Mr Greaves was most recently operations director of Newcastle Building Society, where he led the creation and development of a number of B2B service companies, including growing Newcastle Card Solutions (NCS) - Newcastle's renowned and market-leading prepaid card division. Under his leadership, NCS became and remains the largest prepaid card issuer in the United Kingdom and Europe and one of the top five issuers in the world, settling more than US$1.6 billion of transactions in 2009. During his tenure at NCS, the company achieved many notable firsts including initiatives in gift, teen, travel and money share cards, and also issued Europe's first prepaid contactless cards.

Tobias Schreyer, managing director of Transact Network, said: "Colin is a world-class talent and ideally suited to lead Transact Network into its next era of growth. The board has found in Colin the exact combination of seasoned executive in the prepaid market and respected leader. He is admired for his management expertise and understanding of the opportunities around our industry. The board is united in its view that his energetic and decisive style, coupled with his proven track record of driving growth and operational excellence, is exactly what Transact Network needs at this stage of its development."

Mr Greaves, a board member of the Prepaid International Forum (PIF), commented: "I am joining Transact Network at an exciting time. Transact Network has accomplished a great deal in its relatively short history, most notably its value-added, modular prepaid service package and its ability to deliver it in every EU and EEA country.

"I look forward to working together with the management team to lead a strategy to rapidly grow the company, build upon its reputation for quality service and strengthen its already rigorous risk compliance. I believe that we and our strategic partners and customers can together seize upon significant opportunities in a mature European prepaid industry."

* The appointment is subject to regulatory approval.