IRVINE, Calif. — Competisys announced it has entered into a comprehensive financial-services agreement with Morgan Beaumont, Inc. (MBI), a technology solution provider to the stored-value and prepaid-card market and owner of the SIRE Network. Under the agreement, MBI will provide prepaid cards from Discover Network and other financial services through a kiosk network deployed by Competisys at the Mexican American Grocer's Association's (MAGA) channel of more than 120,000 grocery stores nationwide.
MAGA-affiliated stores that participate in the Competisys program will become part of the SIRE Network and will be equipped with advanced technology financial-services kiosks being acquired by Competisys from King Products and Solutions Inc. The kiosks will offer an array of financial services and other services that are designed to appeal to unbanked or underbanked customers.
"We will be introducing the prepaid cards via MAGA's channel of 120,000 grocery stores, where the Competisys self-service kiosks will be hosted," said William Prentice, chief executive of Competisys. "The self-service kiosks will also be SIRE Network locations, providing a convenient and secure alternative for conducting financial transactions. An estimated one-third of U.S.-born Hispanic residents and more than half of all Mexican immigrants lack bank accounts. This agreement will enable us to provide an important, underserved market with financial tools designed specifically for their purchasing and payment needs. By 2009, Hispanics will account for approximately $1 trillion in total purchasing power nationwide. We are projecting that we will be servicing the financial needs of several million consumers in the next three to five years."
As part of these agreements, Morgan Beaumont will be providing a variety of prepaid cards from Discover Network, including gift, payroll, remittance and general spending. Morgan Beaumont anticipates that the first shipment of Discover Network prepaid cards under this agreement will occur in August 2006. These financial services will be offered under the MAGA Banco el Mago trade name, which will be licensed to MBI for the purposes of this program.
