Dec 09, 2011 – Yesterday Fiserv, Inc. (NASDAQ: FISV) announced on their website an partnership agreement with Sunrise Community Banks to offer General Purpose Reloadabe (GPR) and gift prepaid card processing services for the MasterCard(R) network brand. Sunrise Community Banks are based in the Minneapolis/St. Paul area and are comprised of Franklin Bank, University Bank and Park Midway Bank.
Fiserv consdiders themselves a leader in technology solutions for the financial industry including – Processing Services, Risk & Compliance, Customer & Channel Management, Insights & Organization, Payments and more focused Industry Solutions, according to their website.
Phil Valvardi, General Manager of Prepaid Solutions for Card Services for Fiserv was quoted:
“GPR and gift cards provide a convenient, safe and secure alternative payment solution. Sunrise GPR cardholders will be able to choose how much value to load onto a card and use them like cash wherever debit cards are accepted at the point-of-sale (POS). Cardholders will also be able to use multiple load options such as direct deposit, get cash at participating ATMs and retail locations, and pay bills and shop online.”
Trinity Surat, eBanking Director of Sunrise Community Banks added:
“We have a track record in the prepaid space and have found that prepaid cards are an ideal way for us to reach and serve consumer segments not currently in the financial mainstream. We selected Fiserv because we’ll be working with a partner that provides robust prepaid processing, comprehensive program management, and a full slate of support services, including bill pay capabilities. The Fiserv platform will provide us with the flexibility and reliability to quickly and easily implement and manage our program.”
Younger customers, as well as the unbanked and underbanked are doing their research and gravitating more toward the safe and easy-to-use prepaid cards vs. paper checks and cash. Recent advances in online and mobile phone technology continue to help many prepaid card companies capture greater marketshare. It appears more and more aggressive community bankers continue to adapt to an evolving financial market as have many prepaid debit issuers.