UK-based Nomad Software is launching an outsourced debit card issuing solution based on its Cortex suite of card payments products.
Nomad Debit Direct is an online and EMV compliant service for the issuing, processing and acquiring of Maestro debit cards and payments. The service will enable banks, building societies and other non-financial firms to issue fully functional, own branded debit cards.
John Yeomans, chief executive, Nomad Software, says debit cards are the fastest growing method of accessing funds but to date, there has been a lack of credible alternative routes to market for debit card issuers.
"This initiative has been welcomed by many financial institutions, who have been keen to enter the debit card market, but unable to do so because of the high costs associated with running an in-house solution," he says.