Tsys announced today that it has signed an agreement with TransCash Corporation to launch a prepaid money transfer card.
The prepaid card will initially be launched in France during Q3 2009 and will be sold by Midi France Telecom.
TransCash is extending its successful U.S. business model to Europe by offering consumers the ability to purchase prepaid cards to make international transfers. The card will be scheme branded through Visa and will be distributed in dual card packs through supermarkets,
initially with the Auchan supermarket chain. The first card is loaded with value while the second card can be sent to relatives abroad. The initial target markets include Morocco, Algeria and Tunisia.
"TSYS engaged with TransCash from the outset and provided a solution that met our requirements," said Charles Cohen, chief executive officer and founder of TransCash Corporation. "TSYS' expertise in the prepaid processing space and extensive global reach will be key for delivering the solution and is a great platform for developing our relationship further by entering new markets with high growth potential."
"Working in partnership with TransCash and TSYS will enable us to launch a prepaid money transfer card that delivers a real benefit to our customers and provides them with an easy and accessible option to transfer money," said Richard Sportich, managing director of Midi France Telecom.
"TransCash is TSYS' first client in France and extends TSYS' European footprint to further demonstrate our company's proven experience as a pan-European Processor," said Kelley Knutson, executive vice president of TSYS International. "The opportunities for growth in this sector are truly exciting, and we look forward to working with a highly entrepreneurial company such as TransCash to help further develop their offering."
Terms of the agreement were not disclosed. The TSYS platform will also be used for launching similar products across Europe and beyond.
To coincide with the agreement, TSYS has opened a new office in Paris to support the company's expansion into France.