THE J.G. WENTWORTH COMPANY® ANNOUNCES LAUNCH OF THE J.G. WENTWORTH CASH NOW™ VISA® PREPAID CARD
J.G. Wentworth® enters prepaid card market through partnerships with leading industry players Visa®, FIS, Metabank®
RADNOR, Pa., August 12, 2015– The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (NYSE: JGW), a diversified consumer financial services company specializing in structured settlement payment purchasing, home lending, and loan options through a marketplace platform, announced today that its first prepaid product, the J.G. Wentworth Cash Now™ Visa® Prepaid Card, is now available, solidifying its entry into the prepaid card category.
The J.G. Wentworth Cash Now™ prepaid card is available to the public through the Company’s website, www.jgwentworth.com/en/prepaid-cards/get-a-prepaid-card.
The Company expects the prepaid offering to benefit the structured settlement payment purchasing business through the use of powerful, reward-based prepaid programs that support customer acquisition and retention efforts. Prepaid cards will also be offered to customers in place of a paper check to provide more efficient and convenient access to funds.
In addition, the Company plans to enter the incentive category, team with distribution networks, and expand partnerships to offer a robust portfolio of prepaid products.
“We’re excited to partner with several prepaid industry leaders to launch the J.G. Wentworth Cash Now™ prepaid card,” said Greg A. Schneider, Executive Vice President and Chief Information Officer, The J.G. Wentworth Company®. He added: “J.G. Wentworth has been helping customers meet their financial needs for more than 20 years. Offering the J.G. Wentworth Cash Now™ prepaid card leverages our management’s experience in delivering successful prepaid products, and we will continue to innovate in the financial services and payments arena to expand our offerings in the marketplace.”
“The launching of our new prepaid program is the continuation and further evidence of our diversification strategy,” stated Stewart A. Stockdale, Chief Executive Officer of The J.G. Wentworth Company®. “We have identified the most powerful ways to make an impact and rapidly become a leader in new areas. As a natural extension of our business, prepaid cards provide us with an opportunity to address the needs of our customers. In addition, we are uniquely positioned to leverage the power of our brand’s 72% aided national awareness* to reach even more customers seeking personal financial solutions from an established diversified consumer financial services company,” added Stockdale.
The J.G. Wentworth Cash Now™ prepaid card is a General Purpose Reloadable (GPR) Card that provides the convenience of a debit card, and is available regardless of credit rating or income. Additional benefits include reload capabilities via direct deposit and participating retail agent reload locations, the ability to shop or pay bills online, access to cash from ATMs, and purchase and fraud protection, among others.
About The J.G Wentworth Company®
The J.G. Wentworth Company® is a diversified consumer financial services company. The Company is focused on providing direct-to-consumer access to financing needs through a variety of solutions, including: mortgage lending and refinancing, personal and business lending, structured settlement payment purchasing, and prepaid cards.
Mortgage loans are offered by J.G. Wentworth Home Lending, Inc. NMLS ID# 2925 (www.nmlsconsumeraccess.org) 3350 Commission Court, Woodbridge, VA 22192; 1-888-349-3773.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.
FIS is a global leader in banking and payments technology as well as consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 42,000 people worldwide and holds leadership positions in payment processing and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial industry, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
MetaBank, through its Meta Payment Systems® (MPS) division, delivers innovative financial products that change the way people use, borrow and manage money. Based in Sioux Falls, S.D., MPS is a recognized leader in the prepaid card industry and provides innovative payment solutions delivered nationally in collaboration with market-leading partners. MPS focuses on offering specific product solutions in the following areas: prepaid cards, credit products, electronic funds transfer and ATM sponsorship. Meta Financial Group, Inc.® (NASDAQ Global Market®: CASH), is the holding company for federally chartered savings bank MetaBank, Member FDIC. For media inquiries, contact Toni Cranny, Vice President of Marketing at 605-782-0997 or at firstname.lastname@example.org. For more information on MPS, visit metapay.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. You can identify such statements because they contain words such as ‘‘plans,’’ ‘‘expects,’’ or ‘‘does expect,’’ ‘‘budget,’’ ‘‘forecasts,’’ ‘‘anticipates,’’ or ‘‘does not anticipate,’’ ‘‘believes,’’ ‘‘intends,’’ and similar expressions or statements that certain actions, events or results ‘‘may,’’ ‘‘could,’’ ‘‘would,’’ ‘‘might,’’ or ‘‘will,’’ be taken, occur or be achieved. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
Consideration should be given to the areas of risk set forth under the heading “Risk Factors” in our filings with the Security and Exchange Commission (the “SEC”), including our registration statement on Form S-1 for our initial public offering, as filed with and declared effective by the SEC on November 8, 2013, and in our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our business generally. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
Erik Hartwell, VP, Investor Relations
Makovsky for The J.G. Wentworth Company®
Michael Goodwin, 212-508-9639
*Source: J.G. Wentworth Q4’14 Brand Health Tracker (conducted by Horizon Media with Toluna’s consumer panel) Based upon aided awareness; margin of error + / – 4.4%.