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.
About Transact24 (T24)
Transact24 Limited (transact24.com) is a Hong Kong-based Internet Payment Service Provider (iPSP), with a payment platform that is Payment Card Industry Data Security Standard (PCI DSS) Level 1 compliant.
T24 has processing relationships with multiple acquiring banks and processing institutions around the globe and offers Internet Merchants a wide range of acquiring payment options such as Visa/MasterCard®, Chinese Debit Cards (CUP), automatic clearing house (ACH) transactions and wire transfer (EFT) facilities.
In 2010, T24 expanded into the prepaid market with two high value T24-branded MasterCard products and is now launching three entirely new products under the VISA brand covering the user spectrum from an affordable payroll card to one targeting high net worth individuals. For more information, visit the website or email Prepaid[.]Transact24.com.
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
For More Information:
Mary Waggoner, SVP, FIS Investor Relations
P: 904.854.3282, E: mary.waggoner[.]fisglobal.com.
Tony Martin, Portfolio Communications
P: +44 207 240 6959, E: tony.martin[.]portfoliocomms.com.