Global technology and value-added solutions group Net Element (NASDAQ: NETE) recently reported its entry into a partnership with Sputnik Bank in Russia. The arrangement aims to offer third party bank processing to other banks throughout the country. A recent article further discussing the company’s partnership reads, “Net Element and Sputnik are expected to start selling a processing service to small banks, Russian third-party vendors, credit organizations, value-added resellers and sales organizations. The cost of processing will be brought down, and the service will also give smaller Russian banks a chance to utilize much more current software than the products on which they’re currently relying for in-house processing. … Sputnik will provide the capacity for the data center needed for the execution of the program. Financial instruments for settlement of transactions will also be provided. The partnership will enable PayOnline to process transactions as a payment facilitator. This way, PayOnline’s offering will be expanded beyond the current electronic commerce.”
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About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. In the U.S., it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500. In 2017, Net Element was recognized by South Florida Business Journal’s as one of 2016’s fastest growing technology companies. Further information is available at www.NetElement.com
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