Transact24 Moves Its Prepaid Card Portfolio to CashFlows to Provide Issuing Services for Global Customers

Prepaid cards for travel, insurance and corporate payments

LONDON--()--Transact24 today announces the migration of its three unique Visa prepaid card programmes in partnership with CashFlows.

Transact24’s collaboration with CashFlows improves the services that the T24 Prepaid division can offer to its valued customers and partners, widening the geographical area from which applications for our prepaid cards can be accepted.

The three programmes are:

  • T24 Black - The world’s first prepaid card to offer priority pass and international travel insurance. The 50,000 USD load limit makes this card a must for the discerning high net worth customer.
  • T24 BlackShield – a unique travel protection membership programme. Medical and travel claims can be paid directly to the prepaid card, thereby streamlining procedures for the business to consumer sector.
  • T24 PayVault – a dedicated corporate pay-out / payroll product with a custom designed and automated back office, offering full integration to corporate clients.

Migrating these prepaid card programmes to CashFlows will extend further the wide range of services currently offered by Transact24, to the benefit of cardholders.

With Transact24’s background as an International Payment Service Provider, CashFlows’ proven record in card acquiring and card issuing space, combined with its operational expertise was fundamental in selecting CashFlows as the new BIN Issuer.

Philip Meyer, Managing Director, Transact24 said: “Transact24’s strategy is to be in a position to seamlessly manage the full value chain for both card acquiring and card issuing. CashFlows’ track record, as well as their geographic reach, makes them the perfect partner to enable Transact24 to realise that strategic objective.”

Sandy Sancaster, Head of Business Implementation, CashFlows said: “Partnering with Transact24 enables CashFlows to be a stand-out card issuer to a global audience. We are very pleased to be partnering with such a well-established and credible company as Transact24, especially as its culture and company ethics closely match our own in terms of approach to business, risk and commerce facilitation – all with open dialogue. The three programmes that are being launched are exciting and we anticipate will be the start of many more to come.”

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About Transact24

About Transact24 Ltd. (www.Transact24.com, www.T24prepaid.com)

Established in Hong Kong in 2006, Transact24 Ltd. set out to become a total Payment solution provider, covering several payment channels globally. As a PCI DSS Level 1 Compliant company Transact24 Ltd offers Merchant Services for VISA and MasterCard in several countries, online payments with China Union Pay (CUP), ACH Processing, Alipay, E-Wallet and Mobile phone solutions and Card Issuing. Transact24 Ltd. is supported by operations offices in Zuhai (China), South Africa and Singapore as well as registered satellite offices in Australia, the UK, Indonesia, Mauritius and the U.S.A. www.t24blackcard.com/contact

About CashFlows

CashFlows is fully regulated by the UK Financial Services Authority (FSA), is a principal member of VISA and MasterCard for payment acquiring and card issuing services, a member of SWIFT (CASH GB 2L), as well as a holding member of the UK Payments Council, PCI Security Standards Council and the Global E-Money Council.

CashFlows directly supports today’s businesses with next generation, end-to-end business banking services. CashFlows consolidates a large range of business banking services and innovative payment solutions into a single, transparent bank account. It enables businesses to fully integrate and simplify their banking processes, and we financially reward our account holders through fair transactional charges and interest on their account.

This unique, multi-faceted approach gives account holders flexibility, convenience, and security over their cash flow, removing the traditional need for multiple accounts, and provides the first transparent business banking services for many years.

About VISA Europe

In Europe, there are 430 million VISA debit, prepaid, credit and commercial cards. In the 12 months ending March 2011 those cards were used to make purchases and cash withdrawals to the value of €1.6 trillion. 12.5% of consumer spending at point of sale in Europe is with a VISA card, and more than 70% of that is on VISA debit cards.

VISA Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, VISA Europe became independent of the new global VISA Inc., with an exclusive, irrevocable and perpetual license in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers – and to meet the European Commission's objective to create a true internal market for payments.

VISA enjoys unsurpassed acceptance around the world. In addition, VISA/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in over 200 countries.

REF: 12-061

Contacts

Portfolio Communications
Tony Martin or Claudia Kellermann
+44-207-240-6959
tony.martin@portfoliocomms.com
claudia.kellermann@portfoliocomms.com

Release Summary

Transact24 has migrated its three prepaid card programmes in partnership with CashFlows, widening the geographic area from which applications can be accepted.

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Contacts

Portfolio Communications
Tony Martin or Claudia Kellermann
+44-207-240-6959
tony.martin@portfoliocomms.com
claudia.kellermann@portfoliocomms.com