- Change Financial (CCA) signs an exclusive six year direct issuing partnership agreement with Mastercard in Australia and New Zealand
- Under the agreement, Mastercard will provide Change with a cash incentive of $1.4 million upon launch of the first direct issuing program which is expected in H1 FY23
- The increased collaboration with Mastercard will also provide opportunities to enhance Change’s PaaS offering through data, technology and relationships
- The company reported that it is currently being on-boarded to the Mastercard network with Change able to onboard clients to its PaaS platform from Q4 FY22
- CCA shares are up 14.1 per cent, trading at 9.7 cents
Global fintech and payments as a service (PaaS) provider, Change Financial (CCA) has signed an exclusive six year direct issuing partnership agreement with Mastercard in Australia and New Zealand.
Under the terms of the agreement, Mastercard will provide Change with a cash incentive of $1.4 million upon launch of the first direct issuing program which is expected in H1 FY23, along with other incentives throughout the term.
Prepaid and debit cards are now able to be issued by Change from Q4 FY22 as part of the agreement and the agreement also removes the requirement of an issuing bank partnership, which is required in some countries like the US.
The increased collaboration with Mastercard will also provide opportunities to enhance Change’s PaaS offering through data, technology and relationships.
“This agreement strengthens both our long-standing relationship with Mastercard in the US, as well as our transaction processing capabilities for existing clients,” said CEO and Managing Director, Alastair Wilkie.
The company reported that it is currently being on-boarded to the Mastercard network with Change able to onboard clients to its PaaS platform from Q4 FY22.
The agreement follows Change’s recent launch of Vertexon, its PaaS offering for Australian and New Zealand clients which integrates with a businesses’ core systems enabling them to easily deliver physical and digital card solutions to their customers.
Change recently announced that it will provide direct issuing services in Australia and New Zealand.
Regulatory approval for New Zealand has been granted and the approval process for an Australian Financial Services Licence is underway.
CCA shares were up 14.1 per cent, trading at 9.7 cents at 1:41 pm AEDT.