IFAN Financial Receives Unconditional Bank Approval for Prepaid Card Program from TAB Bank
AUGUST 5, 2015
SAN DIEGO, CA–(August 5, 2015) – IFAN Financial, Inc. (OTC PINK: IFAN), a designer, developer, and distributor of software to enable mobile payments, today announced that Utah-based TAB Bank has diligently approved the IFAN Prepaid Card program. As a result, all funds in the program will be FDIC insured. The addition of prepaid card services to the IFAN Payment Gateway strengthens the depth of services IFAN offers.
The IFAN Payment Gateway is a hosted gateway with flexible checkout templates, including the IFAN mobile wallet platform, which customers integrate into their website. It has the ability to accept all major cards, and it is a PCI-compliant solution. The IFAN Payment Gateway simplifies most of the work and costs of meeting regulatory requirements. It includes an online account management dashboard and the IFAN Manager is integrated in all three enterprise solutions offered by IFAN.
Christopher Mizer, President and Chief Executive Officer of IFAN Financial, said, “Adding prepaid cards to the IFAN Payment Gateway rounds out the payment and loyalty options we can offer. Users of the IFAN Platform will now be able to make purchases using a debit card that is linked to their account, even if a merchant doesn’t participate in the platform. Moreover, all funds in the program are FDIC insured, which is a significant differentiator for us. Many of the popular payment platforms lack this fundamental banking feature, and consequently, users’ funds are not entirely safe.”
Steve Scholl, Chief Financial Officer, added, “The Prepaid Card Program allows us to offer employers a comprehensive, payroll card solution including a mobile wallet. In addition, this arrangement with TAB Bank allows us to provide customizable options to increase brand exposure and recognition as part of third-party, corporate marketing programs.”
IFAN believes that the prepaid card service represents an additional marketing path that could provide rapid revenue. Studies have shown that prepaid cards are readily adopted by business and consumers and research has also proven that they can motivate customer and employee loyalty, boost workplace morale and drive new business. The prepaid card industry is over $200 billion per year and growing.
About TAB Bank
Founded in 1998, TAB Bank was originally established to provide financial products and services to the trucking industry. Today, TAB Bank offers custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of the business life cycle and during any economic conditions. TAB Bank does this through Asset-Based Loans, Accounts Receivable Financing, Lines of Credit, Equipment Finance, Deposit Accounts, and Treasury Management Services.
About IFAN Financial, Inc.
IFAN Financial, Inc. and its wholly owned subsidiaries design, develop, and distribute software to enable mobile payments. These include the ability to use a debit card and corresponding PIN number while purchasing online on a mobile phone, tablet, or computer and peer-to-peer cash transfers. For more information, visit www.ifanfinancial.com.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of IFAN Financial, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond IFAN Financial, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in IFAN Financial, Inc.’s filings with the Securities and Exchange Commission.
Vice-President, Business Banking