Midpoint Holdings Ltd.
TSX VENTURE : MPT

Midpoint Holdings Ltd.

September 29, 2017 15:55 ET

Midpoint Announces Major Platform Upgrade

LONDON, UNITED KINGDOM--(Marketwired - Sept. 29, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Midpoint Holdings Ltd. (TSX VENTURE:MPT) ("Midpoint" or the "Company") is pleased to announce the launch of its updated platform. The Company has recently migrated to a new enterprise grade platform after nine-months of intensive planning and development. The new proprietary platform delivers enhanced features and benefits to Midpoint clients as well as significant improvement in the Company's operational efficiency.

The new platform introduces:

  • Full treasury system with multi-currency e-Wallets
  • Mass pay-out functionality
  • Multiple users for both personal and business accounts
  • Improved beneficiary management
  • Multiple beneficiary payments from a single FX conversion
  • Multiple FX conversions consolidated into a single currency beneficiary payment
  • Integration with Xero cloud accounting software
  • Real-time fees and indicative rates calculator
  • A seamless on-boarding and registration process

"Our refreshed platform will provide a far greater level of scalability and a much-improved user journey. Additionally, the delineation of FX Conversions and Payments processes increases the flexibility and functionality available to our customers when managing their cross-border payments and foreign exchange requirements. We have completely rebuilt all the Application Program Interfaces (API's) to maximize the connectivity with our suppliers including enhancing our KYC/AML compliance processes," said David Wong, CEO of Midpoint.

"We have listened to our customers and many of our new client-facing features and streamlining of the user journey have been largely influenced by our customer's valuable feedback. With clients in over 52 countries and a 85% repeat usage rate, we are very conscious that we must deliver a solution that reflects a clear understanding of the needs of a global client base," Wong added.

"We will continue to release further functionality that will benefit our clients over the coming weeks and months. It has been over three years since our last major platform release and we have now moved towards a continuous delivery model with rapid software release cycles," added Brad Lemkus, Operations Director.

About Midpoint

Headquartered in London, Midpoint is an FCA authorized payments institution with the world's first authentic peer-to-peer ('P2P') foreign exchange marketplace. SMEs, overseas professionals, property owners, foreign students, individuals and anyone involved in international payments, use Midpoint's US patent protected platform for transparent, multi-party, multi-currency services.

Midpoint is currently handling transactions in 22 currencies with the ability to collect and transfer across 72 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate therefore removing the spread as well as hidden costs and fees.

Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this news release.

Forward-looking information

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint's Management's Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Contact Information

  • Corbin Comishin
    Chief Financial Officer
    Midpoint Holdings Ltd.
    Tel: (250) 352-7667

    David Wong
    26 Finsbury Square
    EC2A 1DS
    London, United Kingdom
    Tel: +44 20 7448 3081