Under the prepaid card agreement, Global Payout will assign the Tyburn Group as programme manager for their new debit card programme.
Along with Tyburn and their US issuing bank, Global will also manage the due diligence, card design and card programme approval.
The agreement will lead to monthly transaction revenue from active prepaid debit cards marketed and distributed by the company from the second quarter of 2012, noted Global Payout.
SolidTrust Pay expects that 10,000 active cards will be marketed in the first 12 months, 18,000 active cards within 24 months and 25,000 active cards in 36 months.
The SolidTrust Pay General Spend Debit card programme is intended to provide a payout mechanism for the company’s electronic account holders, mainly US residents, to transfer funds from their electronic accounts directly onto the SolidTrust Pay debit card.
The programme will ensure that the SolidTrust Pay account holder receives funds instantly and access cash at ATMs and Point of Sale merchants nationwide.
