MOBI724 Global Solutions Inc. (OTC:MOBIF) has obtained the necessary final certification approval from BancNet to launch its transaction switch host with WeePay Payment Processing Corp. for local debit EMV in the Philippines.
Once this occurs, all WeePay customers will be processed on MOBI724’s transaction switch host. Once fully integrated, WeePay will be the first POS vendor with a complete EMV solution, conforming to the standards required by the Central Bank of the Philippines. The contract is a three-year term, with a two-year extension.
The integration of MOBI724 with WeePay will be an excellent opportunity for financial institutions in the Philippines, due to the importance of transitioning to EMVs. This integration will allow financial institutions to offer their merchant customers a complete platform.
Marcel Vienneau, CEO of MOBI724, said, “We are very pleased to be working with WeePay. By integrating our solutions, we will create a platform that is compliant with all applicable banking standards in the Philippines. We expect that this enhanced platform will provide unique opportunities for our companies to serve numerous new clients in the Philippines and we expect to be generating material revenues from this contract in early Q1 2018.”
Paul L. Wee, Chairman of WeePay, said, “We believe that the strong partnership and cooperation between WeePay and MOBI724 can definitely bring more opportunities to both our companies and our clients alike in the local payment industry.”
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