Client demand has driven deVere Vault, the multi-currency e-money app, to launch Companion Cards, it has today been confirmed.
Users of deVere E-Money’s trailblazing app and its Mastercard Prepaid card, which allows clients to spend, receive, store and transfer money in up to 27 different currencies, can now add-on up to three cards that are linked to the primary account for family and friends.
Nigel Green, deVere Group founder and CEO, comments: “When it was launched last year, deVere Vault met a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.
“A significant number of existing deVere Vault users were so impressed by the value of managing, spending and receiving money anywhere in the world without hassle and excessive exchange rates, that they wanted to share the benefits with their nearest and dearest.
“As such, client demand has driven deVere Vault to launch Companion Cards.”
He continues: “Primarily, users were telling us that they wanted to give a card to their child or children for when they go out, or perhaps when they go travelling overseas, or to a spouse for living expenses or travel costs.
“We listened and developed Companion Accounts, which allow the primary account holder to control and manage the funds on the additional Vault Accounts all within their secure Vault app.”
“The companion then has all the associated advantages of having a deVere Vault card.”
Primary users can choose between ‘youth’ and ‘adult’ companion cards, either of which has its own spending restrictions. Primary account holders have total control over funding their subsidiary companion cards, and can only fund it via Vault-to-Vault transfers from the main account. The load of funds option is not available for Companion Cardholder, who can only receive loads from the primary cardholder (via Vault-to-Vault transfers).
The Companion profile and passcode is set up in-app by the primary cardholder, with an ordered physical card sent to the primary cardholder’s address with a Companion cardholder’s name as recipient. If you lose your card, or for any other reason you need to, as a Companion cardholder, you can freeze your card. However, only the primary cardholder can unfreeze it. A Companion Card requires the recipient to be over 13 years old for the youth product and 18 years old for the adult product.
The system on which deVere Vault operates has been developed in association with Global Processing Services. Suresh Vaghjinai, Managing Director at Global Processing Services, comments: ‘It is great to see how our GPS Apex issuer processing platform provides the flexibility for our clients to push their innovations. With the launch of the Companion Card, deVere are re-inventing how people can easily and securely manage finances, send and receive money with other members of their family anywhere in the world. It provides added peace of mind for the primary user in terms of ensuring a family member will always have necessary funds available and at the same time the card can be used to set a common family goal in terms of budgeting.’
The deVere CEO concludes: “deVere Vault is a revolutionary app that helps empower people, wherever they are, to achieve their financial objectives. The deVere Vault Companion Cards are pushing this exciting and in-demand proposition further still.”