Source: Intelligent Environments
Intelligent Environments Group plc (iE or the Company) is pleased to announce that it has signed a partnership agreement with Nomad Software Ltd (Nomad) to offer iE's NetFinance software to Nomad's prepaid card issuing clients, including Building Societies.
A first client has already been contracted.
iE has integrated its card online apply and account servicing modules of its NetFinance platform into Nomad's CORTEX system, the outsourced prepaid and debit card service. The fully integrated system is expected to be live in May 2006.
The Board of iE believe that prepaid cards represent a significant growth opportunity for card issuers and banks, particularly for mid-sized and smaller Building Societies who do not currently issue cards. The cards offer a payment solution for a broad cross-section of people and purposes from teenagers to un-banked adults and from gift to corporate payroll, without requiring credit checks. Funds can be transferred directly to the card using a top-up facility and spending is limited to the prepaid balance.
The partnership agreement is based on a value-driven pricing model geared to application volumes and the number of annual users of the online account management module. This approach is attractive to both companies and is proving successful for iE in securing new business revenues from an increasing number of its clients and partners.
Jerry Mulle, sales and marketing director, iE, said: "We are delighted to be working with Nomad for this exciting new venture in prepaid cards. The prepaid card marketplace is now showing significant signs of growth. Integrating iE's NetFinance cards software with Nomad's processing system capability means that, together, we can offer all card issuers a full prepaid solution that can be live in a matter of weeks."
Chris Ellis, Head of Sales, Nomad Processing Services, said: "Our outsourced prepaid card processing service has flourished because it provides quality and speed to market to our clients. Extending the offering to include iE's NetFinance online application and account servicing product, which is already proven in the financial services marketplace, allows the provision of enhanced service to our clients and onwardly to their customers without requiring complex systems integration."