Commerse is a portal that lets independent sales organizations and independent software vendors drive secure, scalable payments, digital banking and merchant services from a unified stack, according to a Thursday (Feb. 8) news release. Finzeo, meanwhile, is focused on secure money movement.
“We believe our combined FinTech platform is positioned to enable traditional banks to more effectively compete in the digital banking sphere,” AppTech CEO and Chairman Luke D’Angelo said in the release. “AppTech now offers vertically integrated financial services to eliminate costs and redundancies while streamlining payments to enable real-time transfer of funds without borders.”
A partner agreement with Broadnet lets AppTech’s combined platform offer custom eco-solutions for community banks, credit unions, municipalities, franchises, associations, healthcare, events, mobile payments, bill pay and nonprofits, per the release.
“AppTech’s open architecture, extensible system is agnostic to any system, enabling users to move money how and when they wish,” the company said in the release.
AppTech announced its plans to acquire FinZeo in September to enhance the Commerse platform.
FinZeo was founded in 2018 and offers payment and banking technology that can be accessed through online portals or via API. The company aims to make payments more efficient and economical for businesses, with an emphasis on major airports and other medium and large enterprises.
He told PYMNTS that instant payments can only achieve their full potential once when far-flung systems are in sync and interoperable.
While real-time payment systems like The Clearing House’s RTP Network and the Federal Reserve’s FedNow® Service have their adherents, payments initiated on one rail need to travel and settle across the same rail — confined to RTP or FedNow.
“A payment or remittance can’t travel from a bank on one system and land with a bank on another system,” PYMNTS wrote. “Barnes likened the situation to the mobile phone landscape a few decades ago, where Verizon subscribers could not call someone on the AT&T network. That changed over time. We’re headed to the same flexibility with instant payments.”