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Technology on the money: Fintech startups take root in South Florida

Wall Street may be the center of U.S. finance, but when it comes to the technology that makes the money flow, South Florida quickly is becoming a player. PsychSignal provides real-time social data for quantitative hedge funds seeking an edge. The Miami Beach startup, founded by James Crane-Baker, created a natural language processing engine that scans social media posts related to stock prices. Its technology parses millions of online conversations every day — including emotions — and then translates its findings into a numerical value designed to reflect traders’ bullish or bearish moods about specific stocks and other securities. NovoPayment’s founder and CEO Anabel Pérez launched NovoPayment in 2004 and has built it into a sizable venture that helps banks, retailers and the travel industry address payment bottlenecks common to Latin America, such as converting cash payments to digital, creating alternatives to credit-based payments, and interconnecting disparate systems and networks. Headquartered on Brickell with 280 full-time employees throughout the region, NovoPayment now works in five countries, with plans to expand into Chile. ClassWallet offers a digital wallet and e-commerce platform for school systems to disburse and track funds. Through ClassWallet, administrations, parents and vendors connect with teachers to fund supplies, technology and even field trips in a cashless, trackable process. Founder Jamie Rosenberg said ClassWallet’s user base grew over 400 percent last year and the platform is used by the Chicago, Newark and Broward school districts, among others. Rosenberg is no stranger to tackling school-funding issues. His first venture,, launched in 1998, is considered the internet’s first crowdfunding site. These young South Florida companies are in the red-hot fintech, or financial technology, sector. Mobile payments, Bitcoin technology, personal finance management, lending and crowdfunding are just a few of the flavors of South Florida fintech. While growth in the number of startups is difficult to quantify because startups launch, pivot and fail rapidly, South Florida programs to help fintech entrepreneurs have reported strong and growing interest. As the homegrown technology conference eMerge Americas launches its third annual event Monday, fintech startups and early stage companies will vie for investor attention along with hundreds of others from various industries. In South Florida and around the world, the fintech sector is gaining favor among investors as technology innovation ignites opportunities to expand financial access to those without bank accounts, ease mobile commerce, reduce fraud, save money for consumers and help them manage their finances. South Florida’s bustling banking sector, both domestic and international, and its gateway connection with the Americas make it a natural place for fintech to flourish, say entrepreneurs and experts. “Miami is the ideal place to converge and build out ideas that can export out into the region and still have the option of keeping [the firms] in the U.S.,” said Ray Ruga, founder of Fintech Americas, which runs a conference and programs connecting banks with fintech innovators. “Miami, as a financial center for the Americas, is an ideal location for developing fintech.” Wayniloans, which is part of the Venture Hive accelerator in downtown Miami, is a peer-to-peer lending platform based on blockchain technology, the technology that underpins the digital currency Bitcoin for the Latin American and U.S. Hispanic market. To bring access to credit for the unbanked and underbanked, Wayniloans makes financial solutions more efficient and transparent for borrowers and lenders, said Matias Wohlgemuth, Wayniloans’ CEO for the U.S. Datil provides e-billing, accounting and payment tools for the more than 13 million micro and small merchants in Latin America. “We partner with banks such as Banco Pacífico in Ecuador to offer customized financial services, including loans and merchant accounts, based on their Datil profile,” said Eduardo Raad, Datil’s CEO, which is also part of Venture Hive’s accelerator. Then there’s YellowPepper, a Miami-based mobile payment and mobile banking company focused on the Latin America market. Last year, YellowPepper raised $19 million in venture capital for a total of $34 million; recently it launched a number of mobile payment applications based on its proprietary Yepex platform in Mexico, Colombia and Ecuador. “We’re adding new banks and merchants all the time. In Colombia, we have [enabled] about 145,000 merchants — about half of the country,” CEO Serge Elkiner said. “In Ecuador, we already have about 10,000 merchants enabled. And we have 150,000 users in both countries.” YellowPepper, with about 65 employees globally, is just getting started in Mexico but has already enabled 30,000 merchants with a plan to have 150,000 on the platform by September, he said. The company is planning to enter Peru this year. “If you work with Latin America, Miami is definitely a key geographical location. ... All of the headquarters for the region for every large bank, VISA, Mastercard, AmEx, everything is in Miami,” said Elkiner. “If I was developing a fintech company in the U.S., I’m not sure I would be in Miami.” Nationally and globally, however, fintech has been hot. Venture funding in the U.S. fintech industry reached $21.6 billion last year, the highest level since 2000, according to the Wall Street Journal and its Dow Jones VentureSource research. CB Insights, a data analytics research firm focused on private companies, said 894 ventures capitalists were active in the fintech sector last year, up from 223 in 2010. CB Insights also analyzed where top venture capitalists in fintech are placing their bets: payments, personal finance management and lending. But recently, there are signals the fintech explosion may be slowing. The Wall Street Journal reported recently that in the fourth quarter of last year, venture funding into fintech startups fell by 20 percent in dollars and 11 percent in the number of deals. Of course, investment in the broader sector is swooning, too. Stock prices for LendingClub and On Deck Capital are down in 2016; LoanDepot and Elevate Credit postponed IPOs in the last six months. But that slowdown could be shortlived. For example, a January report by Autonomous Research, an independent financial services research firm, estimated that digital lenders would together triple to about $100 billion in loans globally by 2020 — amounting to 10 percent of the total market for small business and consumer loans. More than 2,000 firms globally now compete in digital lending. The authors said they expect some fallout — some will fail and others will be acquired by traditional financial services firms. To be sure, fintech brings its own set of challenges. Fintech companies generally work in regulated industries; in Latin America for instance, each country has its own regulatory system, Ruga said. “The Americas continues to be an under-appreciated opportunity in fintech. It’s a difficult region and it is viewed as forbidding — you almost have to redo your plan for each market — and that makes it challenging. But the fact that 50 percent-plus of the population is unbanked, there’s $1.6 trillion in GDP, more than 550 million people, 60-70 percent smartphone adoption — all of the elements are in place,” he said. “It’s where the opportunity lies.” Payments, lending and electronic wealth management — known as robo-advisory — offer big opportunities in the region, Ruga said. “Most of these fintech companies are coming at this to disrupt and take business away from the banks. But the big thing that these young companies need is money and scale.” Some are partnering with banks, which get the agility of the innovation, while the innovator gets the clients of the bank, Ruga said. “If they can split revenue, it is a win-win.” There are challenges domestically, too. Crane-Baker said his PsychSignal team worked more than three years developing the technology and platform before rolling it out in 2014. The chief challenge, Crane-Baker said, is the need to move slowly to establish credibility. “Fintech is a special fickle beast. You are not going to get overnight successes. We do the opposite of what most startups do,” said Crane-Baker, referring to the oft-quoted “fake it till you make it” advice to move fast and try things before investing a great deal in the technology. “We’ve moved very slowly and deliberately to establish a reputation. We don’t monkey around. If you do that … you will get caught with your pants down.” PsychSignal’s first client was a large hedge fund that used PsychSignal’s data for about nine months and then became an investor in the company. “That’s the greatest endorsement,” Crane-Baker said. Miami makes sense as a base, he said, because of the presence of wealth. In fact, PsychSignal’s competitor, iSentium, has an office here, as does BattleFin, which run events and competitions for quantitative traders and big data. "Miami seems to be shaping up to be a hotbed of financial data startups,” said Crane-Baker, who was a successful Wall Street trader in the ’90s before he got the itch to start a tech company. “New York’s expensive. You can build your technology down here, the weather’s awesome and there are a lot of people who are involved in finance. Our chief quantitative scientist is down here.” Finding the talent base locally is harder here than in California or New York, said Marcos Cordero, CEO of Gradvisor, a college-savings platform offered to employers as an employee benefit. “But I also think Miami has developed a very supportive technology community where here you can gain access to a lot of individuals that provide mentorship, guidance and connections,” he said. “My love for Miami and everything that it has to offer outweighs the challenges of starting a domestically focused fintech company here.” Meanwhile, local entrepreneurship programs aim to accelerate promising South Florida fintech companies as part of broader regional efforts to support and nurture entrepreneurship and technology innovation. Recently launched is Miami Fintech Forum, an initiative led by Citi and entrepreneurship support and funding organization Village Capital and Florida International University. Eleven financial technology startups were selected to participate in a yearlong program, which will include education, mentorship from the Small Business Development Center at FIU and experts from Citi and Village Capital and access to capital. The program kicked off in February with a full-day pitch event that included coaching. Winners were VestMunity, a newly launched real estate crowdfunding platform founded by local entrepreneur Yemani Mason, and DocuVital, which focuses on end-of-life planning; each received a $10,000 grant. Other fintech companies participating in the program are FlyScan, Gradvisor, MedXoom, Mosaic Money, OneCloud, Qbit Solutions,, Tip N’ Go and Settleitsoft, a Miami Herald Business Plan Challenge finalist this year. At the Forum’s inaugural event, Natalie Abatemarco, managing director of Citi Community Development and Inclusive Finance division, said Citi’s partnership with Village Capital will open other doors for these companies. The program aims to level the playing field for entrepreneurs in underserved communities, she said. “We want to help businesses to scale and help get communities the resources they need in order to survive, to thrive and really revitalize,” she said. Citi has also been holding regular fintech meetups in Miami and has held past Citi Mobile Challenge contests here. Another local initiative is designed to link fintech innovators and the local banking industry. Called Fintech Americas, the organization holds an annual conference, scheduled for September, and a series of events, said Ruga, whose company produces the conference. “We’ve evolved the program ... to helping smaller banks transition into fintech-like companies that can compete moving forward,” he said. That includes helping them learn how to partner with fintech disruptors. “We’re in the midst of a massive industry transformation and all the players are going to need to adapt to a new and different reality.” Fintech is a key focus of Venture Hive. The downtown Miami-based entrepreneurship education company runs a technology startup accelerator that focuses on industries tied most closely with South Florida’s economy. Fintech was added in 2014 by popular demand, said Venture Hive founder Susan Amat. Fintech companies Wayniloans, DocuVital and Datil as well as Quotanda, Waleteros and Moocho call Venture Hive home, Amat said. Some of Venture Hive’s fintech companies are focused on the unbanked, remittances and other financial solutions. Miami’s diverse population, financial services industry and geography offer access to LatAm and U.S. opportunities, she said. “Part of the challenge for South Florida is if you are doing a [business-to-consumer] play, you need a lot of marketing money to roll out. That’s an issue,” Amat said. “But we have companies that are able to do that. ... For companies that want to partner with banks and do the B2B route, Miami is the obvious place for them.” For South Florida to become the hub for fintech for the Americas, financial institutions need to change their internal cultures to be agile so they can integrate new solutions, Amat said. “Then they need to come to the table and try new things and offer pilots to startups, creating trust. It’s not about hackathons or competitions — just give startups the opportunity to have a happy client.” Pérez of NovoPayment, who was chosen as an Endeavor entrepreneur in 2014, thinks the emerging fintech industry here needs to be promoted by community leaders and that there needs to be more collaboration with the universities and closer ties with Silicon Valley. But more importantly, companies here need to continue to work hard and produce success stories. “There’s no magic solution, there’s no shortcut to succeed,” Pérez said. “We need to work hard and deliver.” Financial technology startups are launching solutions for mobile payments, lending, bitcoin and more in South Florida...
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Miami Companies Join Endeavor’s Network of High-Impact Entrepreneurs

Endeavor Miami announced today that Anabel Perez, Co-founder of NovoPayment and Kairos Founder, Brian Brackeen, are the latest additions to its portfolio of selected Endeavor Entrepreneurs; they join six other previously selected Miami entrepreneurs. The new additions were chosen by panelists at Endeavor Global’s 56th International Selection Panel (“ISP”), which was held in Miami from December 8-10th. The three Miami entrepreneurs join a total of 40 high-impact entrepreneurs representing 22 companies in 13 countries, who were also selected at this panel. To celebrate the incoming entrepreneurs, Endeavor Miami hosted an event at the New World Center last night, bringing together all ISP participants, Endeavor Miami entrepreneurs, Board Members, mentors, as well as top leaders from the Miami community. NovoPayment connects banked and unbanked individuals with multiple institutions across the Americas. It provides consumers with increased access to cashless payments, and provides companies with the infrastructure to deploy their own prepaid and mobile wallet programs. “Endeavor Miami mentors have really challenged me to think bigger,” said Anabel Perez, and “I’m thrilled to be recognized as an Endeavor Entrepreneur”. “I’ve been pursuing the opportunity to be part of this selected group of high-impact entrepreneurs and I’m thrilled not only to make it big but also to build Miami”, said Brian Brackeen. Kairos provides clients with an affordable facial recognition API that allows them to recognize individuals in an easy, secure, and accurate way. Kairos’ 2D to 3D facial recognition software verifies peoples’ identities with 99% accuracy. Endeavor Miami board members and mentors are really active helping entrepreneurs strive. During this ISP, Board Members Maurice Ferré, Sean Wolfington, Andres Moreno, and Ernest Bachrach along with Endeavor Miami mentors Gustavo Cisneros, Jocelyn Cortez-Young, Daniel Heise, and Lisa Raggiri, participated as panelists interviewing entrepreneurs from 15 countries of the Endeavor world. Endeavor Miami Co-Chair, Adriana Cisneros, who participated as an observer said: “We’re excited to close this year with two more companies – which along with the other six companies we had already selected, will play an important role representing Miami and building its entrepreneurial community”. Endeavor’s International Selection Panel is the culmination of a rigorous selection process, where panels composed of top business leaders interview candidates about their businesses, high-impact leadership potential, and timing. In order for an entrepreneur to be selected, they must receive unanimous vote from all six panelists. Endeavor Miami launched its operations on September 2013 with the support of the John S. and James L. Knight Foundation and a very active local board of business leaders, each of whom believes that high-impact entrepreneurship can transform Miami. “The strength of ideas and enterprise in Miami continues to grow—both within the city and beyond its borders,” said Matt Haggman Knight Foundation program director for Miami. “These new additions to Endeavor’s global network, along with those selected previously, reveal this potential and provide a view into the future of Miami as a high-impact innovation hub.” Endeavor Entrepreneurs receive targeted services including mentorship, access to capital, access to markets, as well as access to talent. For more information on Endeavor Miami or to nominate entrepreneurs, please visit
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Version 2.0 Launch of Web Interface for Enterprise Customers

NovoPayment, Latin America’s leading payments technology services company providing stored value/prepaid program design, implementation and Platform as a Service (PaaS), today announced the launch of its latest cloud-based management application for enterprise customers, Conexion Empresas 2.0 (CE 2.0), or enterprise connect 2.0 in English. The application provides multinationals greater functionality and control in their stored value cash management and disbursements. The company noted that CE proved particularly attractive among multinationals with varying personnel who travel frequently, such as airlines, hospitality, transportation companies, as well as businesses with decentralized reporting and approvals processes. "Today, payments need to be easy, secure and available 24/7 to the cash management, treasury, procurement and HR teams entrusted with administering them," said Anabel Pérez, president and CEO of NovoPayment. "CE 2.0 streamlines tasks with enhanced features and interfaces, providing enterprise users a single, ERP-integrated system that’s secure, controlled and responsive to business realities," she said. Highlights of CE 2.0 include: Multiple languages and currencies: Users can employ three languages (English, Spanish, Portuguese) and seven currencies (USD, ARS, BRL, COP, MXN, PEN, VEF) with others to follow, in addition to capturing country-specific tax information. Increased management and operational control: Related entities can now be associated to a single business group, allowing enterprise customers to employ and administer different products for individual companies and employees while improving overall cash flow and liquidity. ERP integration: CE 2.0 now integrates with more ERP systems including SAP, Oracle and Microsoft GP Dynamics, boosting efficiency, establishing greater control and real-time processing. Better security: Master users overseeing separate business units can tailor access levels and user profiles within a particular company or group of affiliated companies for a variety of transactions, including account creation, loading instructions, online or batch authorizations, reports, service orders, event notifications and delivery points. Reports and analytics: Reports include MasterCard® and Visa® cards issued by program, reload and user activity, processing status, expenditures by category, transaction history, future reloads and daily balances. In addition, users can download reports to PDF, email or export to a spreadsheet. Multiple device interfaces: Managers and end users can also download distinct applications for iPhone® and iPad®, Android® smartphone and Android® tablet, as well as Blackberry® via their respective stores. Conexion Empresas 2.0 is currently available via program managersTebca and Servitebca or as a white-labeled offering through NovoPayment...
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LATODO MasterCard Named Winner in Seventh Annual Paybefore Awards

Paybefore has chosen the LATODO MasterCard, powered by NovoPayment, the leading payments technology services company in Latin America, as a 2013 Paybefore Awards winner in the Most Effective Prepaid/Emerging Payments Solution category. The program was launched by Servitebca Peru in April 2011 with the support of Interbank, one of the country's leading financial institutions. "We believe that prepaid/stored value provides a win-win model for the vast number of unbanked and underserved Peruvians that exist today," said Anabel Pérez, President and CEO of NovoPayment. "These individuals, particularly in densely populated urban centers, are surrounded by a modern payments infrastructure that, for the first time, they can now access through LATODO, which includes mobile apps and SMS capabilities, among other features." "Paybefore Awards, in its seventh year, is the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. LATODO MasterCard was selected by a panel of five industry experts who served as judges for this years' competition, which – once again – included a record number of entries from around the world. Paybefore Awards were created to honor the companies and individuals that are at the forefront of innovation as well as successful market implementation across the globe," said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel. "It's a dynamic time in electronic payments as companies like NovoPayment and Servitebca Peru continue to innovate to solve payments problems." Marilyn Bochicchio, Paybefore's CEO, commented further, "As the world changes, so do the payment and money management needs of individuals, businesses and government agencies. The Paybefore Awards recognize the organizations that use financial services to make people's lives better, which is why it is so exciting for us to honor those who champion innovation and excellence." The LATODO MasterCard is NovoPayments second GPR program in the region and the foundation for a new breed of payments ecosystems based on stored value. The program is one that the company expects other local players to soon join, and whose model it hopes other markets will notice and want to replicate. LATODO is available in 2,500 outlets in Peru through a proprietary reloading network called, AKI, a play on the Spanish word aqui, which means "here."...
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First Reloadable Program for Peru’s Unbanked

NovoPayment, Latin America's premier prepaid card service provider, recently revealed its role in the design and delivery of Peru's first general purpose reloadable (GPR) program aimed at serving the country's unbanked population. LATODO MasterCard, launched in April by Servitebca Peru, is NovoPayments second such program in the region and the foundation for a new breed of payments ecosystem based on stored value –a program that the company expects other local players will soon join and whose model it hopes other markets will notice and want to replicate. "Connecting those who lack a traditional banking relationship with a modern payments and services infrastructure has always been a key objective," stated Anabel Perez, NovoPayment's co-founder and CEO. "Together with our partners, we are pleased to bring this offering to the Peruvian market and to provide another working example of how prepaid can provide the on-ramp to financial inclusion and a vehicle to reduce costs for those that serve the unbanked," she added. NovoPayment's Platform as a Service (Paas) capabilities fulfill LATODOs technical and financial processes and requirements from card sales to clearing transactions to compliance and customer service. This is the second GPR program NovoPayment has launched in the region, having already introduced the Plata card program in Venezuela in 2005....
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FleetCor Acquires Assets of NovoPayment in Mexico

  FleetCor Technologies, Inc. (NYSE: FLT), a global provider of fuel cards and specialized payment services to businesses, today announced that it has signed definitive agreements to acquire the Mexican assets of NovoPayment’s subsidiaries Tebca and Servitebca. With this acquisition, FleetCor will increase the size of its fuel and food card client portfolios in Mexico. Headquartered in Miami, Florida, NovoPayment is a leading provider of prepaid card programs in Latin America, with operations in Venezuela, Peru, Colombia, and Mexico. Operating locally as Tebca and Servitebca, the company has been serving clients in Mexico since 2009. Anabel Perez, NovoPayment’s president and chief executive officer remarked, “While we believe the Mexican prepaid card market has tremendous potential, we have made the strategic decision to focus NovoPayment’s efforts on our service provider business. We are very pleased to be working with FleetCor on this transaction, and believe that Tebca and Servitebca’s Mexican clients and employees will find a great organization with FleetCor.” Ron Clarke, FleetCor’s chairman and chief executive officer commented, “We are delighted to announce this deal with NovoPayment, as we continue to execute on our strategy to expand our position in ’emerging’ payment markets.” Terms of the transaction were not disclosed, and the strategic acquisition will not have a material impact on FleetCor’s financial results....
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“62%” of Mexico City HR Directors Unaware of Rules on Food Benefits

NovoPayment, Latin America’s leading prepaid program manager and service provider, announced the results of a study that reveals the need to inform Mexican companies of the benefits of recent legislation designed to promote food benefits for workers, and identifies opportunities for electronic benefits transfer (EBT) programs based on network branded prepaid. The study, commissioned by NovoPayment subsidiary Tebca and conducted by TNS Research International, surveyed human resource professionals in greater Mexico City regarding their awareness of key aspects of the Nutritional Assistance Law (LAAT by its Spanish acronym), the penetration of food vouchers in their companies, processes for administering existing programs and satisfaction. The study indicated that 62% of those surveyed had never heard of the new law. Among those respondents who knew of the law, 66% did not know that the LAAT provided fiscal benefits to companies, and 88% were unaware whether the food support benefits could be delivered in cash (they cannot). “There is a significant opportunity to inform companies about the fiscal benefits of the LAAT and the impact that modern payment systems can have on their organizations,” said Anabel Perez, President and CEO of NovoPayment. “With network branded prepaid cards, companies can easily and securely administer benefits and other payments, and employees can have the freedom to choose among nearly 500,000 points of sale nationally,” she added. The findings also highlight opportunities to differentiate prepaid food and meal programs from older, more established alternatives such as paper vouchers through improved processes, greater convenience, cost efficiency and security. Tebca Mexico launched Bonus Alimentación® MasterCard, the country’s first network branded prepaid EBT program, in 2010. The program is designed to assist public and private organizations in distributing food and meal benefits to their employees. By 2017, prepaid products in the food voucher category in Mexico are estimated to represent a business opportunity of US$ 8 billion in transactions. NovoPayment provides prepaid solutions and services in Latin America through its subsidiaries Tebca and Servitebca. Tebca provides food benefits via branded prepaid payment solutions through the Bonus Alimentación® and Provis® Alimentación card brands. Servitebca provides an array of other prepaid solutions targeting businesses, government organizations and consumers, including Plata® Compras, Plata® Gasolina, Plata® Clásica and Plata® Gift....
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NovoPayment Takes Home Two Paybefore Awards

Miami-based NovoPayment, Latin America’s premier prepaid program manager and service provider, and its subsidiary Servitebca® Mexico were honored at the 5th Annual Paybefore Awards in Orlando on Monday, taking Best in Category for their Plata Promociones program as well as the 2011 Industry Achievement Award for its CEO, Anabel Perez. Plata Promociones won in the category Best Corporate-Funded Prepaid Incentive, Reward, Rebate or Loyalty Program. The Paybefore Industry Achievement Award is given to the individual who has made the most significant contribution to the success and progress of the prepaid industry during the past year or over many years. The awards are the company’s fifth and sixth Paybefore Awards, respectively. Now in their fifth year, the Paybefore Awards are the most prestigious recognition of excellence in the worldwide prepaid and stored value card industry. The awards are presented annually at Prepaid Expo USA by Paybefore, the leading source of industry information for the global prepaid community. “NovoPayment and Servitebca Mexico have distinguished themselves in a tough field of competition,” said Marilyn Bochicchio, master of ceremonies for the Paybefore Awards and one of five expert judges for this year’s awards. “We are also proud to recognize Anabel’s contributions. She’s been a tireless advocate on behalf of the industry and financial inclusion, and serves a mentor to a new generation of professionals,” she said. Plata Promociones MasterCard® (Plata Promotions in Spanish), part of the company’s suite of corporate prepaid solutions, is a branded, turnkey program designed to help marketers of consumer and electronic goods execute contests, sweepstakes and other promotional initiatives in Latin America, using branded prepaid cards. The program streamlines the often difficult and costly process of delivering prizes to Latin American consumers. Anabel Perez is President and CEO of NovoPayment and oversees the development and operation of end-to-end prepaid programs in partnership with financial institutions, mobile operators, utilities, government agencies, retailers, microlenders and consumer goods and services companies. Since co-founding the company in 2004, she has directed its expansion to include operations in five countries, and today NovoPayment has the largest branded prepaid portfolio in Latin America of any non-bank....
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NovoPayment & MasterCard Offer Solution on Meal Electronic Vouchers

NovoPayment subsidiary, Tebca Mexico and MasterCard, leading providers of branded prepaid card solutions and payment systems respectively, launched Bonus Alimentación® MasterCard, a corporate prepaid program designed to assist public and private organizations in distributing food and meal benefits to their employees in a safe and convenient fashion. By 2017, prepaid products in the food voucher category in Mexico are estimated to represent a business opportunity of US$ 8 billion in transactions. Adopting of these products allow businesses to take advantage of certain tax incentives. “Administrating benefits through a prepaid program is a best practice. Electronic prepaid cards provide a secure platform for government entities and businesses of any size to increase efficiency and demonstrate their commitment to their beneficiaries and employees by helping them improve their quality of life and providing them modern payment tools,” says Anabel Pérez, President and CEO of NovoPayment. Bonus Alimentación® MasterCard cards can be issued in the traditional Despensa or Restaurante format (strictly for use in restaurants) and can easily be adapted to the specific requirements of each company and to changes in local food benefits legislation. With these cards, employees have the freedom to choose among more than 100,000 food and meal establishments nationally. “MasterCard food vouchers are safer and more reliable than paper vouchers for managing benefits and they are easier to administrate. This represents attractive advantages for companies, employees and establishments,” highlights Patricio Hernández, VP of New Business Development for MasterCard Latin America and the Caribbean. “In addition, MasterCard is backed by a solid technical infrastructure that gives all players access to a broad network of establishments,” he added. The funds loaded onto Bonus Alimentación® MasterCard prepaid cards do not expire and, unlike traditional paper vouchers, they can be used to purchase in exact amounts. In addition, the beneficiary can keep track of the card’s balance and transaction history 24/7 through a call center or via the Internet. The program also allows businesses to reduce administrative and financial costs, brand and personalize cards with the company and beneficiaries names, and reload cards easily and immediately through the “Tebca Online” platform. Tebca is the company created by NovoPayment for the management of its food benefits payment programs in Mexico. “The support provided by Tebca’s online platform is a key advantage in the issuance and management of food vouchers. Among other features, it connects with the companies’ payroll systems, allowing employers to administrate the program directly,” said Pablo Henonin, General Manager of Tebca and Servitebca Mexico. Bonus Alimentación® MasterCard cards are very flexible, making them the ideal way of paying variable incentives like raises, annual bonuses, and meal expenses, among others. This prepaid solution has been implemented in Peru and Venezuela since 2005, where thousands of employees have experienced the advantages of using electronic vouchers on a day-to-day basis....
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