AppTech Payments Announces Commercial Launch of its Banking-as-a-Service (BaaS) Platform Following Successful Pilot Program

Company’s BaaS to be used to support the commercial launch of InstaCash

CARLSBAD, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (Nasdaq: APCX), a pioneering Fintech company powering frictionless commerce, announces today the successful completion of the pilot program for its Banking-as-a-Service (BaaS) platform. The Company will use this BaaS solution to commercially launch InstaCash, which utilizes the BaaS for virtual accounts, debit and credit cards, and high interest-yielding financial products.

AppTech CEO Luke D’Angelo stated, “The success of our BaaS pilot program signifies a significant milestone as we continue our mission to democratize banking by providing small and medium-sized enterprises access to products traditionally reserved for Fortune 1000 companies. The availability of treasury products, including T-bills and other high yielding financial products are differentiators that we believe will help drive user growth as over 200 new Independent Sales Organizations are expected to utilize our BaaS platform in the near-term. We look forward to continuing to scale the use of our frictionless commerce products as we remain committed to building long-term shareholder value.”

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 Business-to-Business transactions. 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.

Positioned as a competitor to both Venmo and Western Union, InstaCash aims to reshape the specialty payments landscape by providing a seamless, account-to-account transaction system that operates in real time, akin to FedNow. 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 acts as the glue binding these networks together, enabling consumers to transact instantly and securely over a unified ledger. With its flexible, adaptable technology, it functions much like an Intel chip, integrating seamlessly with any bank’s existing infrastructure and providing powerful processing capabilities that work both on-site and in the cloud.