TORONTO, Nov. 13, 2012 /CNW/ - Home Trust Company, a wholly owned subsidiary of Home Capital Group Inc. (TSX: HCG) and one of Canada's leading trust companies, has teamed up with MasterCard Canada to grow Home Trust's payment card services and merchant acquiring portfolio.
Home Trust will expand its payment card portfolio through the development of a prepaid card business with MasterCard. Home Trust selected MasterCard to help develop its prepaid card portfolio because of MasterCard's proven track record and widely accepted suite of products that are popular with Canadian consumers.
MasterCard and Home Trust will also work together to further grow Home Trust's merchant acquiring portfolio. Home Trust conducts merchant acquiring through Payment Services Interactive Gateway Corp. (PSiGate), a wholly owned subsidiary of Home Capital Group. PSiGate offers secure, cost-effective and trusted solutions to small and mid-size merchants.
"We are excited by the opportunity to deliver the MasterCard brand to Home Trust customers," said Gerald M. Soloway, Chief Executive Officer, Home Trust. "By expanding our credit card services to include MasterCard, we are further diversifying our business and providing our customers with flexible solutions to meet their credit card needs. We look forward to building and developing our relationship with MasterCard."
"Prepaid is an important product for MasterCard and we're looking forward to working with Home Trust to grow the reach of prepaid in both the commercial and consumer spaces," said David E. Orzel, Senior Vice President, Market Development, MasterCard Canada.
About Home Capital and Home Trust
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposits, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
MasterCard NYSE: MA, www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
SOURCE Home Capital Group Inc.