Green Dot Bank Goes With MasterCard

MasterCard has been given the green light by Green Dot Bank.

Tuesday (April 28), the payments technology company announced that Green Dot Bank had named MasterCard its exclusive transaction processor and network gateway for all deposit accounts, including the bank’s debit card products.

As explained in a press release, Green Dot’s debit and prepaid products will be processed through MasterCard’s platform, called MasterCard Payment Transaction Services (formerly MasterCard Integrated Processing Solutions). MasterCard touts the platform as one that helps bring efficiency to businesses expanding their payments portfolios, with a focus on security and requiring a minimal infrastructure investment on the part of the companies.

In the release, Green Dot’s Chief Operating Officer, Kuan Archer remarked, “Our processing technology team has been working closely with MasterCard for the past 15 months on the integration of our two technology platforms. While certainly this project has required a significant amount of time and effort, we believe the ultimate end-state of having the most state-of-the-art, high-scale processing platform underpinning our current and future suite of modern banking products and mobile solutions will pay off in terms of our ability to create new, innovative products and services.”

“Green Dot Bank is one of the nation’s largest and fastest-growing debit card issuers and technology-forward financial services providers,” added Mike Manchisi, President of MasterCard Payment Transaction Services. “With that in mind, we’re thrilled to enter into this relationship. We look forward to working with Green Dot to help grow and expand their business.”

MasterCard noted in the release that the full migration of Green Dot Bank onto the MasterCard Payment Transaction Services platform is expected to be completed by the second half of 2016.