Nomad clarifies business with name changes

Europe's leading prepaid and debit payments processor, Nomad Software, is changing its name to Nomad Payments to reflect the company's success in the processing sector.

The fast expanding and very successful processing business launched two years ago will be known as Nomad Payments.

The long established and profitable software business which licenses the best of breed Cortex software will be known as Nomad Cortex.

Nomad Payments made huge advances in the prepaid market in 2006 with 40 new programmes introduced and nine additional customers live on prepaid projects.

Over the last six months Nomad Payments, a MasterCard approved processor, implemented open loop prepaid projects for companies such as IDT Financial Services, Tuxedo Money Solutions, Think Money, Chequepoint and CredEcard.

In addition Nomad Payments supports a wide range of debit programmes for customers such as the Bank of Ireland and the Islamic Bank of Britain.

One area where Nomad Payments achieved massive growth in 2006 was gift card programmes, which saw 11 new schemes go live in the final quarter of 2006.

Nomad Payments worked with four different programme managers on prepaid gift cards in 2006, demonstrating the company's ability to provide a solution to meet different requirements.

The company is currently working with a range of programme managers on delivering prepaid and debit solutions from its portfolio of services.

Nomad Payments Chief Executive John Yeomans commented: "We have changed the name of the company in order to more accurately reflect the offering of both licensed software and processing services.

"Those looking for partners are looking for those with a clear track record in card payments solutions and Nomad Payments' offering, where the company can act as a facilitator as well as a provider of robust, secure processing technology, is a clear differentiator.

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