iVertical Payment Network Selects Sionic to Eliminate the Risk of ACH Funding for its Smart Gift Card Pro

Sionic's Pay-by-Bank Service Enables Consumers to Instantly Load Funds to Merchant Gift Cards

Sionic, a leading provider of omni-commerce, faster digital payments solutions, today announced a strategic agreement with iVertical Payment Network (iVPN), a proprietary payments platform, to provide its Pay-by-Bank faster payments service to reinvent the gift card industry by enabling consumers to load digital cash from their checking accounts to merchant gift cards. Sionic's embedded Pay-by-Bank service is the mechanism that allows consumers to securely link their bank account quickly and easily. The gift giver and gift receiver's information is captured during the gift card activation process.

"By eliminating the funding risk, the Sionic platform is a game changer for us to create a relationship with merchants and customers, their friends and family, and to drive in-store traffic," said Joe Randazza, CEO of iVertical Payment Network. Sionic enables iVPN to provide a merchant service where their current gift card vendor stops. Because we have the information, the iVPN gift card program reminds gift receivers that they have money to spend with the merchant. Providing a merchant with the information they own for long-term data mining campaigns disrupts the outdated platforms and business models used by the current dominant gift card vendors while offering a substantially lower cost. We've been looking for a faster, less expensive, and more secure way for consumers to load funds to gift cards. Sionic's Pay-by-Bank service checks all the boxes for us."