FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, today announced that it has signed a multi-year agreement to provide prepaid card transaction processing, risk management and call centre services to Transact24.
Founded in Hong Kong in 2006, Transact24 is focused on becoming a premier Internet Payment Service Provider (iPSP) for the emerging markets in Asia and the Southern hemisphere. The company now has additional operational and technical centres in Zuhai (China), South Africa, Singapore and Gibraltar as well as registered satellite offices in Australia, Austria, UK, Indonesia, Macau and the U.S.
FIS is supporting the phased roll-out from Europe of three new Transact24 global prepaid card products. All three Visa®-branded cards will be launched in July. The T24 Black card is aimed at high net worth individuals; the T24 BlackShield is a travel protection and services card; and the T24 PayVault is a payroll/pay-out card. Transact24 believes each product will offer significant benefits to the cardholders, including a robust user-friendly system and reduced support requirements, resulting in the highest level of customer service.
"This trio of new prepaid cards is in the vanguard of Transact24's expansion drive. It is essential that our acquisition and transaction processing provider has the global scope and capacity to cope with anticipated growth in card numbers and transaction volumes," said Charles Yeomans, card solutions director, Transact24. "Our incumbent system was difficult to use and lacked many features we need to administer the business properly. Moving to FIS' Card Processing Services platform will resolve these issues and help us to better manage several other supporting processes such as interactive voice response, SMS text and card production."
"The international prepaid card market is going through a period of rapid growth, and we are confident that FIS' systems and capabilities, combined with our global reach, will be of great help to Transact24 in achieving its business goals," said Ian Benn, managing director, FIS Payment Solutions, EMEA.