ST. LOUIS and RIVERWOODS, Ill., Oct. 12 /PRNewswire/ -- InteliSpend Prepaid Solutions and Discover® Network announced today agreements allowing both entities to offer a variety of new services to their respective clients.
"We're very pleased to partner with Discover, a network noted for innovation," said Darryl Hutson, InteliSpend™ chief executive officer. "These agreements are key to our strategy of bringing the most intelligent and customized solutions to our clients."
Discover now holds a license for InteliSpend's patented* DirectSpend(SM) or RAN (restricted authorization network) process and can leverage that filtering capability across its product platform. In addition, Discover plans to provide prepaid solutions that feature commissionable RAN products. Discover will become the payments network for InteliSpend's entry into the consumer channel, supporting the introduction of new DirectSpend multi-merchant gift cards. These multi-merchant cards allow consumers to make purchases within a themed group of select merchants.
"These agreements provide us with more ways to offer relevant, valuable products and services to customers in the incentive space," said Farhan Ahmad, general manager of prepaid and director of emerging payments at Discover. "Discover Network's flexibility and successful track record of providing prepaid products, along with InteliSpend's capabilities, gives our clients an opportunity to participate within this vertical in a very distinct way."
"For InteliSpend, the Discover partnership represents a very unique opportunity," said Sheree Stewart, InteliSpend vice president of strategic partnerships. "We look upon this partnership as a means to leverage our multiple channels of distribution in the marketplace."
About InteliSpend Prepaid Solutions
InteliSpend Prepaid Solutions, LLC, an independent entity within Maritz Holdings, Inc., is an issuer and reseller of American Express and Discover-branded prepaid products, and a program manager for Visa. InteliSpend provides businesses with prepaid solutions including stored-value cards, online reward management technology and program management. Its products address a broad array of applications, such as employee reward and recognition, sales incentives, expense management and consumer promotions. InteliSpend is headquartered in Fenton, Mo., and is a licensee of U.S. Patents 5,689,100 and 5,956,695 and Canadian Patent 2,215,969. For more information, please contact Catherine.McDonald@intelispend.com.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
* DirectSpend(SM) is protected by U.S. Patents 5,689,100 and 5,956,695 and Canada Patent 2,215,969.
SOURCE InteliSpend Prepaid Solutions