Industry-first approach to cross-border card issuing offers improved compliance for global organizations, and lower service fees for cardholder
Vancouver, B.C.– Hyperwallet Systems Inc. (“Hyperwallet”), a leading provider of global payment solutions, today announced the expansion of its integrated international prepaid card services. Hyperwallet’s payment services have proven their ability to deliver disruptive cost savings to banked beneficiaries in over 40 countries.
The expanded prepaid card service is designed for businesses, governments and NGOs who need to provide unbanked or temporary beneficiaries with additional value redemption options. Hyperwallet’s platform allows flexible program management and customer self-service in 14 currencies and languages via online, mobile and voice response channels.
Hyperwallet’s domestic prepaid card service is underpinned by multiple integrated bank partnerships, in which all cards are issued in local currency through local regulated financial institutions. This approach greatly reduces beneficiary and program costs when compared to dollar-denominated prepaid cards that are issued by a U.S. bank and utilized by a foreign beneficiary.
Locally-issued card products are not subject to foreign exchange levies (often in excess of 5%), nor do they attract high ‘foreign’ ATM withdrawal fees. In addition to program cost savings, Hyperwallet’s service ensures that sponsoring organizations remain in compliance with local financial and ‘Know-Your-Customer’ (KYC) regulations, as well as card network issuing policies.
“Hyperwallet has a long history of prepaid card innovation – we were the first independent provider in Canada to launch a compliant instant-issue debit card for government welfare. However, we have always viewed prepaid cards as a component of an integrated global payment distribution service, not as the only service,” states Lisa Shields, President & Chief Executive Officer at Hyperwallet.
“Hyperwallet’s global bank deposit services and regional cash agent partnerships have already made our B2P value proposition unmatched in the world of low value payments. Our new prepaid card service compliments these existing options by providing a point of sale and ATM access card which can be compliantly provided to individuals around the world.”
The company is accepting immediate orders for programs requiring U.S., Canadian, and Mexican card services, with availability for Asian jurisdictions slated for Q1, 2011.