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AppTech Payments announces launch of its BaaS platform

Thursday 23 May 2024 12:51 CET | News

AppTech Payments has announced the completion of the pilot program for its BaaS platform using the solution to launch InstaCash.

 

As per the announcement, InstaCash utilises the BaaS for virtual accounts, debit and credit cards, and high interest-yielding financial products. During the BaaS pilot program, clients were issued a virtual account, a commercial purchase debit card, and connected external accounts for funding of the new bank account. Traditional features such as check issuance, wire and ACH set up for bill pay were enhanced to include SMS invoicing for B2B transactions.

Furthermore, pilot partners were encouraged to invite other merchants who are in the supply chain to open bank accounts to reduce friction in payments and create a Real Time Payment network. In this account-to-account environment, each pilot client received a unique handle to be put in invoices enabling money transfers to be instant rather than involving multiple financial institutions ultimately saving time and fees.

AppTech Payments has announced the completion of the pilot program for its BaaS platform using the solution to launch InstaCash.

Moreover, the announcement continues to state that InstaCash aims to reshape the specialty payments landscape by providing a seamless, account-to-account transaction system that operates in real time. Each bank and credit union maintains its own closed-loop network, ensuring that customer relationships remain firmly between the financial institution and the consumer. InstaCash unifies networks, enabling instant, secure transactions over a unified ledger. Its adaptable technology integrates with any bank's infrastructure, offering powerful processing both on-site and in the cloud. 


This initiative is set to roll out across the United States before expanding to South America and Canada, positions. By integrating online financial literacy courses directly into the InstaCash platform, AppTech aims to equip its users with the knowledge and skills needed to navigate the complexities of personal finance effectively. 

About AppTech Payments Corp. 

AppTech Payments seeks to provide digital financial services for financial institutions, corporations, small and midsized enterprises, as well as consumers through the company's scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. 

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Keywords: BaaS, SMEs, product launch, virtual card, account-to-account payment
Categories: Banking & Fintech
Companies: AppTech Payments Corp
Countries: Canada, Latin America, United States
This article is part of category

Banking & Fintech

AppTech Payments Corp

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