American Express, eFunds ink prepaid card processing deal

American Express, eFunds ink prepaid card processing deal
Tags: Asia, Australia & Pacific, Bank / Credit Union, EFT Networks, Full Service / Turnkey Provider, Latin America, Middle East & Africa, North America, Prepaid / Stored Value / Gift Card, Public Companies, Transaction Processing
December 5, 2006

NEW YORK - American Express and eFunds Corp. have signed a global, multiyear transaction-processing deal that seals eFunds as the processing-services provider for all American Express prepaid cards.

According to a news release, eFunds will take operational responsibility for transaction processing, card activation, account maintenance and transaction authorization.

eFunds also will provide processing services to American Express-backed gift cards, the Travelers Cheque Card, and incentive cards issued by American Express Incentive Services.