In a new licensing agreement, the Discover Network has tapped InteliSpend’s patented DirectSpend prepaid card acceptance process. The DirectSpend patented program is strategically unique by directing cardholders to spend with a specific merchant or group of merchants. Through DirectSpend, businesses target the results they want by influencing the behavior of their employees, sales channels and consumers and simultaneously striving for quality and valuing long-term relationships.
In 1997, American Express and Maritz Inc. joint ventured on InteliSpend by bringing both the AmEx brand recognition and the longstanding Maritz expertise in incentive solutions. As a result, InteliSpend Prepaid Solutions was created to offer business-to-business reward solutions for corporate incentive and consumer promotions programs. A wide range of prepaid cards as well as American Express Gift Cheques and Travelers Cheques have been offered for employee recognition, dealer/distributor incentives, sales force incentives and consumer promotions and rebates.
In 2010, Maritz Holdings, Inc. bought the American Express minority interest and now, InteliSpend is entirely owned by Maritz Holding, Inc. and its affiliates. InteliSpend remains an independent issuer of prepaid products on the American Express network and also an authorized seller of American Express – branded products doing business with over 75% of Fortune 100 companies.
The InteliSpend and Discover Network recently announced agreements allowing both entities to offer a variety of new services to their respective clients using the innovative InteliSpend Prepaid Solutions program.
Darryl Hutson, CEO of InteliSpend stated:
“We’re very pleased to partner with Discover, a network noted for innovation. These agreements are key to our strategy of bringing the most intelligent and customized solutions to our clients.”
Now that Discover holds a license for InteliSpend’s patented DirectSpend or RAN (restricted authorization network) process they will be able to leverage the filtering capability across its product platform. Discover also plans to provide prepaid solutions for commissionable RAN products. Discover will become the payments network for InteliSpend’s entry into the consumer channel with the new DirectSpend multi-merchant gift cards that allow consumers to make purchases within a themed group of select merchants.
Farhan Ahmad, General Manager of Prepaid and Director of Emerging Payments at Discover was quoted:
“These agreements provide us with more ways to offer relevant, valuable products and services to customers in the incentive space. Discover Network’s flexibility and successful track record of providing prepaid products, along with InteliSpend’s capabilities, gives our clients an opportunity to participate within this vertical in a very distinct way.”
Sheree Stewart, InteliSpend Vice President of Strategic Partnerships added:
“For InteliSpend, the Discover partnership represents a very unique opportunity,” “We look upon this partnership as a means to leverage our multiple channels of distribution in the marketplace.”
For more information on the Discover Network, visit www.discoverfinancial.com.
For more information regarding InteliSpend, visit http://www.intelispend.com/default.asp.