Despite the market sinking lower, the EML Payments Ltd (ASX: EML) share price has managed to put on a solid gain today.
In afternoon trade the fintech company's shares are up 3% to $1.60.
What happened?
This morning EML Payments announced that its US-based business has expanded its virtual payments platform in North America through a multi-year agreement with Mize Houser & Company.
The agreement will see EML Payments provide its services to customers of Mize Houser, which provides accounts payable outsourcing and CPA services to approximately 250 restaurant franchisee owners.
According to the release, Mize Houser's 'bill pay' clients will be able to pay vendors faster by replacing paper cheques with single-use virtual payment cards or traditional direct debit.
The virtual payment program is expected to launch towards the end of the first half of FY 2018.
Today's gain means that EML Payments' shares have now climbed over 148% in the last two years.
