Press Releases

/Press Releases

Island Pay and AF Holdings Group of Companies partner to Introduce Mobile Payment Solution in The Bahamas

Nassau, October 18, 2018: Island Pay, an electronic payment provider, and AF Holdings Group of Companies (AF Holdings Ltd.) are introducing a convenient and efficient digital solution that allows consumers to make electronic payments between themselves and Bahamian-based businesses.

Frank Svatousek, Island Pay’s President, said, “taking full advantage of the ease of doing business that electronic transactions provide, Island Pay’s platform gives its clients convenient payment and money transfer options in a secure digital environment.”

Svatousek further explains, “The Web-based and smartphone app interface, available for iOS and Android, offer clients full control of payments through a secure token that adheres to the highest standards of security, control and utility for its users. Additionally, our services are secured by a rigorous a KYC (Know Your Customer) registration engine that verifies the user’s identity and address to safeguard their transactions.”

Steve Haughey, Colina Holdings Bahamas Limited’s Chief Operating Officer said, “all of our companies will be able to utilize this tool to better serve our clients by adding cashless transactions to our service offering. Through the web and mobile applications, our clients will be able to make payments, withdraw from their policy loans (where applicable), receive dividends and initiate person-to-person money transfers along with a wide range of other services.”

Island Pay and AF Holdings Ltd.’s partnership is a bold and exciting venture offering convenient digital transaction methods to Bahamian residents regardless of their geographic location.

About Island Pay
Island Pay was founded in 2016. The company recognizes the strong business case for mobile electronic money providers seeking to re-do the way consumers interact with payments, authentication and identity, especially in underserved areas of the globe. Before Island Pay, management co-founded Carta Worldwide and Mint Technology. Island Pay will have offices in Nassau and in Oakville, Canada. More information about Island Pay can be found on www.islandpay.com.

About AF Holdings Group of Companies
AF Holdings Ltd. is the leading full service financial company in The Bahamas, offering integrated financial services to meet the investing needs of international and local clients. Its group of companies include; Colina Insurance Limited (Colina), CFAL, Ansbacher (Bahamas) Ltd., and Colina General Insurance Agency Limited (CGIA). Together, these companies provide a diverse spectrum of financial services designed to benefit both large and small investors including portfolio management, investment advice, wealth management, securities and foreign exchange transactions, insurance and banking, corporate and trust services.

For further Information contact:

Frank Svatousek, President
Island Pay
[email protected]

or

Arnette Ingraham, Communications Director
CHBL
[email protected]

By | 2018-10-19T01:11:07+00:00 October 19th, 2018|Press Releases|0 Comments

Island Pay Licensed to Provide Electronic Money Solution in The Bahamas

Nassau, The Bahamas, October 9th, 2018: Island Pay, an electronic money mobile payment service provider has been granted a license by the Central Bank of The Bahamas. The Payment Service Provider license was issued after Island Pay met the qualifications of the Regulations and Guidelines of the Central Bank’s mandatory requirements set out in the “Payment Instruments (Oversight) Regulations, 2017” that came into force on July 21th, 2017.

Island Pay has been granted the first license under these new Regulations.

Frank Svatousek, Island Pay CEO said, “the Central Bank regulates domestic payment service providers including retail banks, credit unions and money transmission businesses, but saw the need to establish a new class of provider, the payments institution. In a recent paper titled Digital Currency – Extending the Payments System Modernisation Initiative the Central Bank recognized that the shrinking footprint of the retail banks coupled with the increased shift in payments towards electronic modes necessitated regulatory review and the creation of the Payment Service Provider.”

“Among the benefits of this new class of service provider”, Mr. Svatousek said, “is that our Bahamian customers will have cost effective and easy to use bill payment, person to person transfers, mobile top-up and merchant solutions. As a tokenized service, it is as secure as existing mobile payment services and all of our customer’s data is securely held in The Bahamas. The smartphone application, available for Android and iOS, allows users to manage the service with security and control from any island in The Bahamas.”

About Island Pay

Island Pay was founded in 2016. The company recognizes the strong business case for mobile electronic money providers seeking to re-do the way consumers interact with payments, authentication and identity, especially in underserved areas of the globe. Before Island Pay, management co-founded Carta Worldwide and Mint Technology. More information can be found on the Island Pay website.

For further Information contact:

Frank Svatousek, CEO
Island Pay
[email protected]


Send us a message

Contact Us


 

By | 2018-10-09T19:19:28+00:00 October 9th, 2018|Press Releases|0 Comments

Island Pay launches first Caribbean Mobile Payment Solution in The Bahamas using Samsung technology

Nassau, The Bahamas, September 5, 2018: Island Pay, an electronic money mobile payment provider, will roll out the Contactless Companion Platform (CCP) – a digital cash service allowing consumers to load money onto cards, fobs and a range of wearable items.  The new service will allow Bahamians and visitors alike to make contactless payments between themselves or with retailers across the whole of the large island archipelago. CCP is running on secure chip technology from Samsung Semiconductor, the software application platform is provided by Smartlink, a Swiss fintech specializing in mobile and alternative payment solutions.

Frank Svatousek, Island Pay CEO said, “by adding Smartlink to the Island Pay platform we bring immediate, critical benefits to our Bahamian customers including easy bill payment, mobile top-up and merchant solutions. The launch of the Island Pay cashless payment system, licensed by the Central Bank of The Bahamas, comes at a time when bricks and mortar banks are reducing their footprint allowing us to serve the under-banked as well as the un-banked.”

The Smartlink CCP solution brings contactless digital cash to everyone in all levels of society,” says Eric La Marca, CEO and founder of Smartlink. “With CCP in place, you can make contactless payments via any enabled device of your choice, whether it’s a dedicated smart card, wristband, key fob, or even your smart watch or ring. As long as it’s able to accommodate the secure chip technology from Samsung, there’s hardly any shape or size limit.”

“CCP offers full control of payment by validity, location, time of day, and other parameters you decide on during the remote top-up of a secure token with the sleek companion app on your smartphone. What’s more, the underlying technology has the ability to seamlessly combine payments with loyalty points, vouchers, travel cards, ticketing and more.”

Among the benefits of Island Pay Mr. Svatousek explained that, “it’s a tokenized service, making it as secure as existing mobile payments services.
It gives parents the ability to safely transfer money to their children and ensure they can only spend it on what the parents want and with its Web-based or smartphone app interface, available for iOS and Android, it allows users to manage the service and deactivate the chip in the card, fob or wearable item if it is lost. We are thrilled to be working with Samsung and Smartlink as it brings together a powerful combination of security, control and utility for our consumers throughout The Bahamas.”

 

Interested in learning more?

Download → Island Pay Project Background PDF

 

Send us a message

Contact Us


 

By | 2018-09-11T14:22:33+00:00 September 5th, 2018|Press Releases|0 Comments