MARLBOROUGH, Mass., Oct. 2, 2006 (PRIMEZONE) -- MoneyGram Payment Systems, Inc., a subsidiary of MoneyGram International, Inc. (NYSE:MGI), and a leading provider of money transfer services with more than 89,000 money transfer agent locations worldwide, has signed an agreement with Cyphermint, Inc., a provider of stored value cards, global electronic payment eCommerce solutions and secure financial software.
The service under this agreement will give Cyphermint customers the ability to use MoneyGram's nationwide network of thousands of U.S. locations to load value to their Cyphermint PayCash NOW(tm) Visa(r) Debit Cards. MoneyGram's network includes supermarkets, convenience stores, check cashers and financial institutions across the U.S. Any PayCash customer can walk into a MoneyGram agent location with cash and have it appear on their account the same day.
This program will assist all of the HUD recipients enrolled in the PayCash Rent Program. Created for government housing residents, the PayCash Rent Program will enable residents to apply for the PayCash NOW Visa Debit Card. The PayCash NOW Visa Debit Card, issued by BankFirst, is a reloadable prepaid Visa card that residents can present to pay their rent, utility bills and more and is accepted everywhere Visa debit cards are accepted, worldwide.
"The addition of MoneyGram as a loading method for our PayCash NOW Card customers greatly enhances our PayCash Program" said Joe Barboza, President and CEO of Cyphermint. "We want to make loading and re-loading their cards as convenient as possible and with its extensive retail network, MoneyGram will help us to do that."
About MoneyGram International, Inc.
MoneyGram International, Inc. is a leading global payment services company and S&P MidCap 400 company. The company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company, with over $970 million in revenue in 2005 and global money transfer agent locations in 170 countries. For more information, visit the company's website at www.moneygram.com.
About Cyphermint, Inc.
Headquartered in Marlborough, Mass., Cyphermint is a provider of Global Electronic Cash Payment and e-commerce solutions. Our core technology, PayCash(tm) is used in three major areas: (1), Prepaid and emerging consumer market, featuring the PayCash Now(tm) Visa(r) Debit Card for secure retail and e-commerce services for the un-banked, (2) Kiosk Solutions -- delivering Web-enabled highly secure self-service B2C merchandising systems, and (3) The PayCash Retail System featuring our Touch-Screen POS System. Cyphermint's kiosk software solutions provide retailers with highly secure end-to-end integration of kiosk networks including eCommerce capabilities and remote management. The PayCash System provides un-banked consumers access to financial services such as Internet shopping, bill payment, and debit cards. Cyphermint software solutions provide complete turnkey solutions that deliver secure web-enabled transactional, financial self-service and merchandising services to merchants and consumers on the Internet, self-service kiosks and on cell phones.
The Cyphermint Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1267
About BankFirst
BankFirst is a progressive bank specializing in reliable, innovative payment services and competitive deposit products for consumers nationwide. After over 75 years, BankFirst continues to provide innovative solutions by focusing on stored value cards and related services since 2001; BankFirst is now recognized as a leader and pioneer in this emerging industry. BankFirst is chartered in Sioux Falls, SD, with offices in neighboring Toronto and Brookings, SD, Chandler, AZ, and Minneapolis, MN. For more information visit www.mbfstoredvalue.com.
The PayCash NOW Visa Debit Card is issued by BankFirst, Sioux Falls, SD; Member FDIC.