KABN and XTM to Bring Digital Currency Prepaid Cards to Canadians
TORONTO, Canada – August 12, 2019 – KABN Systems North America Inc. (“KABN”), a Fintech solutions company, specializing in next-generation, patent pending, transportable online identity verification as well as financial and loyalty related services has entered into an initial agreement to partner with XTM Inc. (“XTM”), a Toronto based Fintech Company and global card issuer, payment specialist, and marketing solutions company. The partners will launch the Pegasus Flyte Prepaid Card to the Canadian market, allowing consumers to spend traditional and digital currencies at both brick and mortar and online merchants as easily as cash.
KABN provides state of the art, Always On identity verification and validation services at no charge to consumers, allowing them to prove their identity continuously without the hassle of verifying time and time again to a growing list of online service providers, programs and Exchanges. In turn, validated users are qualified, subject to permissions and necessary approvals, for unique and customized financial services, major merchant loyalty and incentive programs and other value-based opportunities.
For merchants, service providers, Exchanges, digital banks and other online programs, KABN provides its proprietary world class KYC (know your customer), KYB (know your business) and AML (anti-money laundering) services through its fully compliant GDPR (European General Data Protection Regulation) platform, via a proprietary value-based proposition, subsidizing the traditional costs of onboarding users.
Powered through the XTM Payment Platform, the Pegasus Flyte Prepaid Card program, expected to launch in Q4 2019, will enable Canadians to spend traditional fiat and digital currencies from approved financial institutions, Exchanges, wallets and loyalty programs anywhere that current prepaid services are accepted. Cardholders will have a mobile app and a host of value-based services available to them similar to traditional banking programs.
“XTM is thrilled to have been selected to support KABN. This company is an innovator and disrupter in the Fintech space, exactly our target-partner,” said Marilyn Schaffer, XTM CEO. “With our robust platform features we plan to propel KABN’s Pegasus Flyte program to new heights in prepaid.”
In June 2016, the Canadian Prepaid Providers Organization released the first-ever benchmark study conducted by Mercator Advisory Group entitled, Canadian Open-Loop Prepaid Market: 2015, that revealed that the open-loop prepaid card market reach $3.1 Billion CDN in total dollars loaded onto cards in Canada.
Additionally, in 2017 the CCPO released the report How Canadians Pay Today and it revealed that 13% of those surveyed are using their bank account less and prepaid cards in Canada have the highest level of growth and satisfaction amongst payment tools with a 95% satisfaction rate with reloadable prepaid cards. 2
“We are very excited to be rolling out our Pegasus Flyte card program in North America”, said Ben Kessler, Global CEO KABN. “We looked for a partner who not only could get us to market quickly but who could also do it effectively, and efficiently without missing a step. XTM is that partner for KABN.”
The KABN and Pegasus Flyte programs focus primarily on the growing Gen Z, Millennial and late Gen X demographic who are consistently exploring new and innovative ways, outside of traditional banking to manage both their financial services, loyalty, points and other digital currency transactions.
Pegasus Flyte cardholders will automatically be entitled to participate in KABN KASH, a customized consumer experience where users can save money every time they shop at key merchants.
KABN will be showcasing its solutions, as well as providing a keynote address at The Futurist Conference (www.futurist19.com) in Toronto on August 13th and 14th.
About KABN – www.kabnsystemsna.com
KABN Systems North America Inc. operates the Canadian and US programs of the global KABN Network. KABN provides an Always On patent pending identity validation and verification platform, allowing users to continuously and confidently prove themselves to the online community, Exchanges and other services. KABN’s identity services provide the backbone to its financial, loyalty and engagement programs including the Pegasus Flyte Prepaid Card program and KABN KASH, an innovative cash back program where users are connected to major merchants for savings when they shop.
About XTM – www.xtminc.com
XTM is a Toronto Fintech company. We are a global card issuer, payment specialist, and marketing solutions company. XTM introduces and integrates brands to their own payment ecosystem creating new revenue and new opportunities. Uniquely positioned to conceive and execute innovative programs, XTM drives enterprise value and creates a positive user experience. For more information, please visit xtminc.com or email firstname.lastname@example.org
For more information please contact:
KABN Systems North America Inc.
Ben Kessler, CEO
Marilyn Schaffer, CEO