[January 27, 2015] |
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Tuxedo Money Solutions Selects Global Processor i2c to Power Expansion
Tuxedo Money Solutions, the UK-based international payments technology
firm, and i2c Inc., a Silicon Valley based global payments processor,
have signed a processing agreement that will allow both organizations to
maximize opportunities in the global prepaid and emerging payments
sectors. Tuxedo's award winning eccount® payments platform supported by
i2c's industry leading global processing platform will enable both
companies to take advantage of the global payments market, estimated to
reach $1.1 trillion by 2022.
Tuxedo and i2c are targeting the emerging financial services sector as
an area that traditional banks have failed to provide consumers with
effective services. The companies will leverage their financial services
expertise and payment technologies to provide this unique market with
viable alternatives. Tuxedo's initial focus is the Q2 launch of a suite
of combined ID, loyalty and travel money cards for consumer use which
will be processed by i2c. A number of other excitig projects are
planned for the remainder of the year.
Tuxedo was founded in the UK in 2006 and launched its first prepaid
product in 2007. Having attained a leadership position in the UK,
providing white labelled and bespoke payment solutions to millions of
consumers and over 400 businesses, Tuxedo is expanding internationally.
This aggressive expansion has seen it launch payment programs in Europe
and Australia during the last 12 months with programs due to go live in
the Middle East in Q2 2015. The impending launch in the USA, the world's
largest payments market, is a key milestone in the company's history.
Based in Silicon Valley, i2c provides the infrastructure for financial
institutions, corporations, brands and governments around the world
required to launch and profitably manage prepaid and next-generation
commerce products. i2c's global, cloud-based platform supports virtually
any prepaid, debit or credit program in plastic, virtual or mobile form.
Clients on six continents use the i2c platform to build profitable,
differentiated payment products and services that meet specific customer
needs.
John Sharman, chief executive of Tuxedo Money Solutions said, "At Tuxedo
we have developed an exceptionally robust and flexible payment platform,
capable of operating a wide range of domestic and cross-border payments.
By partnering with i2c we will be able to build on our acknowledged
international payments expertise to deliver a global payments platform
focused on the US."
Stephan Koukis, senior vice president, Business Advisory Group at i2c,
comments, "Our global processing platform is the perfect partner for
Tuxedo's payments technology and strengthens their market proposition.
We are delighted to support their efforts to expand by providing
flexible processing services on a global scale."
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