March 16, 2022 08:30 ET | Source: Quisitive Technology Solutions Inc.
TORONTO, March 16, 2022 (GLOBE NEWSWIRE) — Quisitive Technology Solutions, Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft solutions provider and payment solutions provider, executed a bank sponsorship agreement with Peoples Trust Company (“Peoples”), which will allow LedgerPay to process payments in Canada.
Peoples Trust, a Federally regulated Canadian financial institution, has been in the market for more than 35 years and is focused on providing tailored financial solutions with world class customer interactions. These solutions are what enable their clients, especially those in the fintech community, to provide services to Canadian customers. Over the years, the company expanded its product and service offerings, which now covers retail lending, deposit services, commercial mortgages, services and securitization, and payment solutions and card services.
Sponsor banks are members of credit and debit card associations that create the necessary links between payment processors, merchants, and credit and debit card companies to enable payment processing. Bank sponsorship is a critical partnership in each country for any payment processor and the partnership with Peoples represents another significant milestone on the pathway to the full commercialization of LedgerPay, a Quisitive product. Additionally, the process of attaining bank sponsorship includes extensive due diligence that has certified Quisitive’s financial status, business strategy, background checks, and more to ensure that Quisitive is a reputable payment processor and key participant in the global financial system. The achievement of bank sponsorship in Canada further validates the Company’s preparedness as it approaches the general availability of LedgerPay.
“We are thrilled to receive bank sponsorship from a well-respected and highly-regarded team in Peoples Trust,” said Quisitive CEO Mike Reinhart. “This marks a milestone achievement that adds the ability for Quisitive’s LedgerPay solution to process payments in both the United States and Canada. This accomplishment comes on the heels of receiving the necessary hardware for testing with Mastercard and the recent bolster of our executive team. We are experiencing strong progress and momentum as we continue our organic growth efforts within our payment solutions business.”
Howard Klein, President of Peoples Payments and Cards, part of Peoples Group, added, “Peoples Trust is excited to partner with Quisitive’s LedgerPay solution and we look forward to a long-term successful partnership in Canada.”
About Peoples Group:
Peoples Group has been providing tailored financial services to the Canadian marketplace for more than 35 years. Since 1985, our focus has been on exceptional customer service, solidly rooted in extensive product knowledge and experience. In the world of Canadian payments, Peoples Trust, part of Peoples Group, is a leading issuer of prepaid payment cards and an innovative merchant acquirer. We are an entrepreneurial organization that excels at customizing solutions to fit the needs of our clients. As a result, we have been recognized as a pioneer and innovator of prepaid cards in Canada, and an early adopter of payment solutions. We have partnered with many of Canada’s FinTechs, giving them the tools and guidance to help realize their success. For more information, please visit www.peoplesgroup.com
Quisitive (TSXV: QUIS) is a premier, global Microsoft partner that harnesses the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to generate transformational impact for enterprise customers. Our Cloud Solutions business focuses on helping enterprises move, operate, and innovate in the three Microsoft clouds. Centering on our LedgerPay product suite, our Payments Solutions business leverages the Microsoft Azure cloud to transform the payment processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients globally from seventeen employee hubs across the world. For more information, visit www.Quisitive.com and follow @BeQuisitive.
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