Metavante lands 200,000 European prepaid card accounts

Milwaukee, Wis. - Metavante Technologies has entered into an agreement with Advanced Payment Solutions, making the Milwaukee-based software company the payment processing house for one of Europe's leading providers of prepaid cards and payment solutions.

The APS portfolio includes the prepaid Gold MasterCard, the Gap Year cash-plus card, and a range of other prepaid MasterCard programs. APS has begun to shift its core portfolio of 200,000 account customers to Metavante, which will represent the largest prepaid card portfolio migration in Europe.

The transaction is Metavante's second in Europe in recent months. In January 2008, the banking and payments technology firm acquired the London-based Nomad Payments. Ltd. Nomad, a provider of prepaid and debit card processing and licensed software, now operates as Metavante Technologies, Ltd.

Metavante views the United Kingdom and Europe as a growth market for prepaid cards. According to Mercator Advisory Group research, prepaid payment card spending in Europe will reach an estimated $164 billion in U.S. dollars by 2010.

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