TransCard Announces, Switch for Free, a Turnkey Bank and Prepaid Processing Solution for Members of the Prepaid Community

by Mercator Advisory Group 0

The cost of moving a prepaid card portfolio is coming down! TransCard has announced that it will “waive the implementation fee for program managers and ISOs” that port their prepaid portfolios to its processing platform and “pay for any bank related implementation or on-boarding fees.”

The caveat is that “to qualify, the program manager must have established portfolios with $1 million dollars in annual spend, be in business for more than 2 years, and be a registered ISO of a network association.” Of course the real value associated with this free implementation can only be appraised when the transactional costs are taken into account which remains unknown.

Also unclear is who the issuing bank will be and how that issuing bank will deal with the risks associated with an operational program approved by some other financial institution. Combine the announcement below with the October announcement that TransCard will implement GPR programs for the ABA

(http://www.aba.com/Press+Room/100510PrepaidMastercardprogram.htm), and it appears TransCard is finally coming out into the sun after being a deep dark secret for several long years.

Read full press release:

http://www.businesswire.com/news/home/20101102006327/en/TransCard-Announces-Switch-Free-Turnkey-Bank-Prepaid