“We are excited by thepotential crowdfundingholds for investors,entrepreneurs and thestartup community, and weare proud to be playing acritical role in enabling thisindustry to blossom”
April 25, 2013 01:26 PM Eastern Daylight Time
BancBox Releases Industry’s First Escrow API for Crowd Investing
Payments Solutions Expert BancBox Fulfills Urgent Need In The Online Investing Market With New APIs For CompliantPayments and EscrowSAN MATEO, Calif.--(BUSINESS WIRE)--BancBox, a leading payment services provider, announces today the public launch
of BancBox Crowd, the first independent escrow service for equity, debt and revenue share crowdfunding portals. Additionally,the company is announcing partnerships with leading crowd investing services 99Funding, SoMoLend, and Localstake. The BancBox Crowd service is currently the only solution on the market that provides onlineinvestment portals with an automated yet independent escrow solution, ushering thecumbersome manual paper escrow process into the current era, while ensuring that portalsremain in compliance with FINCEN, FINRA and SEC requirements.BancBox has nearly a decade of experience developing sophisticated payment solutions forindustries operating in complex regulatory frameworks. Their new service, BancBox Crowd,provides a simple and compliant solution for early innovators who are pushing ahead to bringinvestment opportunities online.One of BancBox Crowd’s partners at launch is 99Funding, a new securities crowdfunding platform focused on giving individualsthe opportunity to invest in new and growing private companies through crowdfunding.“The services provided by BancBox crowd have been instrumental in developing a seamless investment platform for our clients,”said Jim Dowd, Managing Director of Evisor Inc., which operates the 99Funding platform. “The BancBox team has providedextensive support and their industry experience gives us and our clients security and confidence as we develop this newinvestment market.”For an equity crowdfunding platform, collecting payments is just the first step in the payment process. What makes BancBoxdifferent from other payment companies is that it allows users to create independent escrow accounts for each project, collectfunds from investors, and either safely return or disburse those funds when the deal closes. With a simple but robust set of APIs, BancBox Crowd ensures the safety of funds in the system, lowers costs, and reduces transaction friction for companies.“We are excited by the potential crowdfunding holds for investors, entrepreneurs and the startup community, and we are proudto be playing a critical role in enabling this industry to blossom,” said Sanj Goyle, CEO of BancBox. “With our deep paymentsexpertise and experience we can help ensure this happens securely and in full compliance with all regulations.”
BancBox's singular focus is to take the anxiety and friction out of money movement through its secure and simple set of API's. The company is helmed by a seasoned team of executives and advisors with experience at industry leaders such as Yahoo!,Visa, and PayPal. On any given day, BancBox manages $100 million in consumer deposits in nearly 200,000 individual accounts.Over the past two years, Bancbox's transaction volume has increased 100% to nearly $2 billion annually.
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