GIBRALTAR, June 10, 2010 /PRNewswire/ -- Transact Network, the European BIN sponsorship and prepaid services provider, today announced that it is the first Gibraltar prepaid card issuer to become a Principal Member of Visa Europe. Part of the global Visa network, Visa Europe is an association made up of 4,147 European banks and financial institutions.
Tobias Schreyer, Managing Director of Transact Network, said: "We are thrilled to become a Principal Member of Visa Europe. Transact Network has been delivering prepaid card services across Europe since 2008 and we are delighted that our existing cardholders and business partners will now benefit from Visa Europe's dedicated European electronic payment systems. The decision is a ringing endorsement of the proprietary prepaid systems that Transact Network has developed over the past few years."
"We now look forward to working closely with Visa Europe and both our existing and potential partners to ensure these benefits are enjoyed by prepaid card program managers across all the EU and EEA member states, whether they are looking for BIN sponsorship or modular prepaid services such as card printing and fulfilment, card processing, multilingual customer support, localised country loading and mobile banking."
About Transact Network.
Transact Network Limited is a regulated and licensed MasterCard and Visa principal member providing European BIN sponsorship and prepaid card program management services. MasterCard and Visa principal members are financial institutions that are able to issue cards for use on the MasterCard and Visa Networks.
Transact Network issues Visa and MasterCard physical and virtual prepaid cards. The Company's electronic money license has been successfully passported into every EU and EEA member state enabling the issuance of prepaid card programs across Europe.
The company's proprietary modular prepaid service platform is fully integrated with many leading processors including Carta, ecommlink, FIS, M2 and PetaFuel and can also integrate with client proprietary processing systems, enabling flexibility, cost-efficiency, fast program implementation and reliable ongoing management. Multi-lingual project teams are dedicated to service client prepaid card programs.
Transact Network clients include regulated financial institutions, financial services companies, marketing organizations, mobile phone operators, retail chains, large and small corporates, and governments.
About Visa Europe
In Europe, there are over 390 million Visa debit, credit and commercial cards. In the 12 months ending December 2009 those cards were used to make purchases and cash withdrawals to the value of EUR1.4 trillion. 11.2% of consumer spending at point of sale in Europe is with a Visa card.
Visa Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission's objective to create a true internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in over 200 countries.
For more information on Visa Europe, visit http://www.visaeurope.com
SOURCE Transact Network Limited