AP TECHNOLOGY ON STAGE AT ANNUAL NACHA PAYMENTS CONFERENCE: SAYS MOBILE PAYMENTS BIG OPPORTUNITY FOR INCREASED ACH USE

Standing-Room-Only Audience Sees Richard Love, Greg Wilfahrt, and Performer Rick Monroe Discuss Transactions via Mobile Devices-- and ACH as a Viable Payment Alternative to Cash, Cards, and Paper Checks

​NEW ORLEANS—April 27, 2015— Country Music Star Rick Monroe joined mobile payment experts Richard Love and Greg Wilfahrt from AP Technology on stage last week at the Annual NACHA Payments Conference to give attendees a glimpse into the future of mobile payments. Their session was titled, “Mobile Devices and ACH: Changing the Way the World Purchases” and the consensus amongst the technology trio is that electronic payments such as ACH have an opportunity to become a growing slice of the trillions-of-dollars pie that analysts predict will be transacted via mobile phones, pads and tablets in coming years.​

Thousands of executives from top companies and financial institutions around the world gathered in New Orleans for the annual electronic payments conference powered by NACHA. This three-day event, dedicated to the electronic movement of money and data in the U.S., featured insights from innovators that are impacting tomorrow’s electronic and mobile payments spaces, today:

• Richard Love is CEO of AP Technology. A pioneer in the field of payments for more than 25 years, Love is the holder of several patents, and his company’s software processes in excess of $30 billion annually for AP Technology’s 6,000 customers. In Fall 2015, Love’s AP Technology is expected to introduce new innovations in payments, including tiered security, coupled with a new approach for consumer-to-business transactions.

• Having performed at venues around the world, singer/songwriter Rick Monroe is one of Country Music’s most prolific ambassadors. Monroe is a passionate first-adopter of technologies, and on the NACHA Payments stage he shared how mobile transactions are already transforming the music industry. Hits that include, “Fires Out” and “Midnight Rider” make Rick Monroe a frequent resident on Billboard’s music chart.

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• Greg Wilfahrt is Chief Mobility and Marketing Officer at AP Technology. Greg Wilfahrt moderated the NACHA mobile payments panel, which provided technical and real-life mobile payment perspectives on ACH adoption. Immersed in mobile technology for more than 15 years, Greg co-founded a wireless company with nearly 60 million users, achieving mobile billing integration with wireless carriers in 180+ countries. He has appeared on/in CNBC Europe, FOX News, NY Times, Forbes, Businessweek, and more news outlets.

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​During the panel discussion, Wilfahrt cited an International Telecommunications Union prediction that came to fruition in 2014, that there are now more mobile phones on the planet than there are people. What makes this more exciting, said Wilfahrt, is that mobile phones, which were originally communications-only devices, are now self-contained mobile payment stations with anytime, anywhere transaction capabilities.
 
Will cards, cash and paper checks lose prominence, as more businesses and consumers use mobile devices to complete electronic transactions? Probably, agreed the panelists, but for now they say that there is a variety of payment opportunities aside from credit cards that need to be offered as mobile payment choices-- for their cost, security, speed, efficiency, and ease-of-use attributes.
 
“ACH, or electronic checks are secure, eco-wise and more cost-friendly for merchants,” declared Love. “But, whatever the payment type, all transactions needs to be simple, fast, easy to use, and secure. Confidence and trust are crucial for the next generations of mobilized masses to be monetized globally. We see the ACH network and innovative companies working together to provide solutions to securely transact payments in real-time at point of sale, providing a serious alternative to credit and prepaid. This presents an awesome opportunity for ACH payments to gain prominence in a mobile payments space that is still largely nascent.”
 
Rick Monroe agreed that simplicity and security are important, adding that transactions on mobile devices afford opportunities for anyone to forge meaningful relationships with the people with whom they do business. “The ability for me to distribute music and merchandise globally from hand-held devices, combined with the opportunity to create and manage personal connections with fans is something that was not previously possible,” Monroe told the crowd. “This new use of technology and the ability to do payments in non-traditional ways means that the music industry as we know it is forever changing.”
 
Richard Love echoed Monroe’s sentiments, adding that account information and transactor data must be secured through multi-tiered security, including encryption, tokenization, biometrics, and hopefully a shift in the transaction paradigm.
 
“Tokenization is a good security step, but it represents only a band-aide fix for a badly flawed and antiquated payment system,” explained Love. “New EMV chip technology in credit cards is motivating criminals with stolen credit card data to shift their attention from point-of-sale, to online and on-device, card-not-present purchases. Given that mobile payments is in its infancy, I believe it is time for a change in the purchase process.
 
“The paradigm shift we are promoting is to never again provide another party with sensitive account information in order for them to get paid by you,” continued Love. “We are proposing that the merchant should request a payment from the payee, with the payee approving the transaction and pushing the payment to the merchant.”
 
“I see mobile payments as an opportunity for anytime, anyplace purchases, where consumers have a choice of how they want to pay,” said Monroe, whose song “Fires Out” currently ranks on the Billboard Country Music chart. “Mobile devices are bridging the communication gap between fan and artist—the devices should also be a seamless bridge to paying how you want, and when you are ready to pay.”