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Australian Provider Identified
Potential Australian Provider identified for Australian program
bundle
London 12JAN07 - A significant breakthrough has occurred
in identifying a local member bank in Australia to support a
bundle of programs for the region. Since May 2006, Credit Card
Solutions UK Ltd (CCS) has been working with a major financial
services organization in Australia to source an issuer for its
growing portfolio of client programs. The program bundle
encompasses a major government agency program, a network
marketing organization commission payout project, an affinity
program for one of Australia largest service organizations and
several closed and open loop gift card programs through several
nationwide retail chains. CCS is now finalizing the contractual
framework for the program in establishing its Australian client
as a portfolio manager with the card provider. The programs will
also be issued in local currency and will cumulatively exceed
the deployment of over 200,000 cards for 2007.
Prepaid debit cards in Australia have experienced the fastest
growth of all financial card sectors over 2006 as their use
grows in public transport ticketing and expands into new
applications such as, retail gift cards, travel cards, employee
expense cards, payroll cards and general purpose cards. Some
prepaid products are even going so far as to substitute the need
for a transactional banking account.
The
four major Australian banks, Commonwealth Bank of Australia,
Westpac Banking Corporation, National Australia Bank and ANZ
Bank, are coming under increased pressure from competitors in
the credit and debit financial card sectors. The Reserve Bank of
Australia’s extensive regulation of credit and debit card
schemes has been a leading cause of this rise in competition,
which has seen foreign banks, smaller-sized Australian banks,
credit unions and mortgage brokers, finance companies and
merchants becoming more active in both the card issuing and
acquiring markets.
About Credit Card
Solutions UK Ltd
CCS UK Ltd
(www.ccsprepay.com)
is a consultancy firm which since early 2005 has been consulting in the
area of prepaid debit implementation strategies specifically across the
Europe, Middle East and African (EMEA) region, expanding into Asia
Pacific and Latin America during 2006. By developing relationships with
issuing banks and transaction processors CCS guides its corporate
clientele to the most appropriate product offering based on a detailed
requirements assessment process and guidance by an internal financial
advisory counsel.
Contacts:
CCS Operations
Sharon Hay
admin@ccsprepay.com
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SOHO SQUARE
