Advanced Payment Solutions Moves Europes Leading MasterCard-Branded Prepaid Portfolio to Metavante

LONDON--()--Metavante Technologies Ltd. today announced an agreement with Advanced Payment Solutions (APS), making it the payment processing house for the entire prepaid portfolio of APS, including the award-winning cashplus prepaid gold MasterCard, the Gap Year cashplus card and a range of other fully re-loadable prepaid MasterCard programmes. APS is a leading provider of general purpose prepaid cards and payment solutions in the United Kingdom and the rest of Europe. In January 2008, Metavante Technologies, Inc. (NYSE:MV), a leading provider of banking and payments technology, announced the acquisition of London-based Nomad Payments Ltd. Nomad now operates as Metavante Technologies Ltd. and continues Nomads legacy of being a leading provider of prepaid and debit card processing and licensed software.

APS has already begun directing all of its new business to Metavante Technologies Ltd., and is in the process of transitioning its core portfolio during April. When complete, the portfolio migration will represent the largest prepaid card portfolio migration in Europe, with over 200,000 account customers transitioning to Metavante Technologies Ltd.s platform.

Representing a significant processing opportunity for Metavante Technologies Ltd., APS prepaid portfolio, led by its cashplus card, has built a loyal following. Since cashplus launched in 2005 and became the U.K.s first general purpose MasterCard, cardholders have loaded over £200 million onto the cards. Mercator Advisory Group research points towards a healthy European growth pipeline for prepaid transaction processing. According to Mercator, prepaid payment card spending in Europe is estimated to reach $164 billion (USD) by 2010. As for the U.K. specifically, the same research forecasts total prepaid spend will reach $34 billion (USD) by 2010, making the U.K. Europes largest market and the fourth largest market worldwide.1

We did due diligence on some of the worlds top processors, and Metavante Technologies Ltd. clearly stood out not only with its proven CORTEX platform and the technology to support prepaid card applications, but with a team of seasoned payments professionals who really understood the specific needs of a prepaid proposition, said Rich Wagner, chief executive, Advanced Payment Solutions.

As part of the Metavante-APS arrangement, Metavante provides APS with a range of services including: card issuing and account management, transaction processing and authorisation prepay features such as Web services, scheme gateways and compliance, as well as reporting and management information. APS will also employ Metavantes fraud and compliance monitoring system and its call centre application.

Wagner continued, Metavante Technologies Ltd. delivers the compelling attribute of being more than just a processor its also a technology provider with core processing capabilities, plus extensive prepaid processing experience in the advanced US market. They have provided us with a reliable solution and flexible fee structures that will enable APS to offer a greater range of pay as you go charging combinations and, therefore, a greater range of future products to our clients. This is a vital factor in the prepaid card business, which has tighter margins and more disparate cardholder behaviour than other debit and credit portfolios.

To gain the entirety of APS market-leading prepaid portfolio is a most notable achievement and vote of confidence in the role we can play in our clients success, said John Yeomans, president, Metavante Technologies Ltd. To put this transaction processing growth opportunity further into perspective for Metavante, consider that industry research predicts 10 percent of an estimated 3 million un-banked U.K. consumers will use prepaid for daily money management by 2010.2 With the strong position APS already enjoys in the European prepaid market, coupled with the powerful value proposition of APS products like cashplus, this arrangement puts Metavante in an enviable growth position. The stronger we can make our clients products, the better we can serve their cardholders, and we look forward to helping APS bring new value-added functionality to their customers.

Processing over 80 million ATM, credit, debit and prepaid cards for clients worldwide, Metavante Payment Solutions offers prepaid card personalization and account processing for both merchant-issued (closed-loop) gift cards and network-branded (open-loop) prepaid cards, such as payroll, government-benefit disbursement, shopping mall, incentive, open-loop gift, rebate and loyalty/reward cards. Metavante also supports prepaid-reload transaction processing.

About Advanced Payment Solutions

Advanced Payment Solutions was established in early 2004 to become the pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom and the rest of Europe. Its senior management team and board of directors have unparalleled experience in the prepaid and payment industries, bringing together experience from Barclaycard, GE Money, VISA, Bank of America, Netspend, Western Union, Diners Club and Citibank. The company, backed by leading US private equity and venture capital firm Trident Capital, aims to lead U.K. prepay market growth to emulate the success of prepaid payment cards in the US where prepaid cards now make up a trillion dollar market. APS' first prepaid payment card, the cashplus prepaid MasterCard, launched in September 2005, is the U.K.'s first general purpose prepaid chip and PIN payment card. Cardholders can top-up their prepaid MasterCard card at over 20,000 outlets throughout the U.K. Alongside developing its cashplus product portfolio, APS provides a suite of services for businesses wanting to offer branded prepaid products to their customers. APS wholly-owned subsidiary, APS Financial Ltd, is authorised by the FSA as an e-Money issuer and is a Principal Member of MasterCard. Consumer website: www.mycashplus.co.uk; Corporate website: www.apsgroup.com

Advanced Payment Solutions: Winner of Best Achievement in Customer Service at The Card Awards, London, January 2008

Advanced Payment Solutions: Winner of Best Contact Centre Inbound Campaign at the Connect Awards, London, October 2007

Advanced Payment Solutions: Winner of Best Prepaid Card Launch at the Annual Cards and Payments Conference, Berlin, May 2007

Advanced Payment Solutions: Winner of Best Customer Servicing in Europe at the MasterCard Prepaid Card Awards, Prague, May 2007

Advanced Payment Solutions: Winner of Most Innovative New Product in Retail Banking in the United Kingdom, European Card Review, London, November 2006

Advanced Payment Solutions: Winner of Most Promising New Product in Retail Financial Services at the ifs/Capgemini Financial Innovation Awards, London, November 2006

About Metavante

Metavante Technologies Ltd. is a leading European debit and prepaid card payments processor that became a Metavante company on 10 January 2008. Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee, Wisconsin, USA.

1, 2 Mercator Advisory Group, The Evolving Landscape of Prepaid Cards in Latin America and Europe, March 2008, Elisa Athonvarangkul.

Metavante Technologies Limited is part of Metavante Corporation, which is a subsidiary of Metavante Technologies, Inc.

All other trademarks are the property of their respective owners.

Contacts

Metavante Corporation
Chip Swearngan
+1-414-357-3688
chip.swearngan@metavante.com
or
Sam Baumgarten
+1-404-892-2583
sam.baumgarten@metavante.com
or
Hume Brophy Communications
Claire Marnham
T: 00 44 207 499 8736, M: 00 44 7766186061
claire.marnham@humebrophy.com

Contacts

Metavante Corporation
Chip Swearngan
+1-414-357-3688
chip.swearngan@metavante.com
or
Sam Baumgarten
+1-404-892-2583
sam.baumgarten@metavante.com
or
Hume Brophy Communications
Claire Marnham
T: 00 44 207 499 8736, M: 00 44 7766186061
claire.marnham@humebrophy.com