[IMGCAP(1)]

Stored Value Solutions Inc. has cut 11% of its work force, the prepaid card issuer and processor confirmed Thursday. Louisville, Ky.-based Stored Value Solutions, which is owned by Minneapolis-based Ceridian Corp., provides custom gift and prepaid card products and business-to-business applications. The company said layoffs were the result of streamlining its business. Stored Value Solutions "is a strong company that continually looks for ways to streamline and simplify our operations, processes and organizational structure in order to maximize the value we provide to our customers," Ralph Rolen, the company's executive vice president and general manager, said in a statement. "Through ongoing assessment, we are able to identify areas where we can improve efficiency and productivity as well as lower operational costs in order to remain a leader in the marketplace. Our business strategy remains focused on exceeding our customer needs, driving productivity and streamlining internal processes." The company did not disclose the number of employees that it laid off.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry