ATLANTA-BASED financial services company ITC, which formed a deal with local bill payment company Paymaster to create a multi-purpose payment card has pulled out of Jamaica, citing irreconcilable differences with Paymaster boss Audrey Marks.
The card which was expected to be launched by June of this year would allow for utility bill payments, cash advances, long distance calls, retail purchases and eventually remittance payments. The new card was to serve as a customer data storage facility which would provide on time bill payment. Users would be able to transfer funds between cards and gain access to accounts or via an 800 number online.
Initially, Paymaster was to launch the card with US company Equitex to market and implement the stored-value card. Once money is loaded onto the card, customers have immediate access to their funds wherever the card is accepted. If a customer wishes to transfer funds to family or friends, either nationally or internationally, they may purchase a second card that is sent to the recipient, which may be used to access the transferred funds for a minimal fee.
When the deal with Equitex fell through, ITC stepped forward with Mr. Joe Risk appointed project manager.
ITC Financial Services (ITCFS), is a subsidiary of ITC Holding Company and has been in existence for over 100 years. The company is a pioneer in the prepaid card services. The company is one of the leading providers of electronic payroll and prepaid debit cards. Its partners include the technology companies, PreSolutions and e-Company Stores.
PREPAID DEBIT CARD
ITC is one of the U.S. largest providers of prepaid debit card in the U.S., catering to persons with or without bank accounts. This service is marketed to consumers, businesses and retailers. The card is used as an ATM/debit card, a retail purchase card, to conduct personal money transfers, a worldwide calling card and as a direct deposit payroll card. According to the company the card provides privacy and security, guarding the cardholder against identity theft.
