News from the Wire

eProdigy launches processing gateway, ACHBanking service

Tuesday, March 31, 2015 — 12:04:17 (EDT)

New York and San Francisco, March 31, 2015 -- eProdigy, a fintech holding company and alternative lender, announced the launch of its own Processing Gateway, ACHBanking which the company will make available to other merchant funders, as well as ISOs (Independent Service Organizations).This platform will give merchants and ISOs an easy to split platform to process ACH payments and eChecks.

Notes eProdigy CEO David Rubin, "ACHBanking fills a gaping hole in the alternative finance industry. Most processors and banks don't understand how our business works, and are simply not equipped to manage multiple transactions or provide next day availability of funds. It can take up to a week for funds to clear, even while the processor has assumed the risk of insufficient funds. We're the first in the industry to provide such a gateway to other funders, and we think this will help bring down the cost and risk inherent to each transaction."

Integration of ACHBanking into 1Workforce

ACHBanking will allow real time settlements and next day availability of funds to qualified applicants, and will be integrated into eProdigy's proprietary 1Workforce platform. ACHBanking will be offered industry wide to ISOs, as well as funders regardless of whether they use 1Workforce.

Adds Paul Miller of CapAssist, an early ACHBanking adopter, "With the ACH processing options currently available, a funder doesn't know if a transaction is good for several days later. ACHBanking has a clear understanding of the needs of the alternative finance community, and meets them to a tee. When you're trying to ensure next day settlement, you don't want to learn a week later that some of those transactions were returned."

About eProdigy

eProdigy provides a suite of services to the alternative finance industry through its proprietary online platforms. We work with funders, ISOs, syndicates and brokers to provide a comprehensive servicing tool that allows our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and DailyFunder. For more information, please visit www.e-prodigy.com .

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Source: Company press release.