Banking and payments technology provider FIS has agreed to provide its card processing services to support the launch of a prepaid card program.
Under the agreement with the Association of British Credit Unions Limited (ABCUL), FIS Card Processing Services will be used to provide card acquisition, transaction processing and BIN sponsorship services to ABCUL’s credit union members.
“We live in an increasingly card-based economy where the underbanked are at a disadvantage when payment by debit or credit card is the preferred method of buying goods or services,” said Sam Hardwick, project operations manager, ABCUL. “The agreement with FIS provides us with a cost-effective prepaid program that meets the needs of ABCUL and our membership.”
The launch is viewed as an important addition to ABCUL’s centrally-sponsored services to its member credit unions.