New Castle, Del March 7, 2001 Electronic Payment Exchange, (EPX) a full-service payment processing company, today launched epxbank.com, an online bank developed for the convenience of its merchant client base.
The launch marks the final step in completing the first true end-to-end ePayment solution available to merchants, as the first direct link between merchant account and operating account reporting functions.
epxbank.com is a private-label version of thebancorp.com, an online bank located in Wilmington, DE. The new service will act as an extension of the merchant services portion of EPX’s business, enabling merchants who maintain their operating account at epxbank.com to audit their credit card and ACH deposits, chargebacks, returns and fees online.
Clients who use the bank are able to log in directly from EPX’s website. Merchants can easily compare their online account statement to their online credit card transaction data (which includes all real-time transaction reporting and complete chargeback documentation and presentment conducted by the merchant.)
“A common complaint we heard from merchants, especially from their finance group, was the lack of ability to reconcile their bank account with their payment processing activity on a daily basis,” explains Ray Moyer, CEO of EPX. “Linking their payment processing reporting to their online bank account reporting was the solution we’ve introduced with epxbank.com.”
According to Moyer, one of EPX’s primary goals is to simplify business payment acceptance by providing a “one stop shop” for payment services. The company already acts as ISO, front-end software provider, underwriter, and provides back-end settlement and reporting to its client base. With epxbank.com, EPX is now the first company to provide a direct link between real-time online transaction reporting and operating account reporting functions.
The website, www.epxbank.com is currently functional and has already enlisted a number of EPX’s merchant base. The company plans to roll-out the capability to its entire client base in late-March.
About EPX
Founded in 1979, EPX is a full-service ePayment processing company, which specializes in enabling businesses to accept credit card, debit card and electronic check transactions. Notable EPX milestones have included: processing the first Internet credit card and electronic check transactions, developing the first real-time transaction reporting website and creating the first merchant financial risk transfer processing guarantee for banks. EPX has a vast array of clients, from small businesses to Fortune 500 companies and currently processes over $5 billion in Internet transactions a year. For more information, please visit us at www.epx.com.
About TheBancorp.com
TheBancorp.com is a privately held, FDIC-insured bank which specializes in delivering private label Internet-enabled financial services to affinity groups, including universities, professional, ethnic and labor associations, service organizations, and others. Founded in 2000 by CEO Betsy Z. Cohen, founder, Chairman and CEO of the former JeffBanks, Inc., TheBancorp.com blends Cohen's 25 years of banking experience with company President Frank Mastrangelo's 12 years experience applying advanced technology solutions to financial services. Mastrangelo was previously Senior Vice President, Chief Technology Officer for Jefferson Bank, a subsidiary of JeffBanks, Inc.
Using its superior platform technology for internet banking, security, and bank processing, TheBancorp.com has created full-service, private label online banks for a growing base of niche clients, including FinancialMuse.com, DocsBackOffice.com, MyBizOffice.com, TheArtBiz.com, and AJDrexelBank.com - the nation's first university-affiliated e-bank.
Contacts: Jennifer Warren Melissa Hunter
Electronic Payment Exchange Ruder Finn
(302) 326-0700 extension 2131 (212) 715-1686
jwarren@epx.com hunterm@ruderfinn.com