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Payment Data Systems' Best-in-Class Akimbo Prepaid Mastercard® Continues on Growth Trajectory

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SAN ANTONIO, May 14, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), a tech-enabled payment solutions provider, announced today that FiCentive, a wholly owned subsidiary of Payment Data Systems, has signed an agreement with Snowfly Performance Incentives, a West Jordan, Utah-based employee incentive company, to provide its Akimbo Prepaid Mastercard® product to Snowfly's customer base.  This agreement represents continued strategic expansion and penetration of the incentive market.

Houston Frost, Senior Vice President of Prepaid at Payment Data Systems, noted, "Our Akimbo prepaid card is an ideal solution for organizations looking for an effective and efficient means to manage incentive programs. The Akimbo prepaid card enables employers to issue custom branded cards, instantly disperse funds and provides real-time reporting and analytics. Employees enjoy the convenience of one centralized account for any incentive bonuses, where they can also review spending and card balances while also virtually provisioning their Akimbo card to their Apple or GooglePay wallets. This level of flexibility is what sets us apart from the crowd."

Darrin Briggs, President and CEO of Snowfly Performance Incentives, said, "We are an innovator in applying employee motivation techniques through automated gamification-based incentive programs. The Akimbo Prepaid Mastercard will greatly improve our ability to assure incentives are efficiently distributed to a company's employees while enabling the company to easily manage their program  without the traditional burdens and limitations often associated with incentive programs."

About Snowfly

Snowfly inspires performance and loyalty in today's workplace through gamification, analytics and incentive programs. They have been a trusted business partner for some of the world's most well known brands for the last 17 years. During that time, Snowfly has built a reputation for service excellence and putting the needs of their clients above their own.
Website: www.snowfly.com 

About Payment Data Systems, Inc.

Payment Data Systems, Inc. (NASDAQ:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.

Websites: www.paymentdata.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.

About Sunrise Banks
Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.

Forward-Looking Statements Disclaimer

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2018. 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.

Contacts

Akimbo:

Kyle Ruschman
VP, Sales & Business Development
kyle.ruschman@paymentdata.com
859.803.0008

Investor Relations:
Joe Hassett
Gregory FCA
joeh@gregoryfca.com
484-686-6600

Payment Data Systems logo

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