As part of the agreement, Monterey County Bank (MCB) will be the issuing bank for select 3Pea International prepaid card programs running on various networks including NYCE and Pulse. 3Pea will work closely with MCB on the implementation of existing and the development of future card programs.
At present, 3Pea provides issuing services that utilize a 3Pea Bin, 3Pea card management system and data processing services for multiple prepaid card programs, including several in the pharmaceutical industry. These Rx card programs tie the financial and healthcare adjudication processes together, have the support of the national banking, electronic payment and pharmacy networks, and pay the pharmacist at the point of sale.
The cards have no value or money on them when distributed, and can be used only when presented to pharmacists with a valid prescription. When patients pick up their Rx, the patient swipes the card through a point-of-sale terminal, enters their PIN, and the money comes off the card. This offers instant payment to the pharmacist helping them to alleviate inadequate reimbursement levels and slow payment, which is a problem endemic to pharmacies across the US.
3Pea recently created a division to position the company to take advantage of opportunities in the growing area of prepaid debit cards. The group is aggressively developing and marketing prepaid gift cards, general spend cards, healthcare related programs, payroll solutions, and other specialized prepaid debit card programs targeting vertical markets.
