eSpeedient Processing Solutions, LLC. a Chicago-based card management and payments processing firm today announced it has teamed with US Benefits Corporation of Dallas TX to provide state of the art, prepaid card programs to target the 20M+ population of unbanked or underbanked individuals in the United States.

eSpeedient was tapped by US Benefits to provide back-end card management and transaction processing capabilities for several payroll and prepaid card programs that US Benefits will deliver to their client base. One such client, Prepaid International Network (PIN) of Green Bay, WI, will use the platform to support a prepaid ATM/Debit product called WORLDCA$H which can be used by employers as a payroll card, or as an individual, prepaid card which can be “loaded” by cashing a paper paycheck at over 2500 convenience stores, gas stations and other retailers across the North America.

“US Benefits has been offering its stored value programs to its clients over the past few years through various vendors, but the potential size and magnitude of the Prepaid International Network opportunity necessitated that we partner with a best in class organization” said Robert Price, President of US Benefits. “After an extensive review process, we selected eSpeedient, as they provide us with a secure, flexible and scalable stored value management system that is interfaced with a large, reputable Financial Institution further instilling confidence in our offerings. We are looking forward to a long and mutually beneficial relationship with them.”

Driven by the demand for lower cost financial services for “non-traditional” clients, employers, retailers and financial institutions are looking to these types of products and easily accessible locations to meet the need. Paper paychecks are expensive to print and distribute and can be expensive to cash through regular outlets. A Prepaid/Payroll Card like WORLDCA$H can reduce the costs on both sides of the process ultimately benefiting the recipient with considerable savings over time.

According to Robert Smithers, CEO of Prepaid International, “Convenience stores and small inner city grocery stores share one common problem; the risk associated with enabling financial transactions for the un-banked. With the introduction of our new Point-of-Sale terminals we will allow merchants to convert government and payroll checks to our WORLDCA$H Card with no risk and no cash effectively changing hands. These cards will allow the un-banked to pay their bills, conduct ATM/Debit transactions and potentially other ‘bank-like’ services thus turning the small inner city merchant into a mini banking center for the un-banked in their community while creating an impressive revenue stream for their store.”

About eSpeedient Processing Solutions, LLC
Recognizing the inadequacy of many existing, legacy account management systems, used by banks and financial institutions, eSpeedient has built a software platform that is firmly positioned to deliver an affordable alternative to traditional solutions. With a database and software architecture focused on efficiency and automation, the eSpeedient Management System (EMS) is a highly secure processing platform that can enable any number of card programs and electronic payments services at costs considerably lower than industry averages. Examples of stored value card programs that eSpeedient can deliver include Payroll Cards, Gift Cards, Medical Benefit Cards, Claim Cards, Procurement Cards, Government Entitlements Programs and other “branded” card programs. In addition, eSpeedient also provides a many-to-many ACH payment and remittance service for business to business (b2b) Consumer to Consumer (C2C) or Consumer to Business (c2b) payments. For more information about eSpeedient Processing Solutions please call 312-252-5004, visit www.espeedient.com or send email to e-mail protected from spam bots

About US Benefits Corporation
US Benefits Corporation (USBC) is a marketing and association management firm specializing in providing ancillary benefit administration and financial services to associations and affinity groups. USBC performs benefit acquisitions, contracting, printing, fulfillment, administration, and customer service functions for our clients. USBC also markets unique benefit programs as they become available. In 2000, the company started a division specifically created to market and support the sales of virtual debit cards through membership organizations, colleges and universities, employer groups, sales organizations, and retail outlets. Related products and services have been added to enhance the program. Visit www.usbenefits.net

About Prepaid International Network
Prepaid International Network, LLC (PIN) has positioned itself to be a major player in the grocery distribution market in the United States by selling a variety of financial products and services targeted at the un-banked, credit-challenged population segment using its unique, copyrighted, custom-designed terminal software system. Utilizing an established and proven Point of Sale network of 2,500 terminals, and its wholesaler network consisting of more than 60,000 retailers, PIN currently consolidates seventeen different products into one countertop terminal. Visit www.prepaidintlnet.com

Source: PR Web