GreenBox POS (NASDAQ: GBOX), a financial technology company that leverages proprietary blockchain security and token technology to deliver customized payment solutions, today announced the launch of its platform with Territorial Bank of American Samoa (TBAS) to provide digital payment solutions for businesses and consumers in American Samoa.
GreenBox was selected as the exclusive payment technology provider for TBAS last year. Now, GreenBox and TBAS are rolling out the state-of-the-art blockchain platform with the capability to deliver merchant and money transmission services, credit and debit card processing, electronic benefits transfer (EBT) processing and ATM processing. The company has now activated services for the first batch of business merchants in the current phase of the project. Upon completion of the existing phase, GreenBox will have over 130 American Samoa merchants live on its platform.
“Digital transformation of payment solutions on the island is a key building block of Territorial Bank’s five-year strategic plan to modernize the banking sector in American Samoa and across the Pacific Islands. GreenBox’s technology will help realize that,” said Owen Peery, vice president and chief operations officer of Territorial Bank of American Samoa. “Territorial Bank is working closely with GreenBox POS on several related projects, all geared toward transitioning the island from a cash-based economy to a fully digital economy. The team at GreenBox has been exceptional to work with, and we look forward to a successful deployment of GreenBox’s platform and much-improved payment experience for our customers,” he added.
The GreenBox partnership is one of the first steps in a digital transformation project led by TBAS to modernize the payment infrastructure and reduce cash usage on the island. By adopting GreenBox technology, TBAS is empowering businesses to receive faster settlements and accept card payments without having to pay international rates and cross-border fees.
“American Samoa is one of the first deployment locations for our blockchain ledger-based stablecoin payment platform, which is fully pegged to the U.S. dollar for safety and stability,” said Fredi Nisan, CEO of GreenBox POS. “We are excited to work with Territorial Bank to make payment experiences easier and more secure without the high fees of traditional banking platforms.”
Source: Company Press Release
