MasterCard Worldwide today announced that Swiss Bankers Prepaid Services Ltd. will become the first financial institution to take advantage of the global prepaid transaction processing capabilities of MasterCard Integrated Processing Solutions (IPS), the debit and prepaid processing platform introduced earlier this year.
MasterCard IPS delivers a world-class processing infrastructure with scalability, reliability and security, as well as flexible and rich functionality. The IPS platform also delivers operational efficiencies through integrated exception and fraud management automation tools.
"MasterCard IPS provides a great platform that will enable us to continue to grow our business and provide cardholders with safe and convenient access to funds anywhere in the world," said Thomas Beck, Managing Director, Swiss Bankers Prepaid Services Ltd. "Our Travel Cash Maestro card is used in more than 120 countries in multiple currencies where every transaction must be processed flawlessly. This platform gives us and our cardholders the confidence when making purchases with a MasterCard-branded product while traveling abroad. It also gives us the flexibility to offer them additional services, while making our internal processes more efficient," added Beck.
Through a single connection, MasterCard IPS seamlessly integrates market-proven software into the MasterCard Worldwide network, enabling financial institutions to expand their portfolios across business channels with minimal infrastructure investment and quick and efficient administration. Swiss Bankers Prepaid Services is the second financial institution to implement MasterCard IPS after Security Service Federal Credit Union, the 10th largest credit union in the United States with more than $4.6 billion in assets. MasterCard now provides Security Service FCU with brand-exclusive debit network solutions and issuer processing in the United States.
"Through our complete service offering - from the functionality of our product platform to the reliability and security offered by IPS - our financial institution customers can access a broad range of differentiated solutions to maximize efficiencies and drive their businesses forward," said Gary Flood, President, Products & Services, MasterCard Worldwide. "MasterCaCard IPS provides a critical advantage to our customers around the world by enabling them to take advantage of the tremendous opportunities that debit and prepaid offer."
MasterCard continues to drive the shift toward electronic payments and enable financial institutions to leverage opportunities around the world by offering product solutions, advisory services and world-class payment transaction processing. Prepaid is now one of the fastest-growing payment card categories with more than $680 billion in global volume expected by 2015, according to a 2008 Boston Consulting Group study commissioned by MasterCard.
"MasterCard is focused on leveraging the strength of our global network, processing capabilities, strong partnerships and product development platform to drive business results for our issuers and partners around the world," said Bruno Baugnies, Senior Vice President, Global Technology and Operations, MasterCard Europe. "We are pleased to work with Swiss Bankers to implement the first prepaid solution with IPS. This agreement builds on our strong partnership with Swiss Bankers and underscores our commitment to deliver the full suite of products and services our customers need to succeed."