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AppTech rolls out new BaaS platform and InstaCash service By Investing.com

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CARLSBAD, Calif. – AppTech Payments Corp. (NASDAQ: APCX), a Fintech company, today announced the successful completion of its Banking-as-a-Service (BaaS) platform’s pilot program.

The completion marks the company’s transition towards the commercial launch of InstaCash, a new service leveraging the BaaS platform to offer virtual accounts, debit and credit cards, and high-interest-yielding financial products.

According to AppTech’s CEO Luke D’Angelo, the pilot program’s success is a significant milestone in the company’s mission to democratize banking. He emphasized that the BaaS platform will provide small and medium-sized enterprises (SMEs) access to banking products typically available to larger corporations. Over 200 Independent Sales Organizations are expected to adopt the BaaS platform shortly.

During the pilot, clients received virtual accounts, commercial purchase debit cards, and the ability to connect external accounts for new bank account funding. The program also introduced enhanced features like SMS invoicing for Business-to-Business transactions, aiming to streamline the payment process and create a Real-Time Payment network.

InstaCash is positioned as a competitor to services like Venmo and Western Union (NYSE:), offering instant, secure transactions across a unified ledger. The service acts as a bridge between the closed-loop networks of banks and credit unions, providing an experience similar to Zelle for all financial institutions, not just the industry giants.

The company plans to build on InstaCash’s capabilities by promoting financial literacy among the underbanked and undereducated. It will integrate financial education courses into the InstaCash platform, with plans to expand this initiative from the United States to South America and Canada.

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AppTech Payments Corp. specializes in digital financial services, holding exclusive licensing, partnership agreements, and patented technology capabilities. The company’s scalable cloud-based platform architecture supports its specialty payments model for a range of clients, including financial institutions, corporations, SMEs, and consumers.

This announcement is based on a press release statement.

InvestingPro Insights

In the context of AppTech Payments Corp.’s recent developments, InvestingPro data and tips provide a deeper financial perspective on the company. With a market capitalization of $22.71…

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