|SelectCore Awarded Multi-Year Gov't Contract |
|City of Toronto to Issue Prepaid Payment Cards|
|TORONTO, ONTARIO (July 18, 2012) SelectCore Ltd (TSX-V:SCG), a provider of prepaid payment solutions for underserved markets, has released the details of a multi-year contract with the City of Toronto for the issuance of prepaid payment cards, The City Services Benefit Cards. The contract award was first announced by the Company on March 14, 2012. The term of the agreement is for 42 months plus two additional one-year extensions. |
Revenue from the contract will be earned primarily from fees charged to the City as well as interchange through the MasterCard network. SelectCore won the contract through a competitive RFP bidding process.
The long-term contract encompasses multiple phases with the first phase launching today with Toronto Employment and Social Services (TESS) for the delivery of Social Assistance disbursements.
SelectCore's card solution will enable residents on Ontario Works to instantly receive their benefits through an EMV chip and PIN prepaid MasterCard card that offers ATM access and can be used anywhere MasterCard is accepted. The program offers card-to-card money share, mobile apps, text messaging for balance and transaction inquires, online account access and 24/7 multilingual customer care.
The introduction of the card will replace the need to produce paper checks.
"Governments are looking to modernize service delivery and do more with less - and Toronto is no exception," said Keith McKenzie, CEO of SelectCore. "What we have introduced is the most practical, secure and cost-effective means for the delivery of government disbursements."
Source: SelectCore Ltd.
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