FIS will provide transaction processing and card issuer services for the Bank Freedom branded prepaid card programs and its co-branded prepaid card programs.
Bank Freedom will also leverage the FIS platform to support its prepaid business expense card program and its consumer general spend reloadable (GPR) prepaid cards, payroll cards and co-branded prepaid card programs.
Rick Galasieski, senior vice president of Bank Freedom, said: “Our co-branding partners, including a 1.6 million member union, put their trusted brand names on the line every day, so our business must be anchored to a reliable processor.
“After a tremendous amount of due diligence, we have determined that the dependability, quality service and robust functionality FIS provides make them the perfect fit for our cardholders and co-brand partners for the future.”
Ralph Calvano, senior vice president and general manager of FIS prepaid solutions, said: “We are very excited about our new partnership with Bank Freedom. Their proven ability as experts in marketing and in product distribution to the financially underserved channel, positions Bank Freedom extremely well to continue to develop large scale programs in key prepaid vertical markets.”
Bank Freedom is a wholly owned subsidiary of Prepaid Card Holdings.
