Fis (NYSE: FIS), the world's largest provider of banking and payments technology, has signed a contract to manage the UK Post Office's new prepaid travel card, the Travel Money Card Plus.
The Post Office is the largest provider of foreign exchange in the UK. The Post Office Travel Money Card Plus is currently available in Euros, U.S. dollars and Sterling and allows customers to lock in the competitive exchange rate offered on the day of purchase. The cards are available at more than 3,000 Post Office branches across the UK and online via www.postoffice.co.uk, and will be processed centrally by FIS.
FIS Card Processing Services supports debit, credit and prepaid programmes, providing the necessary messaging and integration with payments industry schemes. Based on flexible technology, FIS' Card Processing Services are built on a modern, open architecture to ensure long-term scalability, availability and performance. Using these solutions, FIS supports more than 70 customers throughout Europe.
"Working with FIS has enabled us to enhance the functionality of our cards and given us access to a wider range of card and customer service applications including online payments, SMS messaging and call centre services," said Az Alibhai, Post Office's head of cards.
"The demand for prepaid cards is continuing to rise, and consumers are becoming better informed and more discerning about the product they choose," said Ian Benn, managing director, FIS Payment Solutions, EMEA. "This has driven many card issuers with legacy systems to invest in more advanced and flexible technology from FIS Card Processing Services, which offers a range of the leading processing services in the industry today."