Bank Freedom, a wholly owned subsidiary of Prepaid Card Holdings (Pink Sheets:PPDC) and a leading provider of financial services in the prepaid card industry to the underbanked consumer, today announced it has entered into an agreement with FIS (NYSE:FIS), for transaction processing of Bank Freedom's prepaid card business.
FIS is one of the world's largest providers of banking and payments technology.
FIS will provide transaction processing and card issuer services for the Bank Freedom branded prepaid card programs and Bank Freedom's multitude of complex co-branded prepaid card programs. Bank Freedom will also leverage the FIS platform to support its Prepaid Business Expense Card Program and its consumer General Spend Reloadable (GPR) Prepaid Cards, Payroll Cards, and Co-Branded Prepaid Card programs.
Rick Galasieski, senior vice president for Bank Freedom stated, "In order to expand our business and grow our prepaid card programs, we knew we needed to move forward with a stable, secure, and reliable processor whose scalability was virtually limitless. Our co-branding partners, including a 1.6 million member union, put their trusted brand names on the line every day, so our business must be anchored to a reliable processor. After a tremendous amount of due diligence, we have determined that the dependability, quality service and robust functionality FIS provides make them the perfect fit for our cardholders and co-brand partners for the future."
Ralph Calvano, senior vice president and general manager for FIS Prepaid Solutions stated, "We are very excited about our new partnership with Bank Freedom. Their proven ability as experts in marketing and in product distribution to the financially underserved channel, positions Bank Freedom extremely well to continue to develop large scale programs in key prepaid vertical markets."