San Diego, May 20, 2014 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE), announced today that
Global Funding, LTD., its European subsidiary, is launching a
Prepaid MasterCard® with state-of-the art "chip and pin"
technology. Global Funding, LTD. is launching its new "chip and
pin" cards in Europe currently. The cards are based upon the EMV
(Europay, MasterCard® and Visa) standard. Chip and pin
technology has shown a significant reduction in the multi-billions
of dollars lost to fraud and security breaches each year. The
United States is also moving to make the integrated circuit card
technology mandatory by October, 2015. The "smartcard" technology
has demonstrated an ability to reduce fraud and security breaches
by a minimum of 30%. Cardholders of European companies will
gain greater acceptance in over 130 countries around the world
where Chip and PIN cards are standard issue.
The word "chip" refers to a computer chip embedded in a
smartcard and the word PIN refers to a personal identification
number that must be supplied by the consumer at the point of sale
(POS). The technology intends to make obsolete the current magnetic
strip swipe terminals, rolls of paper and the requirement of
signatures making the new cards difficult to counterfeit or copy.
The "chip and pin" technology can be applied to any debit, prepaid
card, credit and/or ATM cards so that transactions are only
validated when the cardholder's personal identification number
(pin) matches the encrypted information imbedded in the card's
microchip. This provides another level of identification and
authentication security over the conventional magnetic strip card,
and makes it more difficult to extract data or use the card in a
fraudulent manner.
Jim Hancock, Global Payout's CEO stated, "Experts estimate there
is approximately $3 trillion of cash and check expenditures that
are ripe for electronic conversion. With our global reach, ability
to make payments and automatic currency exchanges in all OFAC
compliant countries, and the push for greater security, Global
Payout intends to aggressively pursue the many major prepaid debit
card opportunities utilizing chip and pin in Europe. And with
the exceptional adoption rates both in Zone 1 and Zone 2, 73.9% and
12.7%, respectively, and in combination with our Consolidated
Payment Gateway payment platform, we see a real value proposition
for many European companies, organizations, government agencies,
cardholders and account holders."
Global Funding Limited, a wholly owned subsidiary of Global
Payout and domiciled in the United Kingdom, is the Program Manager
of the new "chip and pin" card program. The issuing bank for this
card program is IDT Financial Services Limited of Gibraltar.
IDT Finance is the trading name of IDT Financial Services
Limited. IDT Finance is a subsidiary of IDT Corporation, an
innovative and opportunity-seeking multinational company
headquartered in the U.S. and listed on the New York Stock Exchange
(NYSE:IDT) with offices in over 30 countries. Global Funding
Limited, as program manager, is the general contractor for card
design and production and supports issuance, delivery, distribution
and inventory management. In addition, Global Funding Limited
provides customer service functions and regulatory compliance and
has contracted directly with the issuing bank and the
processor.
Global Funding Limited's prepaid MasterCard, branded as
"Premier", will offer European registered companies a payroll card
for their employees or independent contractors to receive
payments. The prepaid cards offer a secure payment option and
are widely accepted online, and in stores, restaurants and ATM
machines worldwide wherever MasterCard is accepted. The
issuance of these payroll cards offers an electronic means for
employers or sponsoring companies to issue payroll and other
recurring payments, eliminating the costs of checks, wires and cash
disbursements.
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About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, is the leading new
Program Manager of B2B custom and conventional electronic payment
solutions for domestic, international and multinational businesses,
organizations and government agencies worldwide. Global Payout
uniquely serves an estimated $3 trillion market with a secure,
easier to use and lower-cost payment platform giving users
competitive and comparative advantages over banks and other
payments and remittance providers. The company's proprietary and
fraud resistant Consolidated Payment Platform (CPG) solves fund
disbursement and payment challenges by giving the user the ability
to transfer money, disburse funds or make ACH payments from:
corporations, member organizations, governmental and
nongovernmental organizations, institutions, faith-based
organizations, network marketing companies, unions and
administrators of various types of financial aid and entitlement
programs such as food stamps, healthcare benefits and academic
related payments that need to reach "banked" or "non-banked"
individuals, businesses, organizations or government agencies in
any World Financial Task Force or OFAC compliant country.
Branded as MoneyTracTM, the CPG platform provides
businesses, organizations and government agencies (and their
cardholders or account holders) the ability to manage and monitor
payments to and from "non-bank" accounts and eWallets online, and
through a variety of prepaid debit card solutions issued via most
major card issuers, as well as other customizable payment
solutions. MoneyTracTM payment solutions enable these
establishments to make payments to their cardholders or
accountholders with or without bank accounts, allowing both to
possess and distribute funds in almost any country for payroll
purposes, vendor payments, rebates and expense reimbursement and
daily spending purposes while also providing seamless foreign
currency exchange when/where applicable. Global Payout is also
capable of including in these electronic payment platforms the
ability to reload cards and/or transfer money to bank accounts,
credit cards and debit cards worldwide. The CPG platform is a
permission based API (application programming interface) and will
also include mobile app capability in the near future.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking
statements" within the meaning of the federal securities laws. In
this context, forward looking statements may address the Company's
expected future business and financial performance, and often
contain words such as "anticipates," "believes," "estimates,"
"expects," "intends," "plans," "seeks," "will" and other terms with
similar meaning. These forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Although
the Company believes that the assumptions upon which its forward
looking statements are based are reasonable, it can provide no
assurances that these assumptions will prove to be correct. All
forward-looking statements in this press release are expressly
qualified by such cautionary statements, risk, and uncertainties,
and by reference to the
"The Premier Card is issued by IDT Financial Services
Limited. IDT Financial Services Limited is part of the IDT
Corporation Group of International Companies headquartered in the
US. Its cards are issued pursuant to license by MasterCard
International Incorporated. MasterCard and the MasterCard
Brand Mark are registered trademarks of MasterCard International
Incorporated. IDT Financial Services Limited is a regulated
bank, licensed by the Financial Services Commission (FSC),
Gibraltar, under the Financial Services (Banking) Act 1992.
Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No:
95716. Directors: M. Fischer, J. Raanan, D. Spier, T.
Streatfeild-James. All communications should be sent to Global
Funding, Ltd., 18 Soho Square, London, W1D3QL.
CONTACT: Investor Relations
Global Payout
IR@GlobalPayout.com
1-800-594-4350
