THE J.G. WENTWORTH COMPANY® ANNOUNCES PREPAID PARTNERSHIPS
J.G. Wentworth builds toward launching Prepaid products
RADNOR, Pa.–(BUSINESS WIRE)– The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (NYSE:JGW) announced today that it has signed agreements to partner with FIS (NYSE: FIS) and MetaBank to enter the prepaid category. FIS, a global leader in banking and payments technology, will serve as the processor and MetaBank will act as the issuing bank.
“This is an exciting step forward in the transformation of The J.G. Wentworth Company®. Our partnerships with Visa, FIS, and MetaBank represent our continued progress towards becoming a diversified financial services company and sets the stage to bring our prepaid products to market,” said Greg Schneider, EVP and Chief Information Officer, The J.G. Wentworth Company®. “We know these partners well and believe that their experience combined with our strong brand and core competencies will enable us to be a successful player in this category.”
“With a 45-year history in the financial services industry, FIS has long been a leading payment processor and we are excited to partner with The J.G. Wentworth Company™ as they enter the prepaid card category,” said Bruce Lowthers, EVP, North American Retail Payments, FIS. “Delivering solutions that leverage emerging technology, we are looking forward to working with The J.G. Wentworth Company® as it diversifies its portfolio of consumer financial services.”
“MetaBank prides itself on offering inventive and valuable solutions to its partners and customers,” MetaBank President Brad Hanson said. “With our existing business and compliance infrastructure, we are dedicated to providing J.G. Wentworth scalable prepaid solutions that are beneficial and useful to all parties.” J.G Wentworth expects to launch its prepaid products in the third quarter.
About The J.G Wentworth Company®
The J.G. Wentworth Company focuses on structured settlement, annuity and lottery payment purchasing. The Company is further diversifying into the prepaid category, personal lending and home lending. For more information about The J.G. Wentworth Company, visit www.jgw.com or use the contact 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 40,000 people worldwide and holds leadership positions in payment processing and banking solutions. Providing software, services and outsourcing of the technology that drives financial institutions, FIS is 426 on the Fortune 500 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 more information, 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 and should not be relied upon as any guarantee of performance or results.
Makovsky for The J.G. Wentworth Company®
Michael Goodwin, 212-508-9639