NetSpend Corporation to Implement ERASE to Monitor Prepaid Card Activity to Detect Money Laundering and Fraud

NetEconomy, the global leader in financial crime management and compliance solutions, announced that NetSpend Corporation, the United States’ leading provider of prepaid cards, has selected its ERASE^® Compliance Manager™ solution to detect and report potential money laundering and fraudulent activities. 

A pioneer in the prepaid card industry, NetSpend was founded seven years ago and has grown to be a national leader, processing over $4 billion in card payments annually. NetSpend will implement NetEconomy’s ERASE Compliance Manager solution within the next several months to monitor upwards of four million transactions monthly in order to detect and report suspicious debit-card activity.

“We maintain an aggressive and comprehensive program of risk and compliance management to ensure we fully comply, and exceed wherever possible, all Federal (Patriot Act, BSA) and State regulations,” said John De Lavis, Chief Operating Officer, NetSpend. “Working with NetEconomy continues our effort to employ the best available measures to protect our partner banks, merchants and their customers from the risk of unlawful activity. We chose NetEconomy from the offerings we evaluated for its comprehensive and innovative features and its ease of deployment.”  

“NetSpend’s progressive approach for prioritizing and addressing these risks demonstrates a strong commitment to risk management and fighting financial crime within the prepaid card industry,” said Andrew Davies, US General Manager of NetEconomy. “We are delighted with NetSpend’s choice of NetEconomy.”

About NetSpend Corporation

NetSpend Corporation is the leading provider of innovative, accessible prepaid debit cards that enable financial freedom and growth for self-banked consumers. Grounded by a mission of financial empowerment, NetSpend is committed to meeting its customers’ financial services needs on their terms while offering the convenience, security and acceptance of conventional financial services. NetSpend’s proprietary processing platform is unique in the industry and allows it to support prepaid card programs end-to-end from customer acquisition and card fulfillment to customer service and risk management. The NetSpend^® Prepaid Card Network includes leading consumer brands and the foremost companies serving the un-banked and under-banked markets, and its strategic relationships include card issuers, EFT networks and payment card associations.  For more information, visit www.netspend.com.

About NetEconomy
NetEconomy is the leading provider of financial crime management and compliance solutions. With over 110 implementations across 48 countries, NetEconomy has an exceptional track record for developing and delivering highly effective and easily deployable solutions for anti-money laundering, fraud prevention and market surveillance. NetEconomy brings business value to its worldwide client base through its personalized customer approach for minimizing regulatory risk, delivering measurable results, and protecting corporate brand/reputation. NetEconomy is headquartered in The Hague, with offices in Boston, London, New York, Paris and Kuala Lumpur, and distributors and strategic partners across the Middle East, Caribbean, Europe, South (East) Asia and the United States. For more information, visit www.neteconomy.com.

Alison Holland

Marketing Director Worldwide

+1 508893 6066

aholland@neteconomy.com