New offering provides safe and convenient alternative for underbanked consumers
FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, today announced that Bank Freedom, a wholly owned subsidiary of PrepaYd, Inc. (OTC PINK :PPDC), has signed a multi-year agreement for the FIS Mobile offering in support of Bank Freedom’s mobile application for the underbanked market.
Bank Freedom provides financial services, including prepaid debit cards, to underbanked consumers. PrepaYd, Inc. also owns PrepaYd Wireless, a wireless phone provider that offers cell phones to consumers without the requirement of a long-term contract or the ability to prove credit worthiness.
With FIS Mobile at its center, PrepaYd, Inc. will launch a new mobile application targeted to the underbanked market that combines PrepaYd Wireless’ cellular phone service and Bank Freedom’s prepaid debit card programs. The new mobile application will enable consumers to manage their finances remotely via a mobile phone – including checking balances, paying bills, viewing recent account activity and managing multiple cards. In addition to having transaction alerts sent to the mobile phone, consumers will also have the ability to manage funds via text message – including the ability to send payments to other consumers and businesses. The application empowers a population that typically is excluded from the growing trend of mobile financial management because they do not possess a traditional bank account and may not have the credit record typically required for a cellular phone contract. The application will be available for iPhone®, Android™, BlackBerry® and other Internet-enabled mobile phones.
“We believe to be a leader in the electronic payments industry you must integrate reliable, robust and secure mobile financial services,” said Bruce Berman, CEO, Bank Freedom and PrepaYd, Inc. “We selected FIS because of its ability to design a state-of-the-art mobile financial application that would meet our unique needs.”
“More and more consumers are relying on the ability to manage their finances via their mobile phone,” said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. “FIS’ intuitive, reliable and secure mobile financial services platform will enable PrepaYd, Inc. to expand the availability of these services to an entirely new market segment.”