TORONTO, June 28, 2021 (GLOBE NEWSWIRE) — 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.”