3Pea reports pre-paid card contract with Monterey County Bank
27 July 2007 | 2105 views | 0
Source: 3PEA International
3PEA International (OTC: TPNL.PK), a payment solutions company, announced today it has signed a three year agreement with Monterey County Bank for card issuance sponsorship and has commenced issuance of over Three Million Six Hundred Thousand Prepaid debit cards that have been added to the ever expanding 3PEA card management system.
Under the Agreement, Monterey County Bank (MCB) will be the issuing bank for select 3PEA International prepaid card programs running on various networks including NYCE and Pulse. 3PEA will work closely with MCB on the implementation of existing, and the development of future card programs.
"3PEA is pleased to participate in a marketing relationship with MCB", said Mark Newcomer, President of 3PEA International. "3PEA is excited to work with Monterey County Bank to extend our penetration into the prepaid card market. We look forward to building and marketing unique new 3PEA card programs and programs for our clients".
Currently 3PEA is providing issuing services utilizing a 3PEA BIN, 3PEA card management system and data processing services for multiple prepaid card programs, including several in the Pharmaceutical industry. These Rx card programs tie the financial and healthcare adjudication processes together, have the support of the national banking, electronic payment and pharmacy networks, and pay the pharmacist at the point of sale. The cards have no value or money on them when distributed, and can be used only when presented to pharmacists with a valid prescription. When patients pick up their Rx, the patient swipes the card through a point-of-sale terminal, enters their PIN, and the money comes off the card. This offers instant payment to the pharmacist helping them to alleviate inadequate reimbursement levels and slow payment, which is a problem endemic to pharmacies across the country.
Mark Newcomer added that "3PEA is pleased to be involved with the implementation of this invaluable technology and is eager to assist our clients in gaining traction into multiple verticals, such as health insurance plans, government programs and beyond, by providing them with efficient multi- tiered services".
3PEA International recently created a division to position the company to take advantage of opportunities in the growing area of prepaid debit cards. 3PEA is aggressively developing and marketing prepaid gift cards, general spend cards, healthcare related programs, payroll solutions, and other specialized prepaid debit card programs targeting vertical markets.
Andre G. Herrera, CIO and Senior Vice President of Bankcard Services for Monterey County Bank, said, "We are very pleased to have 3PEA join us as one of our marketing partners. 3PEA brings to this relationship unique pre-paid card programs and we welcome the opportunity to establish a card sponsor relationship."