eProdigy’s ACHBanking, a Processor Serving the Alternative Lending Industry, Is Now Available as an iPhone Mobile App

 

NEW YORK, Aug. 26, 2015 – eProdigy, a FinTech holding company serving the alternative lending space, is pleased to announce that its ACHBanking Processing Gateway app for iOS, already available on Android, has now been approved by Apple and is available for download by iPhone users via iTunes.
The platform, which provides funders, merchants and Independent Service Providers (ISOs) a remittance gateway to initiate and manage transactions, and integrates with company APIs (Application Programming Interfaces), can now be used on the move. Comments David Rubin, CEO of eProdigy, “This mobile app enables funders to manage their full portfolio, including viewing overall portfolio behavior and managing transactions. For merchants, it provides a mobile banking capability, whether to view the full lifecycle of the funds advanced, or initiate a payment on the go.”

eProdigy’s ACHBanking is a platform that provides payments and processing rails designed to meet the specific needs of alternative funders. Most processors and banks have a limited understand of the unique processing needs of the alternative finance business, and are not equipped to manage multiple transactions or provide real time settlements, next day availability of funds or remittances. eProdigy has been a first mover in providing other funders and their merchants a processing capability designed to both meet these needs and bring down costs and risks inherent to each transaction. ACHBanking is integrated into eProdigy’s proprietary 1Workforce funding lifecycle platform, but is available to other funders whether or not they use 1Workforce.

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

Download PressRelease.pdf

 

Christopher Keane Moves to eProdigy, is Named Director of Underwriting

 

NEW YORK, Aug. 13, 2015 — eProdigy LLC, a FinTech holding company specializing in alternative lending, has appointed Christopher Keane as Director of Underwriting. Prior positions include 15 years at First Data, where as Director of Underwriting, he was responsible for the processing of approximately twenty-five thousand new merchant bankcard applications monthly.
With that experience in back-end risk management and front-end underwriting, he brings to eProdigy a deep understanding of the procedures, policies and best practices needed to sustainably scale eProdigy’s Merchant Cash Advance business. In turn, this will optimize eProdigy’s underwriting decisioning performance beyond its cutting-edge lifecycle management platform, 1Workforce, to accelerate applications that should qualify and filter out those that shouldn’t.

David Rubin, CEO of eProdigy, comments: “Chris is the latest addition to the formidable and world-class management team we have been quietly assembling at eProdigy, and we’re delighted to have him. Coming from the merchant card space, his experience growing that business has a direct correlation to the alternative lending industry, providing us with a deep capability to optimize approvals for top line revenue while nurturing risk management strategies that keep losses at a tolerable rate.”

Notes Keane: “This is the perfect time to join eProdogy. The company is at that cusp where with the right balance of acceleration and controls, and given massive demand for alternative finance products, it can scale both massively and prosperously. The balancing act is to increase revenues and manage losses, and eProdigy is at a mature enough stage to recognize this.”

“You can write a million loans, but at a certain point losses can materialize, making you unprofitable or worse, obsolete,” agrees Rubin. “We believe that Chris will drive our expansion with lower-risk and higher quality revenue.”

“1Workforce creates a pipeline that wouldn’t otherwise come eProdigy’s way,” agrees David Rubin. “We believe it will drive a significant portion of our future business, while providing other funders the opportunity to considerably streamline and speed up their own underwriting. Those funders who have rightly put their trust eProdigy using 1Workforce, have been able to reap the rewards of utilizing our system.”

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, eProdigyACH DBA ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

Download PressRelease.pdf

 

Tom Nix Joins eProdigy as Director of Platform Sales

New York, NY — eProdigy LLC, a FinTech holding company specializing in alternative finance, has appointed Tom Nix as Director of Platform Sales. His focus will be on eProdigy’s innovative platforms, ACHBanking and 1Workforce.
Mr. Nix, whose intensive IT background includes more than two decades at IBM, NCR and HP where he held various national and area sales management positions. He also played a leading role in building the very successful merchant services business with PayProTec. His merchant cash advance experience has been broad as well. Tom served as the Director of Business Development at NextWave Funding and the Director of Sales at PSC, an MCA Software and Servicing company.

David Rubin, CEO of eProdigy, comments: “Having a technology executive of the caliber of Tom Nix is a major asset for eProdigy. We’ve been assembling a world-class management team, and now, with Tom on board, we’ll have the full range of marketing and tech capability, not to mention his encyclopedic industry contacts, to match and support it.”

Adds Tom Nix: “I feel that eProdigy—both through 1Workforce and ACHBanking, is filling a major gap in the alternative finance industry.” ACHBanking is eProdigy’s proprietary processing facility that deeply understands the processing needs of the space. 1Workforce is a seamless, end-to-end platform that provides users with the ability to manage accounts from application to renewal or remittance.

He adds, “1Workforce creates the kind of synergy that brings other alternative funders to eProdigy. It’s an all-encompassing system that provides complete transparency. It can be used from the brokerage floor to their ISO base to syndication to full funding, managing funder pools, static pools, across the lifecycle of the cash advance. There are plenty of other platforms out there, but none of them comes close to 1Workforce’s capabilities, which can go from broker to funder all in the same system. eProdigy has figured out how to integrate all of these functions into one complete system.”

“1Workforce creates a pipeline that wouldn’t otherwise come eProdigy’s way,” agrees David Rubin. “We believe it will drive a significant portion of our future business, while providing other funders the opportunity to considerably streamline and speed up their own underwriting. Those funders who have rightly put their trust eProdigy using 1Workforce, have been able to reap the rewards of utilizing our system.”

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, eProdigyACH DBA ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

Download PressRelease.pdf