AUSTIN, Texas, Aug. 9, 2011 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP), a company whose mission is to empower the estimated 60 million underbanked consumers in the United States with the convenience, security and freedom to be self-banked, today announced that the company launched BenefitsExpress™, its private-labeled automated direct deposit enrollment management application engineered and powered by Prepaid Resources, a leading technology provider for the prepaid debit industry. This value-added functionality is designed to attract and manage cardholder direct deposit activity derived both on-line and through participating retail distributors.
NetSpend plans to use BenefitsExpress' electronic enrollment to drive and retain greater direct deposit volume by closely managing each cardholder's experience beginning with the acquisition and registration process and continuing through the life of their benefit entitlements, resulting in a cardholder with recurring direct deposit loads, increased card usage, longer account retention and greater satisfaction.
"NetSpend is very excited to offer this enhanced ability to optimize direct deposit activity to further empower our customers," said Dan Henry, chief executive officer of NetSpend. "By teaming with Prepaid Resources, we are able to bring this innovative solution to the millions of underbanked consumers who are in need of a more convenient way to manage their federal benefits with the ease of a few simple clicks."
"Prepaid providers, like NetSpend, widely recognize direct deposit to be a critical component of card program success," states Barry Kessler, chief executive officer, Prepaid Resources. "Our proprietary automated technology maximizes deposit volume, supports collecting and validating key enrollment data, and improves the cardholder's direct deposit experience by managing the complete direct deposit lifecycle."
The NetSpend platform and Prepaid Resources' technology allows cardholders to electronically enroll to have their federal benefits (social security, supplemental security income, veterans, civil service & railroad retirement) directly deposited onto their designated prepaid cards. Electronic enrollment can be performed via cardholder self-service, agent direct entry, file upload as well as online and retail API integration.
About NetSpend
NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The company's mission is to develop products and services that empower unbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP.
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About Prepaid Resources
Prepaid Resources has established itself as a recognized leading consultant and technology provider for the prepaid debit industry offering a suite of innovative services benefiting all levels of the value chain: PORTABLES™ shared managed applications, CONNECTIONS™ card service groups and the Prepaid Resources Linked‐In® Network, PEARLS™ provider referral listing service and INDUSTRY INSIGHTS™ prepaid card industry education. Prepaid Resources (www.prepaidresources.com) is headquartered in New York City.