SAN ANTONIO, Jan. 16, 2018 (GLOBE NEWSWIRE) -- 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.
Source: GlobeNewswire (January 16, 2018 - 9:00 AM EST)