Transact24 Ltd. wants to get its various Visa prepaid card products into the hands of more businesses and consumers by expanding its reach with issuing banks in the United Kingdom through a partnership with CashFlows.
The T24 prepaid division of the Hong Kong-based merchant services and international payments provider expects to provide its three key prepaid programs to businesses and consumers with the boost that CashFlows, the trading name of London-based Voice Commerce Group, can provide through its card acquiring and issuing network, the companies stated Nov. 26.
Under the partnership, CashFlows essentially becomes the new bank identification number sponsor/issuer for Transact24 products for issuing banks. In the payments ecosystem, the BIN, or the first four to six digits on a payment card, identifies the card issuer, the payment scheme and whether the product is a credit, debit or prepaid card.
In January, Transact24 introduced the T24 Black Visa prepaid card as a high-value prepaid option for world travelers.
In addition to the T24 Black Visa prepaid card, Transact24 will offer its Black Shield and PayVault products to issuers through CashFlows. Black Shield provides consumers with travel protection by allowing payment directly from businesses to the prepaid card for medical and travel claims. PayVault provides corporations with an automated back office for issuing payroll-based prepaid cards to employees.
Transact24 wants to better manage its products and services for both card acquiring and issuing markets, Philip Meyer, managing director for Transact24, stated in a press release.
"CashFlows' track record, as well as their geographic reach, makes them the perfect partner to enable Transact24 to realize that strategic objective," Meyer added.