MIAMI, FL, May 01, 2018 (GLOBE NEWSWIRE) -- Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that its PayOnline subsidiary is partnering with Bank Sputnik to offer a comprehensive multi-channel payment facilitator solution for SMB merchants in the Russian Federation. This unique solution offers a set of tools not available from any other transaction processing company in the region and expands PayOnline’s offerings beyond electronic commerce.
Bank Sputnik has entered into an exclusive partnership with PayOnline to offer a fully compliant legal framework and bank sponsorship to enable PayOnline to process transactions as a payment facilitator. By provisioning a single, master merchant ID, PayOnline ensures merchants and their clients benefit from an automated, real-time and seamless onboarding experience. The API-driven platform simplifies merchant account enrollment. A sub-merchant can be enrolled, approved, boarded and processing payments in a few minutes.
PayOnline merchants have instant access to a suite of value-added merchant solutions which include credit card auto account updater, multi-currency pricing, tokenization, advanced fraud detection tools and smart transaction routing. According to Statista Digital Markets report, the total transaction value in digital payments segment in Russia will amount to US$39.5 billion in 2018, up from US$27.9 billion in 2016. Total transaction value is expected to show an annual growth rate (CAGR 2018-2022) of 11.9% resulting in the total amount of US$61.8 billion in 2022.
“This innovative, turnkey solution offers frictionless onboarding for merchants with integrated, value-added services,” commented Andrey Krotov, CTO of Net Element. “With customizable payment flows, full-stack API and value-added solutions, PayOnline exceeds the unique needs of software platforms and merchants looking to enable payments in a multi-channel environment.”
About Bank Sputnik
Commercial "Sputnik" Bank was founded in 1990. Today, " Sputnik" - is a universal bank providing a full range of banking services to both legal entities and individuals. The service package includes payment, credit, deposit, documentary and other operations carried out in Russian and foreign currencies. Further information is available at www.banksputnik.com.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest growing technology companies. Further information is available at www.NetElement.com.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include to whether the partnership with Bank Sputnik will be successful or yield any benefits to teh Company. Additional examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.