ATLANTA -- Financial technology firm InComm closed on a deal to acquire the distribution rights of American Express (AmEx) prepaid reloadable- and gift-card products in the United States. InComm also purchased the Serve technology platform from AmEx, which provides prepaid debit accounts.
InComm has become the program manager and processor, and AmEx will remain the issuer and network for all products involved in the transaction. "The addition of the American Express suite of products strengthens the already extensive portfolio of prepaid cards and technologies that we provide to retailers and consumers," said Brooks Smith, CEO of InComm.
Retailers should not see any drastic changes to the products under new ownership in the near future. “We have worked to ensure retailers currently offering American Express experience a seamless transition as we take over as program manager. As for our current retail partners, we’re excited to provide them the opportunity to start offering our updated designs of the American Express U.S. prepaid products in their stores during Spring merchandising resets,” a spokesperson said.
Additionally, InComm’s spokesperson confirmed the company does not plan to adjust or change the Serve technology platform at this time.
Scott Meyerhoff, COO and CFO of InComm, joined Georgia Gov. Nathan Deal to announce the creation of more than 150 jobs and an investment of more than $20 million in capital developments in Alabama and Columbus, Ga.
"In addition to being the No. 1 state for business, Georgia is now a recognized hub for the financial technology industry," Deal said. "InComm has contributed to that reputation as a valued member of our business community, and the company has experienced significant growth while utilizing Georgia's expansive resources for high-tech businesses. We appreciate the strength of this partnership, and we are confident that Georgia's highly skilled workforce and culture of collaboration will continue to provide InComm with the resources needed for a successful expansion."
With integrations into retailers' point-of-sale (POS) systems, InComm provides connectivity to a variety of service providers that allow consumers to conduct everyday business at more than 500,000 points of retail distribution. Whether those consumers are activating prepaid products, paying bills, using real-time discounts through a membership card, purchasing digital goods in store or adding funds to an online account, InComm provides gift-giving opportunities, caters to on-the-go shoppers, delivers added value through loyalty programs and serves cash-based consumers. InComm has 246 global patents. Its headquarters are in Atlanta and it has a presence in more than 30 countries.
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