Market Overview

XTM Expands Cashless Ecosystem with RBC and Interac®


TORONTO, May 26, 2020 /CNW/ - XTM, Inc. ("XTM" or the "Company") (CSE:PAID) (FSE:7XT), a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world is pleased to announce it is leveraging the Interac Bulk eTransfer® solution offered by RBC (TSE:RY) to help its business clients facilitate near real time payments.

The solution allows XTM customers or Today™ mobile users to send funds in near real-time to any bank in Canada.  Businesses wishing to push funds faster can send a batch file or use a XTM API with only a mobile phone or an email address and dollar amount as the required fields.  No other information or banking details are required. Users can set up auto-deposit for a completely automated solution with no user intervention required to deposit funds instantly.    

XTM is also finalizing development enabling the Company to deliver an API that enables free bank to bank transfers for any business wishing to move money to consumers in via  Interac Bulk e-Transfer®.  The solution will allow the recipient to choose any bank account to deliver the funds next business day using Electronic Funds Transfer (EFT) for free or within near real time usinng Interac e-Transfer for a small free.  This is a first-of-its-kind free transfer service that allows the recipient to decide if they want next day funds for free or instant funds for a small fee.  This will revolutionize the way businesses send payments by shifting the cost of the transfer from the sender to the recipient, if desired, instantly. 

"Deepening our relationship with RBC is critical to our success," commented Marilyn Schaffer, CEO. "Delivering real-time banking solutions, with Covid-19 changing the way individuals and businesses treat cash, makes XTM a catalyst in eliminating cash from the payment ecosystem."

About XTM – 

XTM is a Toronto-based fintech innovator in the challenger banking space, helping business and their workers expedite earnings payouts and reduce or eliminate banking fees and cash.   With a global card issuing  and payment platform, XTM provides free technology to businesses to automate and expedite worker payouts.  XTM integrates businesses to a payment ecosystem that is coupled with a free worker mobile app and a Mastercard debit card with banking features. XTM drives enterprise value and delivers a positive user experience. 

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (the "forward-looking statements"), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, continuing increases in GDV, revenues or profits of XTM and its related programs, the expectation that business with which XTM does business will reopen in the expected timeline, the continuing trend toward electronic payment methods and the general conditions, revenues and performance of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

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