RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a leading
innovator of payment transaction solutions leveraging proprietary
blockchain ledger and electronic payment technology for diverse
international markets, has aligned its U.S. operations to increase
its focus on diversifying into new vertical markets within its
Northeast Merchant Systems (NEMS) business unit. In addition to
leading RYVYLs licensing strategy, Christian Murray, Vice President
of Revenue, has been promoted to a newly created position of
Managing Director of NEMS effective July 15, 2024.
“RYVYL has developed visionary technology to
verify, secure and record payment transactions that has been
enthusiastically received by merchants and end customers, despite
recent changes in the regulatory environment that impacted our U.S.
segment revenue in the past six months. To increase monetization of
our technology, we have been focusing U.S. operations on
diversifying vertical markets and leveraging software licensing to
expand our market penetration,” said Fredi Nisan, co-founder,
director and CEO of RYVYL. “In March 2024, we began streamlining
operations, including outsourcing payment logistics to third-party
partners and reducing approximately 25% of U.S.-based positions.
These efforts are improving efficiencies, freeing up resources to
reinvest in key growth areas, creating a more agile organization
and positioning us to capture a growing pipeline of diversified
opportunities within our NEMS business unit as well as to address
changes within the fintech compliance landscape to deliver
exceptional value and ensure strong positioning within the
market.”
Leadership has tapped Christian Murray to lead
licensing. A 25-year fintech veteran, Christian played pivotal
roles in several high-profile companies, driving innovations in
digital payments, BaaS and SaaS-based software solutions,
blockchain technology, and financial services automation.
Nisan continued, “Since joining RYVYL in March
2024 as Vice President of Revenue, Christian has significantly
expanded our business development pipeline. We congratulate him on
his promotion and look forward to further contributions in his
expanded role as MD, NEMS.”
Murray added, “I joined RYVYL because of the
innovative technology and the immense market opportunities. I am
excited to launch licensing deals and bring tailored merchant
services to new verticals. Over the past decade, I have developed a
strong customer base, and I see tremendous potential to expand our
ISO and agent portfolio. By focusing on these strategic areas, we
expect to drive significant growth and diversification in our
revenue streams.”
Christian Murray
Christian Murray is a distinguished executive
leader with over 25 years of experience in the financial services
industry. Specializing in developing and implementing
enterprise-level SaaS platforms and financial services, he has a
successful track record scaling innovative solutions and delivering
cutting-edge financial products and services that address
challenges, enhance efficiencies, and boost profitability. Mr.
Murray began his career in 1993 as an independent sales agent for
merchant services, achieving recognition as one of the top
performers among 1,200 agents nationwide. He pioneered fully
integrated processing solutions and became the first to market
these innovations across thousands of merchants using the largest
point-of-sale systems in the U.S.
Mr. Murray conceived, developed and launched
multiple financial software platforms, including applications in
Electronic Bill Payment and Presentment (EBPP) Platform, Payment
Gateways, Banking as a service (BaaS), Credit cards as a service
(CaaS), Stored Value and Loyalty Systems, Blockchain-based payment
solutions, Reg-Tech Banking Technologies, Pay Fac as well as
Underwriting and Risk platforms, and Retail and Mobile payments.
Notably, he has leveraged blockchain technologies to enhance
regulatory controls, mitigate risks, and increase profitability
within financial services applications.
He has served on the Board of Directors and as
Treasurer for the Western States Acquirers Association, and he
contributed to the development of the Certified Payment
Professional (CPP) credential from the Electronic Transaction
Association (ETA).
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a
passion for empowering a new way to conduct business-to-business,
consumer-to-business, and peer-to-peer payment transactions around
the globe. By leveraging proprietary blockchain ledger and
electronic token technology for the diverse international markets,
RYVYL is a leading innovator of payment transaction solutions
reinventing the future of financial transactions. Since its
founding as GreenBox POS in 2017 in San Diego, RYVYL has developed
applications enabling an end-to-end suite of turnkey financial
products with enhanced security and data privacy, world-class
identity theft protection, and rapid speed to settlement. As a
result, the platform can log immense volumes of immutable
transactional records at the speed of the internet for first-tier
partners, merchants, and consumers around the globe.
www.ryvyl.com
Cautionary Note Regarding Forward-Looking
Statements
This press release includes information that
constitutes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on the Company’s current
beliefs, assumptions and expectations regarding future events,
which in turn are based on information currently available to the
Company. Such forward-looking statements include statements
regarding the timing of the filing of the aforementioned periodic
reports and are characterized by future or conditional words such
as "may," "will," "expect," "intend," "anticipate," “believe,"
"estimate" and "continue" or similar words. You should read
statements that contain these words carefully because they discuss
future expectations and plans, which contain projections of future
results of operations or financial condition or state other
forward-looking information.
By their nature, forward-looking statements
address matters that are subject to risks and uncertainties. A
variety of factors could cause actual events and results to differ
materially from those expressed in or contemplated by the
forward-looking statements, including the risk that the completion
and filing of the aforementioned periodic reports will take longer
than expected and that additional information may become known
prior to the expected filing of the aforementioned periodic reports
with the SEC. Other risk factors affecting the Company are
discussed in detail in the Company’s filings with the SEC. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws.
IR Contact: David Barnard, LHA Investor
Relations, 415-433-3777, RYVYL@lhai.com
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