Yahoo Finance GreenBox POS and Territorial Bank of American Samoa launch technology platform and commence services to modernize payments for businesses and consumers
Named exclusive payment technology provider for TBAS in 2021, GreenBox is now deploying its secure, state-of-the-art platform to deliver merchant and money transmission services, credit and debit card processing and more
SAN DIEGO, June 14, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX), a financial technology company that leverages proprietary blockchain security and token technology to deliver customized payment solutions, today announced the launch of its platform with Territorial Bank of American Samoa (TBAS) to provide digital payment solutions for businesses and consumers in American Samoa.
GreenBox was selected as the exclusive payment technology provider for TBAS last year. Now, GreenBox and TBAS are rolling out the state-of-the-art blockchain platform with the capability to deliver merchant and money transmission services, credit and debit card processing, electronic benefits transfer (EBT) processing and ATM processing. The company has now activated services for the first batch of business merchants in the current phase of the project. Upon completion of the existing phase, GreenBox will have over 130 American Samoa merchants live on its platform.
“Digital transformation of payment solutions on the island is a key building block of Territorial Bank’s five-year strategic plan to modernize the banking sector in American Samoa and across the Pacific Islands. GreenBox’s technology will help realize that,” said Owen Peery, vice president and chief operations officer of Territorial Bank of American Samoa. “Territorial Bank is working closely with GreenBox POS on several related projects, all geared toward transitioning the island from a cash-based economy to a fully digital economy. The team at GreenBox has been exceptional to work with, and we look forward to a successful deployment of GreenBox’s platform and much-improved payment experience for our customers,” he added.
The GreenBox partnership is one of the first steps in a digital transformation project led by TBAS to modernize the payment infrastructure and reduce cash usage on the island. By adopting GreenBox technology, TBAS is empowering businesses to receive faster settlements and accept card payments without having to pay international rates and cross-border fees.
“American Samoa is one of the first deployment locations for our blockchain ledger-based stablecoin payment platform, which is fully pegged to the U.S. dollar for safety and stability,” said Fredi Nisan, CEO of GreenBox POS. “We are excited to work with Territorial Bank to make payment experiences easier and more secure without the high fees of traditional banking platforms.”
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About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security and USD-pegged stablecoin token technology to build customized payment solutions for merchants and consumers. Founded in 2017 in San Diego, GreenBox’s applications enable an end-to-end suite of turnkey financial products, fraud detection and improve the efficiency of handling large-scale commercial processing volumes. The GreenBox platform offers a number of distinct advantages over traditional payment technologies including greater security and data privacy, enhanced identity theft protection and rapid speed to settlement. As a result, the GreenBox platform can log immense volumes of immutable transactional records in real-time for Tier-1 partners around the globe. For more information, visit www.greenboxpos.com.
About Territorial Bank of American Samoa
Territorial Bank provides a full suite of banking products and services including checking, savings and time deposit accounts, debit/ATM Mastercard, online banking, mobile banking and consumer, residential and business loans. For more information, visit www.mytbas.com.
Forward-Looking Statements Disclaimer
This release contains 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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