Oklahoma Bank Announces New Proprietary Cancel-Proof Payment System

Oklahoma Bank Announces New Proprietary Cancel-Proof Payment System
(Courtesy of Old Glory Bank via The Epoch Times)

Oklahoma’s Old Glory Bank, as part of their ethos not to cancel law-abiding customers based on their beliefs, has announced a new proprietary closed-loop payment system called “Old Glory Pay.”

The bank, which is headquartered in Elmore City, Oklahoma, said in a press statement that it will be FDIC-insured, as well as the “first chartered bank to openly support America, its flag, freedom, patriotism, the military, and first responders.”

“Old Glory Pay is our own cancel-proof peer-to-peer payment solution. Unlike many ‘legacy’ payment processors, Old Glory Pay will never cancel a law-abiding customer for exercising their freedoms,” said Steve Paganucci, Chief Security Officer of Old Glory Bank and a 24-year FBI veteran.

He said that Old Glory Pay allows customers of Old Glory Bank to send internal payments without fees. All payments will be processed instantly and no external entity can influence any given peer-to-peer transaction, as all payments operate within the internal company structure. Customers are able to see and monitor each transaction in real-time.

Paganucci added that one other unique feature is the ability to settle funds among customers without the need to wait on any money.

The new payment method will open on the bank’s online banking platform in early Spring 2023. Customers will be enabled to use Old Glory Pay to make purchases with Old Glory Pay soon after.

Paganucci said that payment processing will only be the start.

“We have many more features lined-up to bring freedom loving Americans innovative payment solutions, including our own fundraising platform, “ he said.

According to the statement, Dr. Ben Carson, the former Secretary of Housing and Urban Development, who is a co-founder, stockholder, and member of the Board of Directors of Old Glory Holding Company, said, “Old Glory Bank will serve lower- and middle-income Americans and those Americans that other banks have marginalized and ignored, hard-working patriots who keep this country running every day.”

Old Glory Holding Company entered into a purchase agreement with First State Bank of Elmore City, Oklahoma, in March 2022, a bank that was founded in 1903, and they said it would be renamed Old Glory Bank.

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.
Comments