Change Financial granted Principal Issuer Licence by Mastercard, widening card program access for local banks and fintechs

Fintech Australia – Member Announcement

• Change’s principal issuer capability through Mastercard will allow the company to directly issue cards to clients in Australia
• Ability to tap into direct issuance allows smaller operators to bring their card programs to market faster by removing red tape
• Change also launches their Banking Identification Number (BIN) sponsorship in Australia

Australian-based global fintech and payments as a service (PaaS)  provider, Change Financial (Change), today announced the launch of direct issuing services for  prepaid and debit card programs in Australia. This offering will enable local bank and fintech clients  to offer a card program to consumers through the technology of both Mastercard and Change  Financial. 

Chief Executive Officer of Change Financial, Tony Sheehan, said card programs with this  depth of features have previously only been available to larger banks and fintechs due to the costs,  operational processes and scale required.  

“We are committed to making this technology accessible to Australia’s growing number of fintechs  and smaller banks, and this partnership is levelling the playing field for local companies, by allowing  them to access program features previously unattainable,” Mr Sheehan said. 

The partnership draws on the respective strengths of both companies, utilising Mastercard’s global  payment network and technology, to enable Change’s customers to create and launch prepaid and  debit card programs across the nation. 

“This is facilitating Change’s ongoing expansion by unlocking new lines of business and allowing  the company to create Mastercard programs and offer them to market on behalf of clients.” 

“In Australia, we continue to see fintechs, credit unions and mutual banks struggle to provide  modern technology solutions such as Apple Pay and Google Pay and this partnership will also  help bridge the gap and again level the competitive playing field.” 

“By outsourcing issuance, banks and fintechs can focus on their core business and leverage the  loyalty they’re known for, generating more customer satisfaction while creating new revenue and  data streams.” 

Change has also launched its Banking Identification Number (BIN) sponsorship offering in  Australia and New Zealand, enabling global companies without local issuing capabilities to access  Change’s principal issuing status with Mastercard. 

“By launching our BIN sponsorship offering, we are now able to act as an issuer for global  companies looking to operate in the region, which is a key advantage for these companies as they  can avoid the expense and administrative process of becoming an issuer in every region.” 

https://www.fintechaustralia.org.au/newsroom/change-financial-granted-principal-issuer-licence-by-mastercard-widening-card-program-access-for-local-banks-and-fintechs