Travelex will extend its brand relationship with MasterCard and implement the global prepaid transaction processing capabilities of MasterCard integrated processing solutions (IPS). As part of the new global agreement, Travelex, which already issues and distributes MasterCard cash passport cards, will launch new MasterCard-branded consumer and corporate cash passport programmes around the world using IPS. Travelex will also convert existing programmes to MasterCard.
With this enhancement, Travelex will be able to re-engineer its existing prepaid offerings and pursue new growth opportunities in the consumer travel, airline and maritime industries with minimal infrastructure investment. In addition, Travelex is tapping into the expertise of MasterCard advisors to optimise its global prepaid card portfolio.
“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 prepaid currency cards for foreign exchange,” said Robert Gogel, chief executive officer, Travelex. “The ability to work with MasterCard to quickly 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 programmes relies on a strong, global brand and a secure and reliable transaction processing platform.”
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