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Espirit Financial Group and Credit Card Solutions form prepaid card alliance

May 25, 2007 (Datamonitor via COMTEX News Network) --
Esprit Financial Group has announced that it has retained the services and will be joining forces with Credit Card Solutions UK as part of a strategic alliance to offer foreign denominated debit and prepaid credit cards, as well as advanced electronic funds transfers, to financial institutions in Asia, South America and Africa.

Under the terms of the agreement, Espirit will pay an initial set-up and administration fee of $75,000 in cash to the UK company for provision of the back-end services. Looking forward, Credit Card Solutions will then manage the processing services and payment system infrastructure for the financial services being offered in these markets.

Esprit CEO Garr Winters commented: "We are continuing to bring operational capabilities online within the AEFM division. This specific alliance will allow Esprit to execute contracts for these services within our targeted geographic and industry target markets. It brings the division significantly closer to generating revenue streams from these particular financial services."

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