Nearly 50 Million Account Files Have Now Successfully Been Migrated
The processor migration project is the result of more than two years of technology development between Green Dot and MasterCard PTS.
The remaining approximately 50 million account files are expected to be migrated over the course of 2016.
“The goal of migrating our customer accounts to the MasterCard PTS
platform is to allow Green Dot the opportunity to take advantage of
significant technology improvements and material cost savings inherent
in the MasterCard PTS platform design, enabling Green Dot to efficiently
fulfill its mission of reinventing personal banking for the masses,”
said
About
Forward-Looking Statements
This press release contains forward-looking statements, including but
not limited to the timeframe within which the Company expects to
complete the migration of its accounts, which are subject to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those contained in the
forward-looking statements contained in this press release. The
potential risks and uncertainties that could cause actual results to
differ from those projected include, among other things, the unexpected
delays in the migration of accounts due to technological challenges and
other reasons, timing and impact of revenue growth activities, the
Company's dependence on revenues derived from Walmart and three other
retail distributors, impact of competition, the Company's reliance on
retail distributors for the promotion of its products and services,
demand for the Company's new and existing products and services,
continued and improving returns from the Company's investments in new
growth initiatives, potential difficulties in integrating operations of
acquired entities and acquired technologies, the Company's ability to
operate in a highly regulated environment, changes to existing laws or
regulations affecting the Company's operating methods or economics, the
Company's reliance on third-party vendors, changes in credit card
association or other network rules or standards, changes in card
association and debit network fees or products or interchange rates,
instances of fraud developments in the prepaid financial services
industry that impact prepaid debit card usage generally, business
interruption or systems failure, and the Company's involvement
litigation or investigations. These and other risks are discussed in
greater detail in the Company's
View source version on businesswire.com: http://www.businesswire.com/news/home/20160331006389/en/
Source:
Investor:
Green Dot Corporation
626-765-2427
IR@greendot.com
or
Media:
For
Green Dot
Brian Ruby, 203-682-8268
PR@greendot.com