Press Room
February 03, 2011
Transact Network, the European e-money issuer, BIN sponsor and prepaid card provider, today announced its management succession plan with the appointment of Colin Greaves as Chairman and the promotion of Damian Asquez to Acting Finance Director. The changes follow the appointments of Mr Greaves as CEO and of Mr Kriya Patel as Sales Director. With this highly experienced senior management team in place, the remaining founding director is moving into a non-executive role.
Mr Greaves said: “Over the last six months we have conducted a full review of all our operations and introduced a number of changes designed to improve the efficiency of our business leading to improved service offering for our clients and improved coordination with our partners. Within that we have created a new operational structure and these latest announcements are the visible element of those planned changes. I am delighted that we have reached a position where the founding directors have the confidence to step back from executive positions, and I look forward to working with the new executive team to drive the continued growth of the business.”
Mr Asquez is currently Financial Controller and joined Transact Network in November 2008 where he is responsible for financial reporting, management reporting and finance operations. Prior to joining Transact Network, Mr Asquez was Head of Accounts Receivable at PartyGaming Plc. During this time he managed an international payment portfolio of US$ 250 million and reconciliation of up to 6 billion transactions annually. He also assisted with the listing of the company and the successful implementation of an ERP system. Mr Asquez holds a degree in Accounting from University of Wales, Cardiff. He is also a fellow member of the Association of Chartered Certified Accountants.
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Notes to editors:
1.) About Transact Network Limited
Transact Network is a regulated and licensed MasterCard and Visa Europe Principal Member providing European BIN sponsorship and modular prepaid services. MasterCard and Visa Europe Principal Members are financial institutions that issue cards for use on the MasterCard and Visa Networks.
Transact Network issues Visa and MasterCard physical and virtual prepaid cards. The Company’s electronic money license has been successfully passported into every EU and EEA member state enabling the issuance of prepaid card programs across Europe.
The company’s proprietary modular prepaid service platform is fully integrated with many leading processors including Carta, ecommlink, FIS, and M2 and can also integrate with client proprietary processing systems, enabling bespoke, scalable solutions, rapid implementation, low entry costs with earlier payback, reliable ongoing management and proven risk reduction. Multi-lingual project teams are dedicated to service client prepaid card programs.
Transact Network clients include regulated financial institutions, financial services companies, marketing organizations, mobile phone operators, retail chains, large and small corporates, and governments.
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