial service companies, ranging from entrepreneurial
start-ups to those on the Fortune 500. The company’s subsidiary,
The Bancorp Bank (Member FDIC, Equal Housing Lender), has been
repeatedly recognized in the payments industry as the Top Issuer of
Prepaid Cards (US), a top merchant sponsor bank and a top ACH
originator. Specialized lending distinctions include SBA National
Preferred Lender, a leading provider of securities-backed lines of
credit, and one of the few bank-owned commercial vehicle leasing
groups in the nation. For more information, please visit
www.thebancorp.com.
Quisitive Investor ContactMatt
Glover and John YiGateway Investor
RelationsQUIS@gatewayir.com949-574-3860
Cautionary Note Regarding Forward Looking
InformationNeither TSX Venture Exchange nor its Regulation
Services provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements: Some statements in this
news release contain forward-looking information. These statements
include, but are not limited to, statements with respect to future
growth strategies and LedgerPay availability. These statements
address future events and conditions and, as such, involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include,
among others the limited history of operations, lack of
profitability, availability of financing, the need for additional
financing and the timing and amount of expenditures,
information pertaining to strategy, plans, or future financial
performance, such as statements with respect to future revenues,
EBITDA, cash flows and other statements that express management's
expectations or estimates of future performance, the anticipated
timing of future cash flow and positive EBITDA, ability to
successfully execute on corporate strategies, the failure to find
economically viable acquisition targets, funding for internally
developed technology solutions, client retention and attrition,
client demands, reliance on key personnel, economic spending in the
IT industry and technological changes in the IT industry.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: changes in
technology, customer markets and demand for the Company’s services;
the efficacy of the Company’s software and product offering; sales
and margin risk; acquisition and integration risks; dependence on
economic and market conditions including, but not limited to,
access to equity or debt capital on favorable terms if required;
changes in market dynamics including business relationships and
competition; information system risks; risks associated with the
introduction of new products; product design risk; risks related to
the Company being a holding company; environmental risks; customer
and vendor risks; credit risks; tax and insurance related risks;
risks of legislative changes; risks relating to remote operations;
key executive risk; risk of litigation risks; risks related to
contracts with third party service providers; risks related to the
enforceability of contracts; risks related to general economic,
market and business conditions, including, but not limited to, the
ongoing impact of the COVID-19 pandemic; the limited operating
history of the Company; reliance on the expertise and judgment of
senior management of the Company; risks related to proprietary
intellectual property and potential infringement by third parties;
risks relating to financing activities including leverage; risks
relating to the management of growth; increased costs associated
with the Company becoming a publicly traded company; increasing
competition in the industry; risks relating to energy costs;
reliance on key inputs, suppliers and skilled labour;
cyber-security risks; risks related to quantifying the Company’s
target market; risks related to industry growth and consolidation;
fraudulent activity by employees, contractors and consultants;
conflicts of interest; risks related to the cost structures of
certain projects; risks relating to certain remedies being limited
and the difficulty of enforcement of judgments and effect service
outside of Canada; risks related to future dispositions; sales by
existing shareholders; the limited market for securities of the
Company; price volatility of the common shares of the Company; no
guarantee regarding use of available funds; currency fluctuations;
and those factors described under the heading "Risks Factors" in
the company's annual information form dated May 15, 2020 available
on SEDAR. Although the forward-looking statements contained in this
news release are based upon what management of the company
believes, or believed at the time, to be reasonable assumptions,
the company cannot assure shareholders that actual results will be
consistent with such forward-looking statements, as there may be
other factors that cause results not to be as anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements and information. There can
be no assurance that forward-looking information, or the material
factors or assumptions used to develop such forward-looking
information, will prove to be accurate. The Company does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable securities law.
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