AppTech Payments Corp, a pioneering Fintech company powering frictionless commerce, has successfully completed the pilot program for its Banking-as-a-Service (BaaS) platform. Thanks to the positive feedback it received, AppTech is now planning to use the technology for launching its InstaCash solution, which will leverage the BaaS framework for virtual accounts, debit and credit cards, and high interest-yielding financial products. Talk about the BaaS pilot program on a slightly deeper level, it saw the company issuing to clients a virtual account, a commercial purchase debit card, and connected external accounts for funding of the new bank account. Markedly enough, all the traditional features that you usually expect when it comes to banking, features like check issuance, wire, and ACH set up for bill pay etc, were enhanced to include SMS invoicing for Business-to-Business transactions. Furthermore, partners who participated in the pilot program were encouraged to invite other merchants in their supply chain for the purpose of opening a bank account. The idea behind doing so was to create a Real Time Payment network. Once this payment network was duly created, each pilot client received a unique handle to be put in invoices, thus enabling money transfers to be instant rather than involving multiple financial institutions, ultimately saving time and fees.

“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,” said Luke D’Angelo, CEO of AppTech Payments.

Turning our attention towards the envisioned release of InstaCash solution, it comes bearing the means to provide a seamless, account-to-account transaction system that operates in real time. With each bank and credit union maintaining its own closed- loop network to ensure customer relationships remain firmly between the financial institution and the consumer, InstaCash brings them all together to help customers transact instantly and securely over a unified ledger. Not just that, InstaCash will also focus on enhancing financial literacy among the underbanked and undereducated demographics. This it will do by integrating online financial literacy courses directly into the InstaCash platform, enabling more users to access the knowledge and skills that is required for effectively managing the complexities of personal finance.