Payment Data Systems, Inc. (NASDAQ:PYDS)
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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/