Bank Freedom Enters Agreement with FIS to Process Transactions for its Prepaid Card Business
NEWPORT BEACH, Calif., March 15, 2010 – Bank Freedom®, a wholly owned subsidiary of Prepaid Card Holdings, Inc. (Pink Sheets:PPDC) and a leading provider of financial services in the prepaid card industry to the underbanked consumer, today announced it has entered into an agreement with FIS™ (NYSE:FIS), for transaction processing of Bank Freedom’s prepaid card business. FIS is one of the world’s largest providers of banking and payments technology.
FIS will provide transaction processing and card issuer services for the Bank Freedom branded prepaid card programs and Bank Freedom’s multitude of complex co-branded prepaid card programs. Bank Freedom will also leverage the FIS platform to support its Prepaid Business Expense Card Program and its consumer General Spend Reloadable (GPR) Prepaid Cards, Payroll Cards, and Co-Branded Prepaid Card programs.
Rick Galasieski, senior vice president for Bank Freedom stated, “In order to expand our business and grow our prepaid card programs, we knew we needed to move forward with a stable, secure, and reliable processor whose scalability was virtually limitless. Our co-branding partners, including a 1.6 million member union, put their trusted brand names on the line every day, so our business must be anchored to a reliable processor. After a tremendous amount of due diligence, we have determined that the dependability, quality service and robust functionality FIS provides make them the perfect fit for our cardholders and co-brand partners for the future.”
Ralph Calvano, senior vice president and general manager for FIS Prepaid Solutions stated, “We are very excited about our new partnership with Bank Freedom. Their proven ability as experts in marketing and in product distribution to the financially underserved channel, positions Bank Freedom extremely well to continue to develop large scale programs in key prepaid vertical markets.”
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE® Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor’s (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fisglobal.com.
About Bank Freedom
Bank Freedom®, a wholly owned subsidiary of Prepaid Card Holdings, Inc. is a leading provider of financial services in the prepaid card industry. The company offers under its Bank Freedom brand, prepaid debit cards to America’s estimated 60 million underbanked citizens. The company also provides co-branding program management services and is the program manager for the AFSCME® Advantage Prepaid Debit card, a 1.6 million member union. In addition to the underbanked consumer demographic; small, medium, and large businesses have found a much needed product with the company’s Prepaid Business Expense Card Program. With the diminishing credit card markets, companies need a new way to fund employee’s expenses other than through traditional credit cards or cash reimbursements. For more information about Bank Freedom visit www.BankFreedom.com
About Prepaid Card Holdings
Prepaid Card Holdings, Inc. through its wholly owned subsidiaries provides much needed financial services to consumers and businesses that are underserved by traditional banking relationships. Under its Bank Freedom® brand prepaid debit cards and a multitude of co-branded prepaid debit card programs, Prepaid Card Holdings is committed to delivering and managing robust and complex prepaid card programs to meet and exceed the needs of the estimated 60 million underbanked consumers throughout the United States. The Bank Freedom Prepaid Business Expense Card Program provides small, medium, and large sized businesses with a manageable solution to fund and track employee’s expenses in real-time and eliminates the need for traditional credit card or cash expense reimbursements. For more information about Prepaid Card Holdings, Inc. visit www.PrepaidCardHoldings.com
FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management’s belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties and the Company assumes no obligation to update any of the forward-looking statements in this release.
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