HOUSTON — FSV Payment Systems Inc., provider of stored-value processing and prepaid-card solutions, and MiCash Inc., a licensed money transfer business, have announced the general availability of an integrated card-to-cash international money transfer function on prepaid payroll debit cards.
According to a news release, the functionality, provided by FSV, is available to MiCash prepaid debit-cardholders.
Unlike card-to-card money transfer solutions for payroll debit cards, the MiCash/FSV solution does not use a companion card that must be delivered to the recipient in advance. The recipient can collect funds in cash at Bancomer Transfer Services, available at more than 12,000 locations in Mexico, South and Central America, India, the Philippines, China and other locations.
Fund recipients also could choose to have the money deposited to a bank account for certain destinations.
"The MiCash/FSV money-transfer solution delivers convenience to cardholders without requiring a behavior change on the part of the recipient," said Jonathan Palmer, FSV's president and chief executive. "The process takes only minutes to complete — from the cardholder's phone call to FSV or request on a secure Web portal, to the recipient picking up the cash at a local bank or money transfer agent, or even having it delivered to his or her home."
