Transcard and MoneyGram agree pre-paid card loading deal

Source: Innovative Processing Solutions

Innovative Processing Solutions, LLC a leading provider of prepaid card solutions under the Transcard brand, today announced an agreement with MoneyGram Payment Systems, a subsidiary of MoneyGram International (NYSE: MGI), a leading provider of money transfer services.

The service under this agreement offers loading for Transcard processed prepaid cards at MoneyGram's money transfer agent locations in the U.S. Consumers who have a network-branded card that is processed by Transcard and set-up through MoneyGram will benefit immediately. The service includes two-way communication and processing of value loads. MoneyGram's network includes supermarkets, convenience stores, check cashers and financial institutions across the U.S. A Transcard customer can walk into a MoneyGram agent location with cash and have it appear on their account the same day. The service has been tested and certified and is in production.

"Working with MoneyGram as a loading method for our Transcard customers greatly enhances our service offering to our clients and cardholders," said Craig Fuller, CEO of Innovative Processing Solutions, LLC. "We want to make loading and re-loading of our cards as convenient as possible and with its extensive retail network MoneyGram will help us to do that."

"We are excited about this collaborative effort to offer a fast, affordable and convenient way to load Transcard prepaid cards," says Vicki Keller, vice president, product management at MoneyGram. "We look forward to supporting our clients to provide this valuable service and expand our payment services. It reinforces our standing as a leader in global payments today."

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