NEW YORK, Jan. 25, 2005 (PRIMEZONE) -- Acies Corporation (OTCBB:ACIE), an emerging leader in payment processing and electronic banking services to small and medium-size merchants across the United States, today announced its paperless payroll solution for employers. The program is specifically being offered to employers that issue paper checks to the more than 30 million 'unbanked' employees in the country with no checking or savings accounts.
The Acies Payroll Card Platform enables employers to issue employee payroll cards, pay wages and check payroll history. The solution is comprehensive and provides real-time management for employers. It also offers value-added benefits, such as prepaid health, dental and legal coverage. For employees, the solution offers a personalized card with immediate access to funds, and acceptability at millions of ATMs and storefronts nationwide. Full reporting is also available to employees.
"Every week, millions of paper payroll checks are issued to employees who do not have a checking or savings account," said Oleg Firer, CEO of Acies. "Our paperless payroll solution makes these funds immediately available to employees in the form of a universally accepted VISA debit card that can be used at ATMs or storefronts. For the employer, the reduced paper cost, real-time information availability, and detailed reporting provide significant cost savings and efficiency improvements and with no monthly or recurring fees assessed to the merchant."
About Acies Corporation
Acies, Inc. ("Acies"), a wholly owned subsidiary of Acies Corporation, is a financial services company that specializes in payment processing services and online banking services to small, medium- and large-size merchants across the United States. Acies' payment processing services enable merchants to process Credit, Debit, Electronic Benefit Transfer (EBT), Check Conversion and Gift & Loyalty transactions. Acies also offers traditional and next-generation point-of-sale ("POS") terminals, which enable merchants to utilize Acies' payment processing services. Acies' banking services offer customers traditional banking services, ability for customers to apply for an on-line bank account and pay bills electronically.
For more information, visit http://www.aciesinc.com
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.