Comerica wins Direct Express RFP
Comerica Bank, the incumbent issuer of the U.S. Treasury Department’s Direct Express prepaid debit card program to distribute benefits to Social Security recipients, will continue in that role under a new five-year agreement, according to a blog post published today on the department’s Website. MasterCard will continue as the payments network brand, a spokesman from Comerica confirms. Under the new agreement, Direct Express will provide new, lower fees and features—including a mobile app—but the blog post provides no other details. Xerox has been the processor handling Direct Express.
“We are pleased to continue our work as financial agent for the Direct Express card program,” Comerica tells Paybefore. “More than 5 million benefit recipients have enrolled for the Direct Express card, the overwhelming majority of whom are unbanked,” Comerica notes. The Treasury Department’s Bureau of the Fiscal Service, formerly the Financial Management Service (FMS) on Jan. 2 published an RFP for interested issuers.
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