Tuxedo Money Solutions Selects Global Processor i2c to Power Expansion
Agreement Targets $1.1 Trillion Global Emerging Payments Market
[LONDON – 27 January 2015] Tuxedo Money Solutions, the UK-based international payments technology firm, and i2c Inc., a Silicon Valley-based global payments processor, have signed a processing agreement that will allow both organizations to maximize opportunities in the global prepaid and emerging payments sectors. Tuxedo’s award-winning eccount® payments platform supported by i2c’s industry-leading global processing platform will enable both companies to take advantage of the global payments market, estimated to reach $1.1 trillion by 2022.
Tuxedo and i2c are targeting the emerging financial services sector as an area that traditional banks have failed to provide consumers with effective services. The companies will leverage their financial services expertise and payment technologies to provide this unique market with viable alternatives. Tuxedo’s initial focus is the Q2 launch of a suite of combined ID, loyalty, and travel money cards for consumer use which will be processed by i2c. A number of other exciting projects are planned for the remainder of the year.
Tuxedo was founded in the UK in 2006 and launched its first prepaid product in 2007. Having attained a leadership position in the UK, providing white labeled and bespoke payment solutions to millions of consumers and over 400 businesses, Tuxedo is expanding internationally. This aggressive expansion has seen it launch payment programs in Europe and Australia during the last 12 months with programs due to go live in the Middle East in Q2 2015. The impending launch in the USA, the world’s largest payments market, is a key milestone in the company’s history.
Based in Silicon Valley, i2c provides the infrastructure for financial institutions, corporations, brands, and governments around the world required to launch and profitably manage prepaid and next-generation commerce products. i2c’s global, cloud-based platform supports virtually any prepaid, debit or credit program in plastic, virtual or mobile form. Cardholders in six continents use the i2c platform to build profitable, differentiated payment products and services that meet specific customer needs.
John Sharman, chief executive of Tuxedo Money Solutions said, “At Tuxedo we have developed an exceptionally robust and flexible payment platform, capable of operating a wide range of domestic and cross-border payments. By partnering with i2c we will be able to build on our acknowledged international payments expertise to deliver a global payments platform focused on the US.”
Stephan Koukis, Senior Vice President, Business Advisory Group at i2c, comments, “Our global processing platform is the perfect partner for Tuxedo’s payments technology and strengthens their market proposition. We are delighted to support their efforts to expand by providing flexible processing services on a global scale.”
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