Green Dot Processor Migration Project At Halfway Mark

Green Dot announced yesterday (March 31) that it has successfully migrated nearly 50 million account files to the MasterCard Payment Transaction Services (PTS) processing platform.

This second planned conversion wave involves an additional 15 million accounts and was completed earlier in March. Prior to this wave, the files successfully migrated numbered around 35 million. The two-year processor migration project is part of a technology development plan that’s been occurring between Green Dot and MasterCard PTS.

There are roughly 50 million account files remaining, which are expected to be migrated over the course of 2016.

“The goal of migrating our customer accounts to the MasterCard PTS platform is to allow Green Dot the opportunity to take advantage of significant technology improvements and material cost savings inherent in the MasterCard PTS platform design, enabling Green Dot to efficiently fulfill its mission of reinventing personal banking for the masses,” said Hugh Meadows, Green Dot’s SVP of bank operations.

Through its wholly owned subsidiary, TPG, Green Dot is the largest processor of tax refund disbursements in the U.S. Green Dot’s products and services are available to consumers through a large-scale “branchless bank” distribution network of more than 100,000 U.S. locations, including retailers, neighborhood financial service center locations and tax preparation offices, along with online and in-app stores through leading online tax preparation providers.