Heritage announces prepaid card partnership with EmerchantsHeritage Bank has consolidated its leading position in the Australia prepaid cards sector by announcing a three-year partnership with prominent Australian provider Emerchants.
Under the terms of the agreement, Emerchants will be able to issue Visa-branded gift cards, Visa private label products and Visa-branded re-loadable prepaid cards.
Emerchants issues prepaid cards under an Australian Financial Services Licence but is not an Authorised Deposit-taking Institiution (ADI). Heritage will provide the ADI services needed to securely administer the balances loaded on the Visa gift and prepaid cards that Emerchants issues.
Emerchants and its predecessors (which was acquired by ASX-listed company Adept Solutions last year) has issued more than 3 million prepaid cards in Australia since 2001.
Heritage Bank CEO Mr John Minz said this partnership reinforced Heritage’s leading position in the sector.
“Heritage is one of the largest issuers of cards for prepaid card scheme providers in the country. This is an area where we have considerable expertise and experience, and that we expect to grow in future,” Mr Minz said.
“Our partnership with Emerchants is a perfect example of how provide the professional and cost-effective banking services that prepaid card providers require. We look forward to working closely with Emerchants to maximise the potential of this business stream.”
Adept Solutions Managing Director, Mr Tom Cregan said: “We are delighted to partner with Heritage Bank and have been working towards this launch for several months.
Strategically this is an important partnership for us on many levels. It provides us with an ADI partner that is committed to growing the prepaid market in Australia and it provides us with access to issue prepaid products under the Visa brand.
“This partnership with Heritage Bank and Visa is a cornerstone foundation of new products and partnerships that we plan on announcing in the coming months.”