MasterCard (NYSE:MA) today announced that it was chosen to be the transaction processor and network gateway for all Green Dot Bank-issued deposit accounts, including the bank's debit card products.
Through this new relationship, Green Dot’s (NYSE:GDOT) debit and prepaid products will be processed through MasterCard's platform which represents the latest in state-of-the-art processing solutions, with safety and security as top priorities.
MasterCard Payment Transaction Services (formerly MasterCard Integrated Processing Solutions) is a leading-edge debit and prepaid processing platform that helps businesses quickly expand their payments portfolios across business channels efficiently and with minimal infrastructure investment. The platform offers customers a complete range of processing services for signature and PIN debit, as well as ATM and global prepaid.
MasterCard and Green Dot plan to fully migrate Green Dot Bank onto the MasterCard Payment Transaction Services platform by the second half of 2016.
Green Dot Chief Operating Officer, Kuan Archer said, "Our processing technology team has been working closely with MasterCard for the past 15 months on the integration of our two technology platforms. While certainly this project has required a significant amount of time and effort, we believe the ultimate end-state of having the most state-of-the-art, high-scale processing platform underpinning our current and future suite of modern banking products and mobile solutions will pay off in terms of our ability to create new, innovative products and services."
“Green Dot Bank is one of the nation’s largest and fastest-growing debit card issuers and technology-forward financial services providers,” says Mike Manchisi, President, MasterCard Payment Transaction Services. “With that in mind, we’re thrilled to enter into this relationship. We look forward to working with Green Dot to help grow and expand their business.
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