Payango plans European pre-paid expansion with FIS
07 December 2011 | 2525 views | 0
FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, today announced that it has signed a multi-year agreement with Payango GmbH to provide prepaid card processing and risk management services in support of Payango's European expansion of its prepaid card offering.
Payango selected FIS' prepaid card processing services to extend its legacy platform. Previously, Payango could only serve customers in Germany. FIS' card processing services have enabled Payango to extend its prepaid card offering to customers across Europe and introduce a programme management service for other prepaid schemes. FIS will also provide risk management services including fraud monitoring and exceptions management, plus continuous active detection to ensure that any potential threats are immediately identified.
"We selected FIS because of its strong track record and its ability to deliver highly successful prepaid projects," said Volker Breuer, CEO of Payango. "Our work with FIS will enable Payango to act as a programme manager and quickly bring new card programmes onboard. With the ability to offer our products to a pan-European customer base, these capabilities will provide us with many new opportunities to grow our business exponentially."
FIS supports debit, credit and prepaid programmes, providing the necessary messaging and integration with payments industry schemes. Based on flexible technology, FIS' card processing services are built on a modern, open architecture to ensure long-term scalability, availability and performance. Using these solutions, FIS supports more than 70 customers throughout Europe, and processes more than 100 million prepaid cards globally.
"We are delighted to be working with Payango on this project. Our expertise, functionality and track record are striking a chord in the fast growing prepaid and risk management markets at the moment," said Ian Benn, managing director, FIS Payment Solutions, EMEA. "We are proud to be bringing Payango the technology to diversify their business and pave the way for significant new growth. We look forward to working with Payango and supporting its new operations."