Offering Canadian businesses secure and efficient payments solutions
TORONTO, Feb. 25, 2015 /CNW/ - Home Trust, a wholly owned subsidiary of Home Capital Group Inc. (TSX: HCG), today announced that it will offer corporate and government payments solutions through an issuing relationship with Wave Crest Group Limited, a multi-currency digital payments provider.
With this new agreement, Home Trust will become the official issuer of Wave Crest's MyChoice and MyFare prepaid programs in Canada, which provide corporate payments solutions to businesses and governments.
The MyChoice card allows businesses to streamline commission, business, incentive, reimbursement and travel payments and control expenditures with enhanced convenience, flexibility, and security. Wave Crest's MyFare card caters to transportation fleet owners who want a more secure and efficient way to pay their drivers.
"We are pleased to announce this relationship and to be able to provide alternative payments solutions to Canadian business and government entities," said Martin Reid, President, Home Trust. "Working with Wave Crest solidifies our commitment to Canadian enterprises of all sizes by giving them access to a trusted prepaid payments option."
Benefits of a prepaid program for businesses and government agencies include:
- Reduced payment costs: with fewer paper and postage expenses, and eliminates the cost of reissuing lost and stolen cheques
- Improved end-user experience and global capabilities: thanks to more timely payments regardless of the cardholder's banking relationship, with funds available right away and in multiple currencies, and access to cash at more than 1 million ATMs
- Web-based administration: easy to use website allows businesses to make funds available to payees within minutes of payment confirmation
- Enhanced reporting and better compliance: businesses can track and manage expenses through a convenient online console
"We are excited to be teaming up with Home Trust to bring our corporate and government payments solutions to Canada," said Miles Paschini, Wave Crest group president. "We know how important it is for enterprises to cater to their employees, vendors and suppliers and with the rapid changes in banking among millennials, we anticipate that more and more individuals will look for alternative solutions, including prepaid cards."
About Home Capital and Home Trust
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba. For more information, please visit www.hometrust.ca
About Wave Crest
Wave Crest provides award-winning digital payment solutions to corporations and governments worldwide. Programs include business-to-business payouts, employee, student and taxpayer disbursements, mobile wallets, prepaid cards, lottery payments, pre-defined and custom offerings. Wave Crest Holdings Limited in Europe is a regulated e-money issuer and a principal member of MasterCard and Visa EU. Wave Crest Payment Services of the Americas, Inc. is a FinCEN-registered prepaid access provider, and an issuer of Discover Network prepaid cards. Visit us at www.WaveCrest.gi.
SOURCE Home Capital Group Inc.
For further information: Gerald M. Soloway, CEO, or Martin Reid, President, 416-360-4663, www.hometrust.ca