JACKSONVILLE, Fla. and LONDON – Oct. 28, 2010 – FIS™ (NYSE:FIS), one of the world’s largest providers of banking and payments technology, today announced a three-year agreement with prepaid card provider, TransCash™ to provide card and transaction processing services to support the launch and roll-out of TransCash in Italy.
Founded in 2002, TransCash delivers money transfer innovations to the global marketplace. The TransCash product to be launched in Italy is a twin-pack of reloadable Visa® prepaid cards, one black and one red, that provide a convenient and easy way to share funds with family and friends. The sender can load money onto the black card online or over the phone and the funds are available immediately for withdrawal by the holder of the red card. The money loaded on the card can be withdrawn from any Visa ATM worldwide, used in shops wherever Visa cards are accepted or for online purchases. Consumers can buy the twin-pack cards and load them with funds at participating supermarket and retail outlets.
“The move into Italy through our local licensee, TransCash Italia, SPA, represents the next phase of our global rollout plan and allows us to provide an efficient, inexpensive and easy-to-use service to our customers in that country. We expect the cards to be of great interest to transitory customers who want to send money back home to their families,” said TransCash Corporation CEO and founder, Charles Cohen.
“The TransCash deal is yet another significant win for FIS in the prepaid market and underlines our position as the leading player in prepaid processing in Europe and around the globe,” said Ian Benn, managing director, Payment Solutions, FIS, Europe Middle East and Africa.
TransCash Corporation was established in 2002. TransCash can facilitate international money transfers with substantial savings over existing services. The cornerstone of the TransCash Card program is a set of two prepaid debit Visa® cards, conveying all rights and privileges to load money and enjoy purchasing goods and services everywhere VISA® is accepted worldwide, providing the easiest and least expensive transfer of funds to their families around the world. The goal is to attract target customers away from check-cashing agents, money orders, money transmission services and bill pay centers by providing them with an easier, more convenient and lower cost alternative to mainstream banking and non-traditional financial service providers.
For more information, please visit http://www.transcash.com.
FIS (NYSE: FIS) is one of the world’s largest global providers 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 30,000 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 a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list.
For more information about FIS, visit www.fisglobal.com.
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:
Marcia Danzeisen, 904.854.5083
Senior Vice President
FIS Global Marketing and Communications
Mary Waggoner, 904.854.3282
Senior Vice President
FIS Investor Relations
Tony Martin, +44 207 240 6959
DATE: 28.10.10 REF: 10-095
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