Green Dot Bank has selected MasterCard as transaction processor and network gateway for its deposit accounts including debit card products.

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As part of the partnership, Green Dot’s debit and prepaid products will be processed via MasterCard’s processing platform.

MasterCard Payment Transaction Services, a debit and prepaid processing platform, allows businesses to expand their payments portfolios across business channels with minimal infrastructure investment.

The platform provides customers a range of processing services for signature and PIN debit, as well as ATM and global prepaid.

The alliance will see Green Dot Bank moving onto the MasterCard Payment Transaction Services platform by the second half of 2016.

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Green Dot COO Kuan Archer said: "While certainly this project has required a significant amount of time and effort, we believe the ultimate end-state of having the most state-of-the-art, high-scale processing platform underpinning our current and future suite of modern banking products and mobile solutions will pay off in terms of our ability to create new, innovative products and services."