Signs Gift Card Program with Germany-based MFI
Sydney, Dec 24, 2014 AEST (ABN Newswire) - Emerchants Limited (
ASX:EML) (EMCHF:OTCMKTS) (Emerchants) is pleased to announce that Store Financial Europe has continued its growth momentum with the signing of a multi-year agreement with MFI, a leading property developer and manager, headquartered in Germany and employing over 500 people.
MFI is a wholly owned subsidiary of Unibail-Rodamco (UNRDY:OTCMKTS), Europe's leading listed commercial property company specialising in shopping malls in European capital cities, with 83 shopping malls in the portfolio and a group asset portfolio of EUR 33.6 billion as at June 2014.
The MFI shopping mall gift card program will be launched on 2nd January 2015 and will be implemented in 25 shopping malls in Germany. The shopping mall gift cards will replace an existing paper-based gift voucher system that was previously in use.
The commercial terms of the agreement remain confidential however MFI will become the largest customer of Store Financial Europe in terms of total load value and we expect the program to be earnings accretive in FY16.
In commenting on the signed agreement, Mr Tom Cregan, Managing Director of Emerchants, said:
"The Store Financial Europe team has been diligently working on this relationship for some time and it's a pleasure to announce a new significant program with one of the leading shopping mall owners and managers in Germany. We would like to thank MFI for selecting Store Financial Europe and we look forward to working with them in the years to come".
"This agreement further entrenches our position as the market leader in the shopping mall prepaid market in Europe, where we will be managing over 142 programs by the end of Q3FY15."
About Emerchants Ltd
Emerchants Ltd (ASX:EML) (OTCMKTS:EMCHF) is a payments solutions provider of prepaid financial card products and services in Australia. By using its proprietary Secure Account Management (SAM) system, the Company provides its clients with innovative financial service payment solutions for reloadable and nonreloadable pre-paid card programs.
Emerchants' proprietary technology, processing capabilities and program management services offers clients more control and flexibility in managing corporate expense programs, funds disbursement, petty cash, per diems, emergency payments, disaster/welfare programs and many other individual and bulk payment scenarios. Emerchants partner with well-established banking institutions and card associations (eftpos, Visa) to ensure card programs are fully compliant, scalable and easy to implement for clients.
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