MasterCard Worldwide and The Travelex Group, a distributor of foreign currency pre-paid cards, have announced that Travelex will extend its brand relationship with MasterCard and implement the global pre-paid transaction processing capabilities of MasterCard Integrated Processing Solutions.
As part of the agreement, Travelex, which already issues and distributes MasterCard Cash Passport cards, will launch new MasterCard branded consumer and corporate Cash Passport programs around the world utilizing MasterCard Integrated Processing Solutions (IPS). Travelex will also convert existing programs to MasterCard.
With the current enhancement to its global offering, Travelex will be able to re-engineer its existing pre-paid offerings and pursue new growth opportunities in the consumer travel, airline and maritime industries with minimal infrastructure investment, said MasterCard. Travelex is tapping into the expertise of MasterCard Advisors to optimize its global pre-paid card portfolio, added MasterCard.
Robert Gogel, CEO at Travelex, said: The agreement with MasterCard will provide us with the speed and processing advantages we need as part of our plans to expand the usage of our Cash Passport pre-paid currency cards for foreign exchange. The ability to work with MasterCard to expand our business globally while providing our cardholders with safe and convenient access to their funds in the currency of their choice is a significant step forward. The success of our card programs relies on a strong, global brand and a secure and reliable transaction processing platform.
