Payment Data Systems and Yodlee, Inc. Sign Multi-Year Funds Transfer Agreement
December 03 2004 - 5:00AM
PR Newswire (US)
Payment Data Systems and Yodlee, Inc. Sign Multi-Year Funds
Transfer Agreement - Three-Year Agreement Creates Revenue Potential
for PDS in Excess of $11 Million - SAN ANTONIO, Dec. 3
/PRNewswire-FirstCall/ -- Payment Data Systems, Inc. (OTC:PYDS)
(BULLETIN BOARD: PYDS) , an integrated electronic payments
solutions provider, announced today that Yodlee has selected
Payment Data Systems to deliver an account-to-account funds
transfer capability to supplement Yodlee's product offerings for
their customer base of more than 150 leading financial institutions
and portals. The funds transfer solution will enable a consumer to
open new accounts within a financial institution or to add funds
incrementally to existing accounts from either external or internal
accounts. Payment Data's agreement with Yodlee is for three years
and has the potential of providing new revenues of more than
$3,800,000 a year. Louis Hoch, President and Chief Operating
Officer said, "Market demand for this type of functionality appears
to be quite strong. With Yodlee's market share among the financial
service providers we believe this capability creates a clear
opportunity for both Yodlee and PDS to provide a highly needed
service to consumers as well as create significant revenue
possibilities." The PDS-Yodlee Funds Transfer solution is unique
because it can be delivered with expansive, flexible, and adaptive
capabilities and integrates with Yodlee's market-leading
aggregation platform. The new Funds Transfer solution will be
available to Yodlee customers in 2005. About Payment Data Systems,
Inc. Payment Data Systems, Inc., is an Integrated Payments Solution
Provider delivering comprehensive, cost-effective solutions to
billers and retailers for the processing and management of
electronic payments via the Internet, point of sale, or payments
taken by Customer Service Representatives or an Interactive Voice
Response (IVR). Additional products available from PDS include
services and products that can be implemented more quickly and less
expensively than the alternative of adding multiple payments
companies as these solutions offer a full range of payment
processing capabilities. These service offerings include: one time
and recurring ACH debits and credits, electronic lockbox and
returned check services, Web pay acceptance of credit cards and
checks, telephone pay to Customer Service Representatives for
acceptance of credit cards and checks, Interactive Voice Response
systems which completely automate the payment receiving process,
and data warehousing that enable the storage and retrieval of all
payment history from one location. Payment Data is the owner of the
electronic bill payment portal, http://www.bills.com/ . Bills.com
has the ability to transmit electronic payments to thousands of
national billers. For additional information, visit
http://www.paymentdata.com/ . Contact: Michael Long, Investor
Relations, Payment Data Systems, Inc. 210-249-4040 or via email at
. FORWARD-LOOKING STATEMENTS DISCLAIMER Except for the historical
information contained herein, the matters discussed in this release
include certain forward-looking statements, which are intended to
be covered by safe harbors. Those statements include, but may not
be limited to, all statements regarding our and management's
intent, belief and expectations, such as statements concerning our
future and our operating and growth strategy. Investors are
cautioned that all forward- looking statements involve risks and
uncertainties including, without limitation, the factors detailed
from time to time in our filings with the Securities and Exchange
Commission. One or more of these factors have affected, and in the
future could affect, our businesses and financial results in the
future and could cause actual results to differ materially from
plans and projections. We believe that the assumptions underlying
the forward- looking statements included in this release will prove
to be accurate. In light of the significant uncertainties inherent
in the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
All forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law. DATASOURCE: Payment Data Systems, Inc. CONTACT:
Michael Long, Investor Relations of Payment Data Systems, Inc.,
+1-210-249-4040, or Web site: http://www.paymentdata.com/
http://www.bills.com/
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