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Payment Data Systems establishes unit for stored value card issuing

29 May 2008  |  1875 views  |  0 Source: Payment Data Systems

Payment Data Systems, Inc. (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced that it has formed a new wholly-owned subsidiary to be known as FiCentive, Inc.

In the next few weeks we will be rolling out a new brand and website for the newly created division. The new subsidiary will be solely focused on delivering industry leading prepaid card solutions for corporations and financial institutions.

Michael Long, Payment Data's CEO, said "I am pleased to announce the new subsidiary will be headed up by Louis Hoch. He will be FiCentive's Chairman and CEO. He will continue in his role as Payment Data's Vice Chairmen, President and COO."

Louis Hoch, FiCentive's CEO, said "With recent merger and acquisition activities in the prepaid card issuing industry, we believe the timing is perfect to position our card issuing business to capitalize on higher valuations the industry is demanding."

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