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MasterCard and Newcastle Building Society Bolster the Altair Technologies Prepaid Card Offering

Scheffer Group announces that it has taken over all the Prepaid Card business formerly controlled by Altair Financial Services International PLC, and is working with MasterCard® to ensure all card programmes issued by Newcastle Building Society continue to provide the highest standard of customer service. The wholly owned subsidiary of the Scheffer Group, Altair Technologies Limited provides a range of bespoke, white labelled Prepaid Cards including programmes such as Tesco and Caxton FX.

Prepaid Cards are loaded with funds prior to use and can be used for a wide range of payment purposes at 28.5 million merchant locations and over a million ATMs around the world, wherever the MasterCard acceptance mark is displayed.

On behalf of Scheffer Group, Director Terence Mitchell said: “We know that, particularly in this economic environment, our cardholders need to be reassured their service will continue seamlessly and that new applicants will be progressed in a prompt and efficient manner. That is why, along with our two major partners, MasterCard and Newcastle Building Society, we are committed to continuing to provide customers with a highly efficient and secure service. The management team are delighted that through our partners’ responsible and rapid approach, we have been able to seamlessly continue to provide exactly what the customer demands and look forward to expanding the business in the future.”

Collin Greaves, Operations Director at Newcastle Building Society added: “We are delighted to be working with the new owners at Altair Technologies Limited, the partnership is important to us and we are pleased it will continue. As ever, it is paramount to us in working with our partners that customers continue to receive the same efficient service, value for money and remain safe in the knowledge that all client funds remain protected and will not be at risk.”

Keith Hobbs, Head of New Business Development at MasterCard Europe, said: “MasterCard is working with Scheffer Group's management team to ensure that issues regarding the takeover of Altair are dealt with speedily and effectively with minimum impact on the cardholder.”

For more information about Altair Technologies please click here