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.
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