Transact Network Launches UK Sales Subsidiary

GIBRALTAR, August 3, 2010 /PRNewswire/ --

- Former Newcastle Card Services COO Kriya Patel to Lead New Office in Talent-Rich North East England

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."

Notes to editors:

1.) About Transact Network Limited

Transact Network is an authorised and regulated MasterCard and Visa Europe Principal Member providing European BIN sponsorship and modular prepaid card services to program managers and brand owners. 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.

2.) Biography of Kriya Patel

Mr. Patel has an extensive background in the finance sector spanning nearly 13 years. He is an industry-leading figure in prepaid and was most recently chief operating officer of Newcastle Cards Solutions at Newcastle Building Society, Newcastle's renowned and market leading prepaid card division. During his tenure, NCS achieved many notable firsts including initiatives in gift, teen, travel and money share cards, and also issued Europe's first prepaid contactless cards. Mr. Patel has held the following senior positions of Head of Mortgage Solutions, Head of System Solutions, IT Manager for third party services and senior project manager during his time at NBS.

Mr. Patel has a bachelor of science in Business Information Systems from Sheffield Hallam University and is also a qualified ITIL practitioner.

For further information on Transact Network visit http://www.transactnetwork.com or contact Pete Burgess at [email protected] or on +350-200-03835 or James Pieper on +33-475-56-93-31 or at [email protected].

SOURCE Transact Network Limited