Green Dot Bank Taps MasterCard for Processing; Deal Won’t Affect Visa Relationship (May 1, 2015)
Green Dot Bank is moving all of the transaction processing business for deposit accounts, including global prepaid and debit products to MasterCard. This week’s announcement follows 15 months of integrating the companies’ technology platforms, according to Kuan Archer, chief operating officer, Green Dot Corp. MasterCard and Green Dot plan to fully migrate Green Dot Bank onto the MasterCard Payment Transaction Services platform by the second half of 2016.
Green Dot will continue to offer Visa-branded Green Dot cards and MasterCard will do the processing, Archer tells Paybefore. “Green Dot’s branding relationship and business partnership with Visa remains strong and vibrant, and in no way does our decision to use the MasterCard … platform for transaction processing in any way conflict with our long-standing partnership with Visa,” Archer says.
Archer says the time and effort to move its processing to MasterCard will pay off, enabling Green Dot to support its current and future suite of banking products and mobile solutions. Green Dot’s GoBank app was named Best-in-Category winner for Gotta-Have Mobile App in the 2015 Paybefore Awards.
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