TSYS Prepaid Announces Agreement with MoneyGram to Offer Real-Time Card Loading
New York, NY, June 27, 2006 - TSYS Prepaid, a wholly owned subsidiary of TSYS® (NYSE: TSS) and a leading provider of prepaid card solutions, today announced an agreement with MoneyGram Payment Systems, Inc., a subsidiary of MoneyGram International, Inc. (NYSE: MGI), and a leading provider of money transfer services.
The service under this agreement offers real-time loading for TSYS-processed prepaid Visa® and MasterCard® cards at MoneyGram’s 26,000 money transfer locations in the U.S. Consumers who have a network-branded card that is processed by TSYS Prepaid and set-up through MoneyGram will benefit immediately. The real-time service includes two-way communication and processing of real-time value loads.
“Pioneering real-time loading with MoneyGram is a wonderful opportunity for the unbanked market,” says Cal Holman, chief operating officer, TSYS Prepaid. “Being able to load your prepaid card and then have immediate access to your funds is an essential, yet innovative enhancement to the cardholder experience.”
Utilizing TSYS Prepaid Web API Reloading Services, MoneyGram money transfer agents in the U.S. can validate the cardholder account in real-time before finalizing the financial transaction. The real-time service streamlines the process of value loads and enhances the customer experience. “We are excited about this collaborative effort with TSYS Prepaid and to expand our payment services in the market,” says Vicki Keller, vice president, product management, global funds transfer, MoneyGram. “We look forward to partnering with our clients to provide this valuable service. It reinforces our standing as a leader in global payments today.”
About MoneyGram International, Inc.
MoneyGram International, Inc. is a leading global payment services company and S & P MidCap 400 company. The company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company, with over $970 million in revenue in 2005 and approximately 92,000 global money transfer agent locations in 170 countries. For more information, visit the company's website at www.moneygram.com.
About TSYS Prepaid
TSYS Prepaid, a wholly owned subsidiary of TSYS (NYSE: TSS), is a leading provider of prepaid card solutions that utilize the MasterCard®, Visa®, EFT and ATM networks. These solutions, from facilitating sponsoring bank and payment network approvals to transaction processing and program management, come complete with online, real-time administration and reporting.
Fortune 500 companies, small and medium size enterprises and leading financial institutions utilize our solutions, powered by a flexible proprietary processing platform that is specifically designed for the prepaid market. The platform is proven to be highly effective for numerous applications, including healthcare, unbanked, travel, payroll, incentives, rebates and gift.
TSYS Prepaid (www.tsysprepaid.com) is headquartered in New York City.
Contacts
TSYS Prepaid Marketing
Andy Savitt
+1.212.210.0052
andy.savitt@tsysprepaid.com
TSYS Prepaid Product Development
Duane Jacobsen
+1.212.210.0032
duane.jacobsen@tsysprepaid.com