U.S. Bank announced the acquisition of FSV Payment Systems, a prepaid-card processing company, which will help the bank grow its prepaid offerings.
“The prepaid market has been a strategic focus for our business over the last decade and we are pleased to expand our capabilities and offer a fuller suite of prepaid services,” said Tony Vuoto, executive vice president of retail payment solutions at U.S. Bank, in a prepared statement. Terms of the deal were not disclosed.
In the past year, major financial institutions such as Chase, American Express and Fifth Third Bank have launched attractive prepaid cards to cater to consumers who prefer non-traditional means of banking.
Currently, U.S. Bank offers three general prepaid cards to consumers.