SpacePointe’s EkiKart POS will be first in the U.S. to accept direct bank-to-bank payments
ATLANTA and DAYTON, Ohio, JAN. 31, 2023 – Sionic, a leading provider of omni-commerce, faster digital payments solutions, today announced that it has entered into a strategic agreement with SpacePointe, a global payments technology company focusing on the digital transformation, to provide its Pay-by-Bank faster payments service. This enables merchant customers to accept instant, direct cash deposits from consumers at the point of sale.
Adding direct, bank-to-bank payments as an alternate payment method to the SpacePointe EkiKart point of sale solution provides customers with instant direct deposits into their bank accounts and eliminates costly credit card fees. “We’re dedicated to helping our customers do more with less, especially with high inflation, staff retention challenges and the threat of another recession,” said Sayu Abend, CEO of SpacePointe. “Being the first POS provider to embed Sionic’s Pay-by-Bank as a tender type will help our customers tremendously.”
The EkiKart point of sale platform enables business transactions for merchants globally and is predominantly sold and distributed via white-label and distributor partnerships. “Our expectation is to enable Pay-by-bank across at least forty thousand merchant locations in the next 18-24 months,” Abend continued. “This is the wave of the future as can be seen in countries with similar technologies like India with UPI and P2M payments.”
Sionic is leveraging U.S. bank-to-bank payment rails and a trusted payer-payee security model to safely and immediately move funds from buyers to sellers. The service bypasses expensive credit card interchange fees allowing sellers to increase the profit on every transaction.
“Merchants are asking for new and innovative payment solutions to help drive down costs,” said Matthew Watson, CTO of Sionic. “We’re excited to partner with SpacePointe as they continue to be an innovator in the POS industry by responding to this demand and bringing to market a service that will not only help merchants reduce credit card fees, but also receive digital cash in their bank accounts in a matter of seconds using Pay-by-Bank. Other POS providers will follow SpacePointe’s lead in this space, but we’re proud to help them become the first.”
Sionic’s Pay-By-Bank is the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale in the U.S. market. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants reduce costs on average 2% over expensive card swipe fees.
About Sionic
Atlanta-based Sionic is leading The Great Reallocation in digital payments by delivering instant bank-to-bank transfers from consumers to merchants, business to business, and business to consumers. A Google Cloud service, Sionic's market first ULink® is bringing real-time direct deposits to the point of sale via mobile, online, in-store, or in-vehicle experiences. The company has partnered with top financial institution owners of The RTP® Network for bank payments and CyberSource, a Visa solution, for secure card payment processing. Merchants accepting real-time payments bypass expensive card swipe fees and receive POS cash deposits immediately. Consumers may receive perks for paying with their bank accounts. To learn more, visit www.sionic.io or follow us on Twitter at @Sionic_io.
About SpacePointe
SpacePointe is a payments technology company with a mission to transform the point-of-sale for formal and informal sectors. Focused on inclusive technology, SpacePointe’s platform enables thousands of businesses (globally) to do more by leveraging the power of the point-of-sale beyond just payment acceptance, with leading-edge tools that enables them to manage their business as well as access a plethora of revenue generation opportunities at the till. The business point of sale can be as simple as a QR code redemption terminal or as complex as a full business management suite of solutions. SpacePointe’s innovative platforms drive business throughout the supply chain ecosystem from the FMCGs (CPGs) all the way to the Consumers. SpacePointe utilizes a combination of technology and key business partnerships in the ecosystem to deliver the required solutions that drive adoption for businesses. Learn more at www.spacepointe.com