GreenBox POS, LLC’s (GRBX) Acquisition of Sky Mids Technologies Expected to Accelerate the Pace of Processing Business Applications
- Sky Mids Technologies’ transactional book of business, capable of processing more than $1 billion annually, will be added selectively to GRBX’s infrastructure volume
- GRBX sees fast implementation of additional joint capabilities, as the two companies have already worked together; Sky has been using GRBX’s QuickCard blockchain-powered payments system
- The acquisition enhances the onboarding process of the GRBX platform by incorporating the technology and advantages of Sky’s system
GreenBox POS, LLC’s (OTCQB: GRBX) acquisition of Sky Mids Technologies brings together two companies that have already worked together in payments processing, ensuring a quick start to their transition (http://nnw.fm/Dvk3u). It also brings to GRBX Sky’s book of transactional business, capable of processing greater than $1 billion annually, which will be added to GRBX upon review. GRBX has already commenced onboarding Sky’s book of business onto its infrastructure.
In a news release, Ben Errez, Executive VP of GRBX, said, “Following the Sky acquisition, we will be able to accelerate the pace by which the thousands of new business applications are processed, and the best selected to join our ecosystem and enjoy the benefits of our technology.”
The transaction calls for GRBX to absorb the staff, primarily engineers, and technology developed by Sky. Errez noted that he has been impressed with the quality of the engineers, terming them “top notch.” Ken Haller, CEO of Sky, will be named GRBX’s Senior VP, Payment Systems.
GRBX, based in California, offers individual disruptive applications integrated into an end-to-end suite of financial products. They include the QuickCard blockchain-driven e-Wallet and the QuickCard kiosk, which manages all cash issues, including deposits to blockchain. LOOPZ is a delivery software solution that offers service dispatcher back-end technology with manual and automatic modes. Point of sale solutions consist of in-house-developed proprietary software with features such as cloud security, data fidelity and compliance.
Fraud protection is a key focus for GRBX. Its TrustGateway blockchain technology is integrated with QuickCard, a GRBX brand, and together they are highly resistant to fraudulent transactions on the GreenBox payment platform, as the company noted in a recent update (http://nnw.fm/fCP4d). The fully integrated mobile payment app that processes cash into blockchain driven e-Wallets has a defense wall that has not been successfully penetrated, according to the company. The GRBX advantage is that it owns all parts of the blockchain payment system, including TrustKeys, ledger and gateway, and operates over its own blockchain space.