MyECheck Inc., one of the promising players in electronic check solutions for internet and mobile payments, announce today that it has signed an agreement to acquire 100% of the stock of Seergate, developer of a comprehensive electronic payment software platform for banks, in exchange for a minimum $3 M in shares of MyECheck common stock. The Seergate system will be integrated with the MyECheck payment systems adding multiple new capabilities to MyECheck's payment platform.
Seergate Ltd., founded in 2007, is an Israeli corporation with offices in Atlanta, GA. The company raised several million dollars from investors to develop and commercialize a revolutionary new omni-channel payment platform targeting small business, electronic commerce and personal money movement. The Seergate payments platform is a robust and proven solution that ran in production with 4 banks in the US in collaboration with a banking core processor.
Some of the capabilities the Seergate platform will add to MyECheck include:
- Virtual bank accounts with sub-account creation and management
- Mobile payments, transfers and POS commerce systems
- Automated billing, invoicing and payments for business
- Refunds, pay outs and bank account push transactions
- Social Network payments
- Multiple layers of authentication and fraud controls
The acquisition of the Seergate platform enables MyECheck to operate a closed loop payment system independent of third party software platforms. MyECheck enables highly secure transactions of any size, from $0.01 to over $10,000,000, they process in real time, clear the same day, and cost $0.25 or less. The acquisition is expected to close in approximately 6 weeks, subject to due diligence, and after the completion of technical bank integration, MyECheck will launch its mobile app payment system that will include the Seergate technology.