Fiserv, Inc. (NASDAQ:FISV), the leading global provider of financial services technology solutions, announced today that it is once again expanding its digital payment portfolio, which is the broadest in the industry, by launching a new set of prepaid solutions.
Fiserv will offer prepaid processing, turn-key program management, and support of general purpose reloadable and payroll cards for large financial institutions and corporations.
Fiserv has acquired prepaid card processing and other technologies developed by Maverick Network Solutions, a Delaware-based provider of advanced prepaid and reward and incentive card programs. The Delaware start-up and its employees became part of the Fiserv Card Services group on March 1, 2011.
Fiserv chose Maverick Network Solutions because of its robust, flexible platform built to support all markets in the dynamic prepaid space. This next generation of prepaid allows Fiserv to add the convenience of reloadable, brandable cards to its world-class payment networks such as CheckFree® RXP®, ACCEL/Exchange®, ZashPay® and CheckFreePay®.
"Launching these prepaid solutions is part of the overall strategy to enhance our payments leadership through delivering next generation solutions. Fiserv intends to integrate a number of its leading products and networks to create solutions that deliver differentiated and unique value for our clients," said Rahul Gupta, president, Card Services, Fiserv. "The vision for our prepaid solutions is a holistic prepaid offering that will include processing, program management, a DDA replacement card and private label programs."
Many financial institutions are looking at prepaid as a way to gain new customers and build loyalty. Prepaid cards are growing in popularity, especially general purpose reloadable cards. They are particularly popular with younger consumers, the unbanked and underbanked, and can offer payment alternatives to enable banks and merchants to serve these segments. Adding a prepaid program can provide financial institutions a way to add, or retain, customers in new segments that previously may not have been served - a very attractive option for financial institutions that have seen revenue pressures from interchange and overdraft regulations in the past year.