XBP Global Holdings, Inc. (NASDAQ:XBP) stock jumped over 15% on a new six-year agreement with the New York City Department of Finance but gave back previous gains.
The deal involves enhancing payment processing for parking violation tickets. As per the agreement, XBP will deploy its Lockbox Services platform to modernize the department’s payment operations.
The partnership is expected to bring clear benefits to the residents, offering more payment options, faster processing, and enhanced security across the city’s parking payment system.
The collaboration reflects the company’s commitment to leveraging automation to streamline public-sector financial transactions.
Management Commentary
Lakshmi Narayanan, President – Bills and Payments of XBP Global, added, “our solutions are designed to simplify transactions, strengthen security, and improve the overall customer experience with reduced cycle time for all consumers.”
Recent Earnings
In August, the company reported second-quarter revenue growth of 17.8% to $39.6 million and net loss from continuing operations of $3.4 million, versus a loss of $3.6 million a year ago.
Price Action: XBP shares were trading lower by 3.55% to $0.4919 at last check Monday.
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