Net Element's (NETE) PayOnline Unit Enters Partnership with OOO Bank Round

August 25, 2016 8:46 AM EDT
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Net Element, Inc. (Nasdaq: NETE) announced that its subsidiary PayOnline, has entered into a transaction processing agreement with OOO Bank Round ("Round Bank"), a Russian Federation licensed commercial bank. The agreement includes transaction clearing, draft capture and settlement of bankcard transactions in the Russian Federation.

"PayOnline holds a leading position in the Russian market," commented Yegor Davydov, Director of Business Development of Round Bank. "We are pleased to have signed a partnership agreement with PayOnline. Modern technology, a high level of security and an individual approach to every client are all necessary ingredients for a successful Internet payment processing business. These characteristics are inherent in PayOnline, a company that prides itself on product development, security and innovation. We are confident that our relationship with PayOnline will be fruitful and mutually beneficial."

One of the first clients of PayOnline to begin processing utilizing Round Bank is LoveKorea.Ru, an online retailer of Korean cosmetic products in Moscow. Founder of LoveKorea.Ru, George Eksuzyana shared his first impressions:

"We just started working with Round Bank, but the bank has already shown itself as a good partner. Reliability in payments acceptance for e-commerce is one of the main objectives when choosing a financial institution. The dependability and stability of the bank's technology partners are the most important factors in business development. In this regard we look forward to working with Round Bank and PayOnline."

"We are excited about our partnership with Round Bank as we continue to innovate and invest in disruptive products that make us a key differentiator in the markets we serve," commented Marat Abasaliev, CEO of PayOnline.

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