San Diego, Aug. 12, 2014 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE), the leading new multi-national Program Manager of B2B prepaid card programs, announced today that it has completed the development of a custom, prepaid open loop card aimed at supporting state and federal correctional agencies. Global Payout's general spend reloadable prepaid card will assist newly released inmates to re-enter society reasonably equipped with an inexpensive and multi-purpose financial instrument. Global Payout also announced, in connection with this recently completed product, it has received its first statewide contract featuring its MoneyTrac™ Prepaid Discover® The MoneyTrac Prepaid Discover Card is a general purpose reloadable prepaid card application that is a perfect solution to an important problem which gives released persons immediate access to financial services, ATM's, online payment capabilities, bank account-like services, money management tutorials, as well as immediate access to a pre-negotiated health care benefit program. This particular State Department of Corrections has designed a well thought out plan aimed at financial responsibility for released inmates and received program development and management recommendations from Global Payout.
There are over 10,000 ex-prisoners that are released from America's state and federal prisons every week and over 688,000 each year. The vast majorities of these released people do not have a bank account and will not gain access to one quickly or easily. The new, customized application of the MoneyTrac Prepaid Discover Card is designed to target these people in need by the 1,719 state correctional facilities and the 102 federal correctional facilities across the United States. This card program is a part of a greater effort and focused plan by state and federal correctional agencies to decrease recidivism rates by increasing their reentry and assimilation initiatives to provide newly released inmates a better chance at successfully transitioning back into their community. Recidivism rates, the measure of ex-prisoners return to prison, historically as high as 81%, are on the decline, at least in part, due to these important initiatives. Correctional agencies have come to realize, and studies have shown, that through education, support, and the provision of tools, Department of Corrections are creating the bridge that is consistently reducing recidivism rates while aiding ex-prisoners become conforming, law abiding citizens. Global Payout's newly developed prepaid card program is aimed at becoming a cornerstone component to the many ex-offender reentry initiatives now being developed across the country by these state and federal correctional agencies. While the name of the customer was not disclosed, Global Payout did state that it was a statewide Department of Corrections that was known for its leading and innovative initiatives.
The contract for this particular program is specifically designed to provide a released inmate with an extremely robust financial tool that will help them re-establish themselves in the community. Initial loads to the card will be derived from monies earned or received while incarcerated or balances remaining from the commissary. The MoneyTrac Discover Prepaid Card also comes with a free WellCard™ Health Discount Plan Card. In addition, Global Payout has created an online, custom card management site specifically designed for this program that will help each released inmate access their personal prepaid card account. The initial program is scheduled to be deployed within the next 30-60 days. Global Payout will earn revenue from the portion it receives from processors and issuing banks when the card is swiped or money is withdrawn. As the program grows, revenues are expected to become significant.
About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, is the leading new Program Manager of B2B custom and conventional electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout uniquely serves an estimated $3 trillion market with a secure, easier to use and lower-cost payment platform giving users competitive and comparative advantages over banks and other payments and remittance providers. The company's proprietary and fraud resistant Consolidated Payment Platform (CPG) solves fund disbursement and payment challenges by giving the user the ability to transfer money, disburse funds or make ACH payments from: corporations, member organizations, governmental and nongovernmental organizations, institutions, faith-based organizations, network marketing companies, unions and administrators of various types of financial aid and entitlement programs such as food stamps, health care benefits and academic related payments that need to reach "banked" or "non-banked" individuals, businesses, organizations or government agencies in any World Financial Task Force or OFAC compliant country.
Branded as MoneyTracTM, the CPG platform provides businesses, organizations and government agencies (and their cardholders or account holders) the ability to manage and monitor payments to and from "non-bank" accounts and eWallets online, and through a variety of prepaid debit card solutions issued via most major card issuers, as well as other customizable payment solutions. MoneyTracTM payment solutions enable these establishments to make payments to their cardholders or account holders with or without bank accounts, allowing both to possess and distribute funds in almost any country for payroll purposes, vendor payments, rebates and expense reimbursement and daily spending purposes while also providing seamless foreign currency exchange when/where applicable. Global Payout is also capable of including in these electronic payment platforms the ability to reload cards and/or transfer money to bank accounts, credit cards and debit cards worldwide. The CPG platform is a permission based API (application programming interface) and will also include mobile app capability in the near future.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
CONTACT: Global Payout, Inc. Investor Relations IR@GlobalPayout.com 1-800-594-4350
Source:Global Payout, Inc.