FIS™ (NYSE:FIS), the world's largest provider of banking and payments technology, today announced it has signed more than 80 new agreements worldwide for its prepaid card processing solutions this year.
Each of the new agreements represents a new client converting from a previous provider, or clients entering the prepaid market for the first time. One of its newest prepaid clients, 24/7 Card, will utilize FIS' innovative systems to enable customers to send money directly from their prepaid 24/7 Visa® Prepaid Debit + Remit Card.
24/7 Card, headquartered in Los Angeles with an additional location in Manila, Philippines, will team with FIS and Central National Bank of Enid as issuer (pursuant to a license from Visa U.S.A.) to launch its reloadable prepaid card designed specifically for foreign nationals living in the U.S. Starting with the Filipino community, 24/7 Card provides its customers the combined benefits of a prepaid debit card with the ability to send money to loved ones in the Philippines. Cardholders can use their cards to make purchases and ATM cash withdrawals, and remit money to the Philippines or 20 additional countries.
Prepaid programs are increasingly popular with consumers, providing financial institutions and retailers with new product opportunities that will attract and retain customers. Prepaid programs are also increasingly being utilized by government entities around the world to provide cash-based benefits to their residents. FIS provides robust, end-to-end solutions for the development, processing and administration of prepaid programs. FIS prepaid processing solutions include all aspects of prepaid card processing - account set up and management, card production and personalization, inventory management and customized distribution solutions, transaction processing, fraud detection and prevention, funds settlement, call center and IVR/VRU customer service, dispute processing, detailed reporting and mobile and Web hosting services.
"24/7 Card is offering an innovative product designed to meet the needs of a rapidly growing demographic of foreign nationals, an underserved demographic," said Lance Rosenzweig, chief executive officer, 24/7 Card. "To have the capabilities needed to launch this new product, we require a technology solution that is equally advanced. We were impressed by FIS' prepaid expertise and its ability to integrate with our existing systems and provide real-time capabilities."
"FIS is a leader in the prepaid card market with more than 100 million cards and over 775 million transactions processed annually on our platforms," said Frank D'Angelo, executive vice president, FIS Payment Solutions Group. "The excellent adoption rate of our prepaid solutions in just the first nine months of this year is a testament to the caliber of our solutions."