IRVING, Texas--(BUSINESS WIRE)--July 13, 2005--Genpass, Inc., a
leading ATM and Debit Card processor and provider of stored-value
cards announced today the launch of a new card product designed
specifically to assist credit unions in providing debit services to
their members. The new offering is a MasterCard branded stored-value
debit card that allows credit union members to utilize funds
transferred from their checking or share draft accounts, directly
deposited from payroll, or deposited at the credit union - with no
processing cost or fraud risk to the credit union. The card can also
be used by credit unions to provide transaction accounts to
prospective members who have not yet established other accounts with
the credit union.
"Our research showed that there were thousands of credit unions
who could not provide a key financial services product - debit card
access - because they did not have the scale to afford processing
minimums, or manage fraud effectively," stated Gary Staub, Chief
Marketing Officer of Genpass. "Our new card offering allows them to
provide this service with no processing cost or fraud risk - and the
credit union will actually earn revenue when the card is used to
"This card product clearly meets the needs of thousands of credit
unions," affirmed Emile Bonneau, credit union industry consultant and
former Senior Vice President of Strategic Planning for Empire
Corporate Credit Union as well as former President and CEO of both the
Fall River Municipal Credit Union and the Central Credit Union Fund.
"It will be beneficial to both the credit union and its members. The
industry has needed a product like this since the inception of
signature debit in the early '90's - and now it is here."
About Genpass, Inc.
Genpass, Inc., a leading provider of stored value card services
through its Irving, Texas-based subsidiary Genpass Card Solutions, L.
P., is also a leading provider of EFT Services. Genpass drives ATMs
and processes cards in all 50 states. Along with its sister company,
Elan Financial Services, Genpass and Elan provide processing services
for over 31,000 ATMs nationwide. Genpass is the only top processor to
offer a vertically integrated product suite that includes every aspect
of ATM driving, transaction processing, debit card and specialty card
services, plus ATM maintenance and service from a single source.
Genpass is a wholly-owned subsidiary of U.S. Bank. For more
information, visit www.Genpass.com or www.MoneyPass.com.
CONTACT: Genpass, Inc.
SOURCE: Genpass, Inc.