MyECheck, which develops and licenses cloud-based technology geared toward the banking and mobile payments industry, said Thursday (Jan. 21) that it is entering into an agreement with General Payment Systems, a payment processing outfit that is leveraged to the government payment space.
The latter firm helps automate payments in government agencies, such as courts and municipalities. General Payment, which does business as EZ Card & Kiosk, works across both hardware and cloud-based systems that take payments from the general public, via cash, credit and debit, and offer payment acceptance and real-time accounting services.
In the announcement, MyECheck said that General Payment Systems will integrate the firm’s electronic check services in an effort to complete payments more quickly, securely and between any U.S. bank account and government agencies.
No financial terms of the recent deal were disclosed.
As highlighted by PYMNTS, MyECheck recently signed up with electronic funds transfer processor ReceivePay in an agreement that lets those two firms expand their reach into B2B transactions. MyECheck’s eInvoicing and payments solutions will be offered to ReceivePay’s customers. The movement toward electronic payments, the firms maintained, promotes lower costs in the absence of paper checks and also helps shorten the time to payment completion between parties.
MyECheck allows for real-time fund transfers across mobile devices using conduits that range from email to text to social media apps and Outlook. The company, already serving the U.S. market, is seeking to branch out into Africa and also several emerging markets. The initial goals of moving to those markets, the company has said, involve bringing basic financial services to relatively underserved populations, which can number in the hundreds of millions. Customers in existing markets, said the firm, include retailers and financial institutions, among others.
For the original release, visit http://www.pymnts.com/news/2016/myecheck-brings-real-time-payments-to-government-services/