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Payment Data Systems’ Best-in-Class Akimbo Commercial Mastercard Product Continues Strong Growth in Targeted Healthcare Vertical

1185 Days ago

Bowen Center to provide Payment Data’s Akimbo Commercial Prepaid Mastercard to employees at its locations throughout Indiana

SAN ANTONIO, April 01, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), a tech-enabled payment solutions provider, announced today that FiCentive, a wholly owned subsidiary of Payment Data Systems, has signed an agreement with the Bowen Center, a Warsaw, Indiana-based behavioral health company, to provide its Akimbo Commercial Prepaid Mastercard® product to Bowen’s employees at its locations in 20 counties across the state.  This agreement represents continued strategic expansion and penetration of the targeted healthcare vertical.

Houston Frost, Senior Vice President of Prepaid at Payment Data Systems, noted, “Our Akimbo Commercial prepaid card product was developed for organizations just like the Bowen Center. Traditionally, companies have used petty cash processes or issued credit cards to employees for managing day-to-day expenses. With the exception of setting basic credit limits, companies have limited spending controls on corporate credit cards issued to employees.  The Akimbo Commercial card provides administrators with greater control and flexibility, including the ability to load cards, transfer money, review spending, and enable/disable cards. We are excited to be serving the Bowen Center as they positively impact those in their communities.”

Jay Baumgartner, Senior Vice President of Financial Services at the Bowen Center, said, “Our workforce is widely dispersed across Indiana, which presents many challenges in effectively managing our employees spending and its potential detrimental impact on morale.   We have been looking for a robust and reliable prepaid solution that can alleviate these concerns, both for employees as well as for the Bowen Center.  The Akimbo Commercial card product has all of the features and functionality we need to more efficiently and effectively manage our electronic payments without burdening our employees.  The Bowen Center is excited to begin this new relationship and we firmly believe the Akimbo Commercial card will provide the flexibility and security we need.”

About the Bowen Center

With locations spread across 20 counties in Indiana, Bowen Center’s mission is to positively impact the quality of life of those they serve by providing professional, caring, cost-effective behavioral healthcare services.
Website: www.bowencenter.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 services 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 Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.

Websites: www.paymentdata.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.

About Sunrise Banks

Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.

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, 2018. 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.



Kyle Ruschman
VP, Sales & Business Development

Investor Relations:

Joe Hassett
Gregory FCA



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