FIS has collaborated with prepaid payments
solutions provider Payango to supply prepaid card processing and
risk management services.
The initiative will be in support of Payango’s
European expansion of its prepaid card offering.
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Payango have only been able to serve customers
in Germany, however the partnership with the banking and payments
technology provider will enable Payango to extend its prepaid card
offering to customers across Europe and introduce a programme
management service for other prepaid schemes.
FIS said it will provide risk management
services including fraud monitoring and exceptions management, in
addition to continuous active detection to ensure that any
potential threats are identified immediately
Volker Breuer, CEO of Payango said:
“[The partnership] will enable Payango to act
as a programme manager and quickly bring new card programmes
onboard. With the ability to offer our products to a pan-European
customer base, these capabilities will provide us with many new
opportunities to grow our business exponentially.”
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By GlobalDataThe joint venture comes after Cards
International reported the German Bundestag passed a law
earlier this year restricting prepaid business opportunities in the
region.
German-based Payango will be able to expand
outside of Germany, as under the new regulation, e-money products
distributors need to apply and comply with Know Your Customer (KYC)
standards.
