Press Room

Transact Network launches UK sales subsidiary

August 03, 2010

GIBRALTAR, 2 August 2010 -- Transact Network, the European e-money issuer, BIN sponsor and prepaid card provider, announced today that Mr Kriya Patel is joining the group as sales director and will spearhead the company’s new UK sales and marketing company based in Newcastle. Mr Patel was most recently chief operating officer at Newcastle Card Solutions (NCS). He will start at Transact Network on September 6.

Mr Patel’s experience in the prepaid card industry has contributed to the success of NCS, which has grown to more than US$1.6 billion in transaction value processed in 2009 with more than 1.25 million active cards put in circulation by the end of 2009. NCS has acquired more than 300 new programs since 2005.

Newly appointed Chief Executive Officer Colin Greaves said: “Kriya’s experience at NCS made him our number one candidate to lead this sales and support operation. Our business case for Kriya and his team being based in the North East of England is primarily due to abundance of talented sales and support staff there with highly developed prepaid card experience.”

Mr Patel’s move to Transact Network is the second senior appointment announced recently by the Gibraltar-based company. In May, Transact Network appointed Mr Greaves as chief executive officer after he had served as operations director at Newcastle Building Society. Mr Greaves started in his new role on August 1.

Messrs Greaves and Patel join the company at a key moment in the history of the E-money issuer and modular prepaid card services provider. The company is poised for explosive growth as its 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 unique local and corporate loading capabilities also give it real competitive advantage.

Mr Greaves added: “The opening of our UK Subsidiary is a significant step for Transact Network as our research shows that there is a need for a committed, high-quality provider with a sales and support operation within the United Kingdom following recent strategic changes in the prepaid and debit market.”

For further information on Transact Network visit www.transactnetwork.com or contact Pete Burgess at corp_com@transactnetwork.com or on +350 200 03835 or James Pieper on +33 475 56 93 31 or at james.pieper@cornascom.com.