MONETT, Mo. Jack Henry & Associates announced this morning it is partnering with TransCard to offer credit unions and banks prepaid cards.
The company’s Jack Henry Banking, ProfitStars, and Symitar divisions will sell the solution that enables financial institutions to offer payroll cards, reloadable prepaid cards, and gift cards that generate additional revenue from commercial and retail customers, while attracting new customers from the underbanked and unbanked market segments. Credit unions leveraging the solution will hold the deposits, share in the interchange income, and set their own pricing, which generates cardholder fee income. The quick-to-market solution can be fully deployed in as little as 90 days.
TransCard is a Chattanooga, Tenn.-based provider of prepaid products to financial institutions of all sizes.