VAUGHAN, ONTARIO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to announce that its wholly owned subsidiary Chek-Online LLC, a leading manufacturer of fiscal cash registers in Russia, and developer of the family of Cassatka smart terminals, has again added increased functionality to its smart terminals by integrating merchant acquiring services from two large banks in Russia for its versatile handheld Cassatka-Mini terminal. Merchant acquiring services are services provided by the acquiring bank allowing users access to card networks (credit, debt and prepaid cards) enabling users to process payments and other transactions online.
Chek-online plans to expand to several additional partner banks for trade acquiring for its Cassatka-Mini Smart terminal, however, the integration process has already been launched with two large banks based in Russia, VTB Bank and Otkritie FC Bank.
VTB Bank and its financial group are one of the leading banks in Russia offering a wide range of banking services and products in Russia, CIS, Europe, Asia, Africa, and the U.S. [1] Otkritie FC Bank is one of the principal full-service banks in Russia and was the largest privately-owned bank in Russia before it came under the control of the Central Bank of the Russian Federation. Otkritie FC Bank currently has over 30,000 corporate clients and 165,000 small business clients. [2]
Felix Naff, the President of Comepay Inc., commented, “With financial institutions making high demands on functionality, reliability and manufacturability of cash registers, this cooperation by each of VTB and Otkritie banks with Chek-Online to integrate merchant acquiring services in the Cassatka-Mini is a testament to the product’s superior design and utility. The Cassatka-Mini has proven to be a very dependable terminal for processing payments.”
Under the compliance requirements of Russian taxation legislation, 54-FZ which requires businesses and individuals to now use federally compliant cash registers, including a fiscal chip for processing sales transactions, the terminal must successfully, and with limited errors, process payment transactions for Visa, MasterCard and MIR, as well as mobile payment options including Apple Pay and Google Pay.
The Company expects that the Integration of the merchant acquiring under our partnership with VTB and Otkritie banks for the handheld Cassatka-Mini will enable Chek-Online to expand its customer network more rapidly with this product line, and to also attract additional partner banking relationships for our family of smart terminals.
[1] https://en.wikipedia.org/wiki/VTB_Bank
[2] https://sputniknews.com/russia/201708311056974076-otkritie-bank-outflow
About Comepay
The Comepay group of companies including Comepay, RP Systems, M-NN LLC and Chek-Online have been operating for over 11 years providing internet acquiring services and support, facilitating instant payments and internet-based payment transactions via kiosks, mobile interfaces and web-based applications such as electronic wallets. The Company also leases and sells cash registers and Point of Sale (POS) systems, including its recently developed proprietary multifunctional smart POS fiscal cash register system. Combining proprietary software and equipment, Comepay processes over 10 million customer payments per month and presently has more than 10,000 kiosks across Russia. The companies are currently focusing their planned business expansion on their family of smart POS fiscal cash register systems called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires a further 3 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers. The Cassatka, Comepay’s family of multifunctional smart POS online fiscal cash registers can process payments and meet fiscal data storage requirements for participating businesses, including web-based businesses. The product line is convenient and a cost competitive solution for businesses to meet the current federal taxation requirements in Russia and is currently being sold by a series of marketing partners across Russia. As the companies expand their business model, we expect to offer blockchain acquiring services and also to accept payments in multiple crypto currencies on the Cassatka. The Comepay group of companies presently earn revenue from a variety of channels including fee-based commissions on payment processing for both cash and debit card payments, software licensing, kiosk placement fees and other rental fees for cash registers and associated equipment. The Comepay companies are looking to expand rapidly in fiscal 2019 and beyond as we continue to market the Cassatka smart terminals, along with a suite of enhanced user features. Please see websites below: www.comepaygroup.com, www.comepay.ru, www.Cassatka.me, www.chekonline.ru, www.starrys.ru