RADNOR, Pa.--(BUSINESS WIRE)--The J.G. Wentworth Company™ (“J.G. Wentworth” or the “Company”) (NYSE:JGW) announced today that it will enter the prepaid card category and expand the Company’s product offerings to new and existing customers through an agreement with Visa Inc.
The J.G. Wentworth prepaid Visa cards will initially be offered to certain existing customers in place of a paper check to provide more efficient and convenient access to funds. The prepaid cards will have purchase and fraud protection, the option for payroll direct deposit and serve as a personal finance tool for customers.
“We remain steadfast in our commitment to three key strategic pillars: to grow the core business, become an information, data, and analytics company, and transform the company into a diversified financial services organization. We are excited to work with Visa as we take another step towards achieving this vision,” said Stewart A. Stockdale, Chief Executive Officer, J.G. Wentworth. “Collaborating with Visa will provide our customers new options and expand our branded offerings to a broader set of new customers.”
“We are excited J.G. Wentworth has chosen to enter the prepaid category with Visa,” said Cecilia Frew, head of US Prepaid, Visa. “The J.G. Wentworth leadership team has a history of working with Visa on innovative, large prepaid programs and we look forward to leveraging the J.G. Wentworth and Visa brands to achieve excellence in the category.”
Greg Schneider is leading the effort at JGW, and in addition to launching a traditional prepaid offering, the team is also working with Visa to creatively bring innovation to the category and create more opportunities for a broader population of customers to engage with J.G. Wentworth.
J.G Wentworth will also partner with an issuing bank and transaction processor and expects to begin issuing prepaid cards thereafter.
About The J.G Wentworth Company™
J.G. Wentworth focuses on key sectors, including structured settlement payment purchasing, annuity payment purchasing, lottery payment purchasing and pre-settlement funding. Through our two market-leading and highly recognizable brands, J.G. Wentworth and Peachtree Financial Solutions, we purchase future structured settlement payment streams from our customers. For more information about J.G. Wentworth, visit www.jgw.com or use the contact information provided below.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
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