Nomad make great strides in the prepaid market in 2006

• Wednesday, 14 February 2007

Nomad, Europe’s most established card processor, made huge advances in the prepaid market in 2006 with 40 new programmes being introduced and nine additional customers going live on prepaid projects. This great advance demonstrates not only that those entering the prepaid market are looking for an established company to partner with but that Nomad’s ability to offer a tailor-made solution meets the market’s demands.

During 2006 Nomad, a MasterCard approved processor, implemented open loop prepaid projects for companies such as IDT, Tuxedo Money Solutions and Affinity where it worked on such high profile prepaid projects as Lastminute.com, Club 18-30 and the Ministry of Sound.

Nomad chief executive John Yeomans commented saying: “I believe that the fact that Nomad’s prepaid customer base increased by 50% in 2006 is evidence of two things. Firstly, that the prepaid market is undoubtedly growing rapidly in Europe and secondly that those looking in the market are looking for partners with a clear track record in prepaid solutions. Nomad’s prepaid offering, where the company can act as a facilitator as well as a provider of robust, secure processing technology is a clear differentiator.”

A recent report from leading consultancy, Mercator Advisory Group found that that total spending across all open network prepaid segments in 2005 was $14.1 billion, a $10 billion increase on 2004. Plus, according to other research the open prepaid market is set to grow at 32% per annum reaching a total in 2009 of over $43 billion.

The report said that financial institutions should pay close attention to the increasing adoption of merchant retail locations as a place where consumers acquire their open system prepaid cards, since it creates an important new channel.

Nomad’s open loop prepaid technology is being used in many of the UK’s major retail centres such as the Bullring in Birmingham and the Arndale in Manchester. The speed to market Nomad provides and the flexibility of its solution has enabled the company to win these projects over other vendors.

Speaking about the success of 2006 John Yeomans said: “Customers are asking, who will I use for my prepaid project? Our real life capability means that the answer increasingly is Nomad.”

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Editor’s Notes:
Nomad has a well-deserved reputation for delivering innovation in card payments to its clients. The company continues this trend by leading the way with a fit-for purpose prepaid capability for issuers, which meets the requirements of international scheme open-loop prepaid cards, featuring cardholder web service capability.

The service manages all of the complexities surrounding card processing on behalf of members, including card and PIN production, customer service facilities, fulfillment and transaction authorisation. Members are free to focus on their core business, confident in offering a flexible range of competitive products to their customers cost-effectively.

Building on its expertise in debit card processing Nomad has extended its specialised knowledge base and has harnessed the prestigious underlying Nomad Cortex software to deliver a service which genuinely and cost-effectively caters for pre-paid cards and all of their specific complexities.

For further press information, please contact:

Ian Clay, Technical Publicity,
Tel. +44 (0)1582 878870, fax +44 (0)1582 878855
Email: iclay@technical-group.com

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