The Travel Money Card programme is managed by Prepay Solutions and issued by MasterCard, ensuring global acceptance.
Experian also partnered with TUI and SCL to play another key role in the programme, providing a solution which complements UltraPoS perfectly. As part of due diligence, TUI has to perform an identity check on customers signing up for the cards. This check is done electronically using Experian's Authenticate solution, which is fully integrated with UltraPoS. As a result, customer applications can be processed instantly and there is less reliance on paper-based documentation.
The cards are known as Thomson and First Choice Travel Money Cards and each have their own branding, available in Euro or US Dollar currencies.
Jeremy Osborne, Director of Financial Services, TUI comments: "SCL's understanding of the prepaid card market has given us the ability to integrate a prepaid card program through its UltraPoS system, which is the common point of sale system for all TUI's travel money related products, including the new Travel Money Card. SCL's exceptional experience of both the global prepaid card and foreign exchange markets has led to the implementation of a number of new processes to maximize the revenue opportunities from the Travel Money Card."
"More and more consumers are choosing to put their holiday money onto a prepaid card over more traditional options such as travellers cheques or foreign bank notes. Prepaid travel money cards make budgeting easier - you can only spend up to the value of funds that you load onto your Travel Money Card - and unlike a credit card, you don't need to pass a credit check to get one, nor is it linked to your bank account. Prepaid cards make it much easier to manage your available balance whilst away, and of course, the cost of use of the Travel Money Card when compared to most credit/debit cards is significantly lower."
Ray Stanton, managing director, SCL comments: "The deployment of a single, centralised system gives TUI UK increased control in managing the sale of the new prepaid Travel Money Cards, across its branch network, driving efficiency and avoiding work duplication. The integration with internal and external systems, including general ledger, data warehouse, reconciliation, ordering, settlement and exchange rate distribution has removed many paper or labour intensive and error-prone processes, creating a truly joined-up ecosystem."