SAN ANTONIO, Sept. 24, 2015 (GLOBE NEWSWIRE) -- FiCentive, a wholly-owned subsidiary of Payment Data Systems (NASDAQ:PYDS), today announced the launch of the Stream Prepaid MasterCard [www.streamprepaid.com], which offers businesses a convenient and instant way to make cash disbursements. The Stream Card is a next-generation, reloadable, prepaid debit card that will be marketed through various business partners to their customers, contractors and employees.
The full-featured, consumer prepaid card offers the acceptance of a major payment network and a novel value proposition - it provides businesses a platform to instantly disburse cash, whether it is commissions, rewards or other payments. This means that funds can be made available to the recipient at least a day earlier when compared to traditional ACH transfers. The Stream Card can also be co-branded or white-labeled, depending on the application and needs of the business partner.
Cardholders will have instant access to funds loaded by the business everywhere debit MasterCard is accepted and can also use the card as an alternative or companion to a bank account. Because cardholders voluntarily enroll for a Stream Card using their personal information, they have the ability to deposit their own funds to the card via direct deposit, bank transfer, cash-loading at retail locations, and mobile check-capture.
"The Stream Card is the first of a series of new solutions to be offered by Payment Data Systems which will increase the speed and convenience of money disbursements and outgoing payments," said Louis Hoch, President and COO. "This solution combines FiCentive's front-end technology with Payment Data's back-end processing capabilities, which allows us to bring some exciting payment solutions to the marketplace."
Payment Data Systems believes the Stream Card is an ideal solution for the sharing economy and crowd-funding, as well as traditional businesses such as insurance companies and sales agencies, which make regular payments to individuals. "We're building better solutions for transferring money," said Houston Frost, SVP of Corporate Development. "Imagine if you're a rideshare driver and you could receive the money from a fare in seconds after you've dropped off a ride. You could immediately use those funds via your Stream Card to fill up your car or grab lunch. Today, these funds take days before they're available to drivers."
The Stream Card offers a single, streamlined, financial account and payment card that can be managed online and with mobile devices by using a fully adaptive web application. Companies interested in offering the Stream Card can inquire through the website at www.streamprepaid.com.
"Stream," "Akimbo" and "FiCentive" are registered trademarks of FiCentive, Inc. © 2015. All other trademarks and registered trademarks are the property of their respective owners.
Issuer Statement
The Stream Prepaid MasterCard is issued by Metropolitan Commercial Bank (member FDIC), pursuant to a license from MasterCard International. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank © 2014.
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments. For additional information, visit www.paymentdata.com. Contact Michael Long for investor relations information at 210-249-4040 or email at IR@paymentdata.com.
Websites: www.streamprepaid.com, www.akimbocard.com, www.ficentive.com, www.paymentdata.com,www.zbill.com. Find us on Facebook®
About FiCentive, Inc.
FiCentive, Inc. is a turn-key prepaid-card solutions provider that quickly and securely delivers customized prepaid-card programs for corporations, financial institutions, affinity groups or any organization which needs to deliver a financial incentive to its customers, vendors, or employees. Our proprietary platform boasts the highest level of security, encryption and card association compliance. We process prepaid card programs for many industries. For more information about FiCentive, please visit www.ficentive.com or email info@ficentive.com. FiCentive is a wholly owned subsidiary of Payment Data Systems, Inc.
About Metropolitan Commercial Bank
Metropolitan Commercial Bank (member FDIC), headquartered in New York City, is a community-focused commercial bank offering a broad array of financial products delivered with high-quality, personal customer service. The bank's positioning—"Personal Service | Global Perspective"—is not just its brand, but also its corporate focus. Metropolitan is continually building its long-term franchise while paying strict attention to asset quality and expense management. Metropolitan provides a full range of financial products to commercial and consumer clients, including deposit, loan and cash management services.
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Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.