Cuentas, a FinTech company delivering mobile banking, credit and telecommunications, has announced that it has signed a non-binding Letter of Intent (LOI) with BanXit Ltd, an Israel fintech company that has developed a secure payment financial technology platform to provide advanced and innovative solution for banks and financial institutions.
A binding agreement is scheduled to be signed by October 31, 2018.
The BanXit platform helps financial institutions meet the growing demand by consumers in the new financial world – demands fueled by, and fueling, the Secure Payment Technology revolution.
This new financial world is one where loans, currencies, and payments can be securely managed independently of central authorities.
In the new economy customers can choose to use services that best suit their individual needs, financial institutions need an innovative technology platform to support new products and new ways of doing business.
BanXit has developed a state of the art, patent-pending Secure Payment technology platform designed from top to bottom to meet the needs of banks and other financial institutions well into the future, integrating with legacy backend and external systems.
“Banxit system is designed to provide banking technology services to assist banks and financial institutions to significantly lower their costs compared to traditional banking systems, without compromising quality or security” states Moshe Beeri, Co-Founder and CTO.
Cuentas CEO and founder Arik Maimon said: “Banxit platform bring to Cuentas customers secure environment. We look forward to incorporate BanXit services into Cuentas online banking services, this merger will be great milestone for Cuentas.
“Integrating the technical and financial solutions that BanXit has developed should bring great value to Cuentas.”
Cuentas founder and president Michael De Prado said: ““BanXit’s patent pending technology should help Cuentas accelerate the development of its financial solutions for the unbanked and underbanked populations in the US.
“Cuentas continually strives to integrate successful technology towards the goal of offering a full-service platform for the Cuentas target market,” added De Prado.
Cuentas is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets.
Source: Company Press Release