SAN ANTONIO, Texas, June 30, 2022 (GLOBE NEWSWIRE) — Usio, Inc. (USIO), a leading provider of FinTech integrated electronic payment solutions, today announced the addition of several additional income programs managed by municipalities, including New York, Chicago, Denver and Arlington, to the growing list of plan sponsors who have chosen the company’s proprietary prepaid card solution for disbursing funds.
Louis Hoch, President and CEO of Usio, said, “Usio has clearly established itself as the leading provider of electronic payment technology for the disbursement of guaranteed income funds, and we are delighted to welcome these new programs in the many similar organizations across the United States. States that have chosen to integrate our card issuance technology into their programs. Direct cash transfers using debit cards allow individuals to make their own spending decisions in a convenient way. Guaranteed income programs are just another of the growing number of government and similar programs across the country that are increasingly adopting card technology as their preferred method of disbursing money and managing expenses. We are both pleased and honored to support these efforts with a platform that recognizes and supports their goals.
In addition to the many other applications for which government entities have chosen the prepaid card solution, Usio’s proprietary technology offers Guaranteed Income Program participants, who often do not have a bank account, a simple way to access to cash, using card anywhere Debit Mastercard© is accepted. The supporting organization can easily reload funds to cards remotely and automatically, purchases can be restricted to include or exclude particular Merchant Category Codes (MCCs), and the robust platform provides entities with detailed reporting on the use of maps that can be quickly and easily analyzed to improve programs.
The most recent programs to choose the Usio prepaid solution include:
- The bridge projectlaunched in June 2021 by The Monarch Foundation, is New York City’s premier guaranteed income program. The Bridge Project is designed to support low-income mothers during the first 1,000 days of their children’s lives by providing them with consistent, unconditional money every two weeks. Selected mothers receive $1,000 per month for the first 18 months of the program and $500 per month for the remaining 18 months.
- The Family Support Resource Programin which 1,000 families in Phoenix, Arizona receive $1,000 per month from January through December 2022. A total of $12 million in federal pandemic relief funding has been earmarked as emergency financial assistance. emergency to support these residents in their daily expenses.
- The Resilient Communities Pilot Project in Chicago, one of the largest monthly cash assistance programs in the country, will support 5,000 low-income households. Usio, in partnership with Givedirectly and First aid kitwill pay $500 per month for 12 months to provide additional economic stability.
- Equity and Transformation (EAT) in Chicago, Illinois, which recently launched a pilot program to provide $500 per month for 18 months to up to 55 post-incarceration residents in the Garfield Park neighborhood. This program will assess the impact of guaranteed income programs on reducing poverty and creating opportunities that prevent recidivism.
- The Arlington Community Foundation also sponsors a guaranteed income pilot program that will provide $500 to 200 low-income working families in Arlington, Virginia for 24 months.
- The Denver Basic Income Projectin partnership with Mayor Michael Hancock’s Office and Mayors for Guaranteed Income, also launched a pilot program to determine the effectiveness of unconditional monthly cash payments to residents of Denver, Colorado experiencing homelessness.
“Usio has a strong team focused on what’s best for cities and program beneficiaries,” noted Ben Williams, program director for The Connective, an initiative of the Partnership for Economic Innovation in Arizona. “They have worked hard to ensure that we deliver this program quickly, maintain a consistently high level of service, and have a meaningful impact on the lives of residents of the City of Phoenix. Usio has been a great partner for this program, and we deeply appreciate their continued support and efforts. »
Houston Frost, Senior Vice President of Business Development and Prepaid Products, added, “On behalf of the entire Usio team, I want to express my sincere gratitude and unwavering commitment to these organizations who have entrusted with this important responsibility. We have become recognized throughout the county as having the ability to quickly develop customized solutions that meet the distinct requirements of various cash assistance, incentive, and general fund disbursement programs. Having now served the disbursement needs of over 200 charitable, civic and other economic relief programs, we have gained a deep understanding of this market. We continue to develop new tools and features that will improve our ability to respond to the proliferation of funds disbursement programs that view prepaid and debit card programs as a superior solution.
About Usio, Inc.
Usio, Inc. (USIO), a leading provider of integrated, cloud-based FinTech electronic payment solutions, offers a wide range of payment solutions to merchants, billers, banks, service bureaus , crypto exchanges and card issuers. The company operates credit, debit/prepaid and ACH payment processing platforms to provide its customers with convenient, world-class payment solutions and services. The Company, through its Usio Output Solutions division, offers services related to electronic invoice presentment, document composition, document breakdown, and printing and mailing services. The Company’s strength lies in its ability to provide tailor-made solutions for card issuance, payment acceptance and bill payment as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, TX, with offices in Austin, TX and Franklin, TN, just outside of Nashville.
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
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Except for historical information contained in this release, the matters discussed in this release include forward-looking statements that are covered by safe harbors. These statements include, but are not limited to, all statements regarding management’s intent, beliefs and expectations, such as statements regarding our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe”, “intend”, “look into the future”, “anticipate”, “continue” and “expect”, among others. . are subject to certain risks and uncertainties inherent in the business of the Company that could cause actual results to vary, including risks related to an economic downturn resulting from the COVID-19 pandemic, the realization of opportunities from the acquisition of IMS , management of Company growth, loss of key resellers, relationships with the Automated Clearinghouse network, banking sponsors, third-party card processing providers and merchants, security of our software, hardware and information, share price volatility, the need to obtain additional financing, risks associated with new legislation and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Documents the company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended 31 December 2021. One or more of these factors has affected, and may in the future affect, the business and financial results of the Company in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of this information should not be construed as a statement by us or anyone else that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information currently available to management. The Company undertakes no obligation to update forward-looking statements, except as required by law.