MasterCard (NYSE:MA) today announced that Steve Grigg has been appointed president of MasterCard's Access Prepaid Worldwide subsidiary and Cathy McCaul has been named group executive of MasterCard Integrated Processing Solutions (IPS).
Grigg has been named President of Access Prepaid Worldwide after serving as chief information officer at Travelex. MasterCard acquired the Travelex prepaid card program management business in 2011, renaming it Access Prepaid Worldwide. Before joining Travelex in 2008, Grigg was chief operating officer of Vocalink. This newly created position will take effect in May 2012 and will report to Timothy Murphy, chief product officer, Core Products, MasterCard Worldwide. Grigg will be based in the United Kingdom.
McCaul has been appointed group executive responsible for leading MasterCard's IPS business. The role will share dual lines of reporting to Gary Flood, president, Global Products & Solutions, MasterCard Worldwide and Rob Reeg, president, MasterCard Technologies. McCaul joined MasterCard Worldwide in March 2008 and led the global Cardholder Solutions business. In July 2010, she was named group executive, Global Products & Solutions, U.S. Markets. Prior to MasterCard, McCaul held various leadership roles within the financial services and technology sectors.
Commenting on the announcement, Timothy Murphy, chief product officer, Core Products, MasterCard Worldwide said, "Access Prepaid Worldwide and IPS represent key drivers of long-term growth in our business. These appointments underscore our continued growth and commitment in these important areas."
"Steve brings tremendous experience, knowledge of the business and strong customer relationships, which will enable an accelerated growth agenda for Access Prepaid Worldwide across our key markets," continued Murphy.
"As a seasoned and highly respected executive at MasterCard, Cathy is the ideal candidate to take the helm of IPS. Supported by a strong team with deep expertise in processing solutions, Cathy will lead our efforts to grow and execute on our business objectives and strategic vision," concluded Murphy.
Access Prepaid is a wholly-owned subsidiary focused on the management and delivery of consumer and corporate prepaid travel cards to business partners around the world, including financial institutions, retailers, travel agents and foreign exchange bureaus. Access Prepaid Worldwide is allowing MasterCard to shape the future of prepaid by playing a greater role in the value chain to support issuers and partners, especially outside of the United States and in the attractive cross-border payments space where there is great opportunity to displace cash and traveler's checks.
MasterCard IPS is a leading-edge debit and prepaid processing platform that offers a complete processing solution to create differentiated products and services and quickly expand payments portfolios across business channels efficiently and with minimal infrastructure investment. The platform provides a complete range of processing services for signature and PIN debit, as well as ATM and global prepaid.