News

ATM vet Bob Cannon is now president of prepaid firm

June 29, 2004

SUGARLAND, Texas - XL Payment Systems, Inc. has introduced a pre-paid debit card program designed to serve the unbanked and under banked populations.

"We are extremely excited to offer this safe, affordable card to a segment of the population that struggles to join mainstream banking channels in America," said Bob Cannon, the company's newly appointed president. "This PIN-based cash card will help our customers overcome the hurdles associated with banking in a 'cash only' world; a world they now live in."

Cannon, the former president of Houston ISO Momentum Cash Systems, is leading the XL Payment Systems management team. 

The XL Card is loaded by the cardholder's employer or at retail merchant locations. It can be used at ATMs, or at any retailer accepting PIN-based debit transactions from participating debit networks, according to a news release. Currently, only PIN-based transactions are supported.