NEW YORK--(BUSINESS WIRE)--Prepaid Resources LLC today announced the formation of Trefoil Technology, LLC (“Trefoil”), its wholly-owned subsidiary. In connection with this transaction, Trefoil will own and operate Prepaid Resources’ proprietary Platform-as-a-Service (‘PaaS’) switch and Direct Deposit Manager™, its newly-expanded award-winning direct deposit management application suite consisting of BenefitsDirect™ for Federal and State Benefits and PointMyPay™ for Payroll.
The Transaction is being undertaken by Prepaid Resources to continue to meet the growing demand for Direct Deposit Manager and other payment applications while effectively serving clients seeking a resource to critical payment services and solutions. Although Direct Deposit Manager will be operating under a new corporate name, the transaction will not result in any changes to that line of business or to the management of that business.
“Direct Deposit Manager has awakened banks, credit unions and prepaid debit card providers to the profit potential in applying the science of direct deposit management,” noted Barry Kessler, Trefoil Chairman and CEO. Duane Jacobsen, Trefoil, President and COO added, “Our mission at Trefoil is to continue leveraging the connectivity of our PaaS switch to deliver industry-recognized integrated payment applications.”
Prepaid Resources shall continue to serve the prepaid debit industry as a resource center for provider referrals under its widely-acclaimed PEARLS™ Provider Referral Listing Service; CONNECTIONS™ prepaid expertise and program support; PORTABLES™ integrated technologies; INDUSTRY INSIGHTS™ Prepaid 101 educational program and the Prepaid Resources Linked‐In® Network.
Trefoil Technology is a technology specialist for the payments industry. The technology centers on our Platform-as-a-Service (‘PaaS’) Switch delivering award-winning applications to banks, credit unions and prepaid debit providers. Trefoil Technology (www.trefoiltechnology.com) is headquartered in New York City.
About Prepaid Resources
Prepaid Resources has established itself as a recognized leading resource for the prepaid debit industry, specifically: PEARLS™ provider referral listing service; CONNECTIONS™ prepaid expertise and program support; PORTABLES™ integrated technologies; and INDUSTRY INSIGHTS™ prepaid debit industry education. Prepaid Resources (www.prepaidresources.com) is headquartered in New York City.