An agreement has been signed between Valitor, the Iceland-based issuing and acquiring services provider, and Caxton FX for the issuing of prepaid cards using multi-currency eWallet technology within the UK market.
The new card system is the result of a product development project in collaboration with MasterCard and Caxton FX, a UK-based foreign exchange and currency card provider.
The technology, which was designed by Valitor, is an electronic wallet that manages the user’s money and provides a real-time overview of the total available balance and the status of each currency in the wallet. This allows users to easily manage different currencies on their travels.
According to Valitor, the wallet also enables users to use the card even if they do not have the required amount in the relevant currency, provided that they have an equivalent amount in other currencies – a user can have up to 15 different currencies in the wallet.
The arrangement between Valitor and Caxton FX is for Valitor to issue the cards through its MasterCard licence and manage permits and settlements with MasterCard. Valitor also manages the status of the eWallets and links them to the relevant card, as well as designing the software system on which all information processing and management is based.
“Our own software solutions provide the grounds for Valitor’s competitiveness. It is extremely encouraging to see how well they compare with international developments in progressive technology. This ambitious joint venture with Caxton FX and MasterCard provides us with a new and interesting opportunity on the UK market, which is one of our main markets in Europe,” explains Viðar Þorkelsson, CEO of Valitor.
Caxton FX then markets the cards, sells them in the UK market and manages currency purchases for the card, as well as handling all services and direct communications with cardholders.
Managing Director of Caxton FX, James Hickman comments, “We attach great importance to providing Caxton’s clients with high-quality, secure and valuable services. In order to maintain our leading position in currency cards, we need to work with companies, such as Valitor, who share our ambition and vision in creating innovative, flexible and progressive solutions.”
For more information about Valitor’s services, visit www.valitor.com