FNDS3000 Corp. Announces MasterCard Certification in South Africa
December 02 2008 - 8:00AM
PR Newswire (US)
First and only non-South African third party processing company to
be certified by MasterCard in South Africa PONTE VEDRA BEACH, Fla.,
Dec. 2 /PRNewswire-FirstCall/ -- FNDS3000 Corp. (OTC Bulletin
Board: FDTC; Frankfurt: "FT4," A0MWLG) announced that in
association with the commencement of issuing its suite of prepaid
debit cards on a global basis, the Company has completed the
certification process with MasterCard in Africa. The launch of our
first payroll card program with the MasterCard branding in Africa
is not only a milestone in FNDS3000's ability to issue prepaid
cards worldwide, but it is also a significant competitive advantage
for FNDS3000 in the prepaid debit card segment. FNDS3000 Corp. has
begun to serve the lucrative salary card market in South Africa
where an estimated 12 million employees remain unbanked, or under
banked. Our customer backlog in this country has been growing
steadily over the past six months as we were soliciting customers
during our certification process. Through our established reseller
program, we aim to issue approximately 1.2 million prepaid debit
cards before the end of 2009 in this market. Victoria Vaksman,
Executive Vice President of EMEA for FNDS3000 stated, "We have been
working with MasterCard during the last six months, and we are
pleased to have achieved the distinction as the first and only
non-South African third party processing company to be certified by
MasterCard in Africa. We are excited to be associated with
MasterCard, whose innovative and efficient global network has
transformed commerce around the world and has produced enormous
benefits to cardholders, issuers and merchants. Where closed loop
card programs are prevalent in the African market, there are few
card processors that have the ability to issue network-branded
cards." Michael J. Dodak, CEO and Chairman of the Board of FNDS3000
stated, "The achievement of this milestone gives our cardholders
the ability to perform both ATM as well as point of sale ("POS")
transactions on a world wide basis via the MasterCard international
payment network. We are now in the process of rolling out our first
group of customers in South Africa and will expand the issuing of
our cards to many more customers during the following months."
Anthony West, General Manager, MasterCard Africa stated, "Consumers
are seeking transparent and user-friendly financial tools that can
help them with budgeting. Prepaid payroll cards are one of the most
rapidly growing sectors in the payments industry. Its popularity is
driven by the financial freedom it offers to cardholders, who
benefit from the security, convenience and global acceptance of a
payment card." "Prepaid MasterCard Payroll Cards have
revolutionized the way thousands of employees receive salaries each
month around the word," said West. "Organizations of all types and
sizes are transitioning from checks and cash to prepaid payroll
cards as they recognize the benefits realized by the employer and
the employees. Beyond the convenience, these cards help to build
trust with employees as organizations can more easily ensure timely
payment." About MasterCard Worldwide MasterCard Worldwide advances
global commerce by providing a critical economic link among
financial institutions, businesses, cardholders and merchants
worldwide. As a franchisor, processor and advisor, MasterCard
develops and markets payment solutions, processes over 18 billion
transactions each year, and provides industry-leading analysis and
consulting services to financial institution customers and
merchants. Through its family of brands, including MasterCard(R),
Maestro(R) and Cirrus(R), MasterCard serves consumers and
businesses in more than 210 countries and territories. For more
information go to http://www.mastercard.com/. About FNDS3000 Corp.:
FNDS3000 Corp. (OTC Bulletin Board: FDTC; Frankfurt: "FT4," A0MWLG)
is a financial transaction processing company providing prepaid
debit card and merchant processing solutions. Our products allow
employers to replace payroll checks for all workers. In addition,
employers can use our products in lieu of cash to pay employees --
this may be greater than 50% of the worldwide working population.
Domestic and international sharing of money, similar to Western
Union(TM), is a key feature of our solution. This market is
estimated to be over $100 Billion annually. Many of our products
carry worldwide brand marks and can be used anywhere in the world
that accepts those brands. Other services include gift cards, bill
pay, prepaid cellular and other prepaid products. Our merchant
processing solutions provide comprehensive credit, debit, and check
card payment programs. We are dedicated to the service and
profitability of our merchants. The combination of card issuing and
merchant processing enables FNDS3000 to provide turnkey financial
transaction solutions to virtually any market worldwide. Forward
Looking Statements Matters discussed in this press release contain
forward looking statements as defined under the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such
forward looking statements involve risk and uncertainties, which
could significantly impact the actual results, performance, or
achievements of the Company. Such risks and uncertainties include,
but are not limited to, the potential loss of our relationships
with each of the parties that sponsor our cards and banks that
manufacture, issue, and own the debit cards; the loss of our
service providers; security breaches of our electronic information;
the inability to raise sufficient capital to fund its operations;
and other risks as may be detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission. The Company assumes no obligation to publicly update or
revise its forward looking statements even if experience or future
events make it clear that any of the projected results expressed or
implied herein will not be realized. DATASOURCE: FNDS3000 Corp.
CONTACT: David Fann, President, , or Joe McGuire, Chief Financial
Officer, , both of FNDS3000 Corp, +1-904-273-2702 Web site:
http://www.fnds3000.com/ http://www.mastercard.com/
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