Under the terms of the deal, Virtual Payment Solutions will become a wholly owned subsidiary of Secured Financial Network (SFNL), adding what SFNL calls an exciting business dimension to the company.
This dimension involves internet payments. As Jeffrey Schultz, president and CEO of SFNL explains, Virtual Payment Solutions’ technology provides contracted internet business portals the ability to transact business, with their client base, through a very secure proprietary electronic wallet-based payment processing system.
Virtual Payment Solutions plans to launch its real-time payment processing system by January 2007.
