ALTAIR SUPPORTS LAUNCH OF MODUS PAYROLL CARD

Altair Financial Services , 10th April 2008

Altair Financial Services International Plc (Altair), a leading prepaid card and transaction processing solutions provider, supported the launch of The OnePay Card, a payroll card for unbanked and migrant workers. The prepaid card program is aimed at the SME market, providing an alternative to paying staff by paper cheque or cash, making it easier to pay unbanked and under-banked employees such as migrant workers.
The card program was created in partnership with MasterCard® prepaid card issuer Raphaels Bank for Modus UK Limited, the specialist provider of payroll cards for UK employers and employment agencies.

Lee Britton, Altair CEO commented “We’re delighted to be working with Modus on the OnePay card. Their expertise in bringing together companies’ payroll systems with our prepaid card systems will provide huge benefits for employers and the functions of the card, particularly our SMS capability will make for ready acceptance from workers.”

The expansion of the European Union has brought an influx of migrant workers into the UK and many do not have local bank accounts. Responding to this demand, the OnePay Card offers a simple payment solution for both migrant and unbanked workers. The card is Chip and PIN protected, providing secure access to cash from ATMs and it can also be used wherever the MasterCard symbol is shown at merchants around the world.

Lee Hartley, Managing Director, Modus, comments, “This payroll card is aimed at SMEs making cash or cheque payments to migrant workers and the unbanked. The payroll card delivers a simple, secure, cost effective alternative to cash or cheques, bringing major benefits to both employees and employers.

“Employees avoid the additional fees and risks associated with cashing cheques or sharing bank accounts, as well as gaining access to balance checks and detailed transaction history, making it easier to manage their money. The cards can be loaded automatically with their wages, making it quicker and easier for businesses to pay employees. Staff will benefit from payments reaching their prepaid account in real-time, rather than waiting for cheques to clear.”

For employers, the OnePay card provides an effective method for payroll and HR managers to streamline their payroll payments. The key benefits arise through cost savings and reduced risks compared with paper-based payments or cash handling and payment administration costs.

To make it easy for cardholders to track their account, OnePay card uses the latest mobile technology from Altair Financial Services which enables cardholders to manage their accounts using their mobile phone. With a text message from a registered mobile phone, cardholders can check their balance as well as lock and unlock their card account to prevent any unauthorised withdrawals.

Mike Smith, Director at Raphaels Bank added “We were pleased to help Modus bring the OnePay card to market. There is a good opportunity in the UK for such a card and Modus has the right product and the right skills to help employers and employees with their payroll and wages. We’re sure the OnePay card will be very successful.”

About Altair Financial Services International Plc Altair Financial Services International Plc was incorporated in 2005 as a global provider of Prepaid Card solutions with enhanced functionality. Altair acquired established transaction processing company, Symmetrex, Inc. in March 2007. Altair is headquartered in London with banking and processing relationships in UK, USA, Asia Pacific and throughout the Latin America and Caribbean regions and issues on behalf of MasterCard® and Visa. Altair solutions are designed to be flexible enough to provide companies with almost any type of prepaid card functionality, including open and closed loop programs. Through its relationship with MasterCard® all Altair cards issued in Europe are based on Chip & PIN technology and are EMV standards compliant. Altair is a certified issuer and transaction processor of contactless (MasterCard® PayPass™) prepaid cards in the United Kingdom. For more information, visit www.altair-financial.com.

About Raphaels Bank Raphaels Bank is one of the oldest independent banking houses in the UK, established in 1787. The Bank is authorised and regulated by the Financial Services Authority, ensuring the Bank maintains the highest standards of integrity and security. The Bank offers a range of financial products for personal and business customers including current accounts, loans, trade finance, foreign exchange, notice accounts and fixed rate bonds. It has a specialist CFX team dealing with the needs of businesses moving money to or from the UK.

Raphaels Bank is a leading player in the emerging prepaid debit card market and is a principal issuing and acquiring member of MasterCard and VISA. Acting as a sponsor bank, Raphaels Bank offers opportunities to companies that wish to launch prepaid card programmes in the UK and other European countries. Raphaels Bank currently sponsors several innovative programmes including an insurance claims disbursement card for Norwich Union.

Raphaels Bank is a member of the LINK ATM scheme and has its own estate of ATM’s dispensing both Sterling and foreign currency. Raphaels Bank is expanding this network rapidly through relationships with other partners as well as identifying and developing its own new sites.

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