NORCROSS, GA, December 1, 2008 CoreCard Software , a leading provider of prepaid and credit processing licensed software, today announced the Release 3 of its prepaid software which provides a clear migration path to full credit and loyalty options for prepaid clients.
“The next logical step for consumers of prepaid cards is to graduate to small balance loans and revolving credit with the opportunity to pay over time. We have had many program managers ask for this solution,” said Leland Strange, Chief Executive Officer of CoreCard. “Credit graduation offers a rich opportunity for issuers of prepaid cards to expand their prepaid card value chain by offering synergistic credit and loyalty solutions to their existing prepaid customers. We are able to provide them software solutions similar to First Data and TSYS.”
TowerGroup, the global research and advisory firm, estimates that by 2010 prepaid and gift card usage will be $75B, a 600 percent increase over 2005, and 375 million cards will be in circulation, a 1,000 percent increase.
CoreCard is a leader and innovator in the payments market, providing credit software solutions which are complementary to the expanding prepaid market. This combination of prepaid and credit products offers significant market opportunities for financial institutions, retailers, government agencies, and processors to process both open and closed loop cards.
“Adding prepaid credit graduation services to the product portfolio will continue to enhance CoreCard’s established credibility in the credit card market, making us a more formidable competitor in our marketplace.” said Strange.
About CoreCard Software, Inc.
CoreCard Software, a leading provider of card management systems and processing services, offers an array of account management solutions to support the complex requirements of the evolving global financial services industry. The CoreCard® software solutions provide the market’s most feature-rich platform for processing and managing a full range of card products including prepaid/stored-value, fleet, credit, debit, commercial, government, healthcare and private-label cards as well as accounts receivable and loans. Headquartered in Gwinnett Innovation Park in Norcross, GA with additional offices in India and Romania, CoreCard is a subsidiary of CoreCard Corporation (NYSE: CCRD). For more information, call 770-564-8000 or visit www.corecard.com.
Media Contact: Sharon Cuppett