NEWPORT BEACH, Calif.,
April 19, 2012 /PRNewswire/
-- Bank Freedom, a wholly-owned subsidiary of PrepaYd, Inc.
(OTC PINK :PPDC), today announced that Bank Freedom has a
multi-year agreement for the FIS Mobile offering in support of Bank
Freedom's mobile application for the underbanked market. FIS is the
world's largest provider of banking and payments technology.
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."
About Bank Freedom and PrepaYd, Inc.
PrepaYd, Inc. is a provider of financial services in the prepaid
debit card industry and is in the process of becoming a prepaid
wireless phone provider. The company, through one of its
wholly-owned subsidiaries, Bank Freedom, offers prepaid debit cards
to America's estimated 60 million underbanked citizens. In addition
to the underbanked consumer demographic, small and mid-size
businesses have found a much needed product with the company's
Prepaid Business Expense Card Program. With the diminishing credit
card markets, companies need a new way to fund employees' expenses
other than through traditional credit cards or cash reimbursements.
Through another wholly-owned subsidiary, PrepaYd Wireless, the
company intends to offer mobile services to an estimated 110
million consumer demographic. Prepaid Wireless Services is an
alternative to the traditional Postpaid Wireless Service Plans
provided by major carriers. In addition, PrepaYd Wireless offers
mobile phones and wireless plans compatible for mobile financial
services.
About FIS
FIS is the world's largest global provider dedicated to banking
and payments technologies. With a long history deeply rooted in the
financial services sector, FIS serves more than 14,000 institutions
in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than
32,000 people worldwide and holds leadership positions in payment
processing and banking solutions, providing software, services and
outsourcing of the technology that drives financial institutions.
First in financial technology, FIS tops the annual FinTech 100
list, is ranked third on the Barron's 500, 426 on the Fortune 500
and is a member of Standard & Poor's 500® Index. For more
information about FIS, visit www.fisglobal.com.
Forward-Looking Statements
This news release contains forward-looking statements that
involve a number of risks and uncertainties. Statements that are
not historical facts, including statements about our beliefs and
expectations, are forward-looking statements. Forward-looking
statements are based on management's beliefs, as well as
assumptions made by, and information currently available to,
management. Because such statements are based on expectations as to
future economic performance and are not statements of fact, actual
results may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of the Company's Form 10-K and other filings
with the Securities and Exchange Commission.
Contact
Bruce Berman, 949.553.9044 Ext.
221
CEO PrepaYd, Inc. and Bank Freedom
CEOAdmin@PrepaYdInc.com
Kim Snider, 904.438.6278
Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
or
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
mary.waggoner@fisglobal.com
SOURCE PrepaYd, Inc.