Clydesdale Bank plc (a member of National Australia Group) has joined with PrePay Technologies Ltd to create, deliver and service prepaid MasterCard debit cards for a wide range of applications. Clydesdale Bank is a member of Mastercard and therefore all the prepaid products of this alliance will carry the powerful MasterCard Maestro branding.

The alliance has already resulted in the launch of the Western Union Travel Cash Card. The product is a secure, pre-paid and reloadable cash card available in euros, US dollars and sterling, which is protected by a personal PIN. The card can be used at over 1 million ATMs displaying the Maestro(r) logo in nearly 210 countries and at over 9 million merchants, restaurants and outlets using the Maestro(r) network. It is available at independent travel agents or can be ordered online at www.wutcc.com.

PrePay Technologies and Clydesdale Bank also worked in unison to create a set of cards targeted to the large unbanked market. These cards will be released imminently.

Philippe Dufour, CEO of PrePay Technologies, commented, "We have been working with Clydesdale Bank for more than a year to create a number of exciting prepaid card products for the UK and European markets. Prepaid is coming into Europe fast and I am delighted that Clydesdale Bank recognised PrePay Technologies' expertise and knowledge in the field."

Dean Cutbill, general manager of Third Party Distribution, Clydesdale Bank, said: "The US marketplace has seen a rapid expansion in the provision of prepaid debit cards over the last five years and we anticipate this growth will be replicated in Europe over coming years. We are very excited by the prospects offered and are thrilled to be in partnership with PrePay Technologies in entering this new market."

About PrePay Technologies Ltd.

PrePay Technologies Ltd. is a market leader in designing and delivering host-based stored-value card solutions including prepaid debit, retail gift, corporate incentive and insurance claim cards.

From its data centres located in the UK, the company supports major programmes and manages several million stored-value card accounts for large brands such as Debenhams, Comet, Arcadia Group (Top Shop, Top Man, Burton, Miss Selfridge, Outfit, Evans, Dorothy Perkins, Wallis), Laura Ashley, Western Union and the Grass Roots Group.

PrePay Technologies is also the company behind Splash Plastic, a reloadable prepaid debit card targeted to the youth and unbanked markets. Since the programme was launched in 2001, more than 1m cards have been issued.

To succeed, PrePay Technologies has strived to develop a unique value proposition supported by three core activities;

- Programme design and integration

- Issuing and processing

- Compliance and regulation

MasterCard certified, PrePay Technologies is also FSA regulated and was the first company in the UK to acquire an Electronic Money Licence to issue E-Money across Europe.

PrePay Technologies' host-based platform authorise transactions on a real-time basis with zero floor limit and fits existing card acceptance processes with secure multi-channel processing.

PrePay Technologies focuses solely on the overall prepaid sector, giving it unrivalled understanding of the market and capabilities in developing it; this includes an in-depth understanding of the regulatory and operational frontiers, which vary greatly from the US model. For this reason, PrePay Technologies also manages all regulatory aspects including Financial Services Authority liaison and money laundering compliance.

PrePay Technologies is a privately held venture, with investors including GE Capital, www.gecapital.com , GRP Partners www.grpvc.com, Arts Alliance www.artsalliance.com and Sussex Place Venture www.spventures.co.uk.

For more information about PrePay Technologies Ltd please visit www.prepaytec.com

About Clydesdale Bank PLC

Clydesdale Bank was established in 1838 in Glasgow and has a proud history of innovation and support for Scottish industry and communities. With 2,800 staff and over 180 branches, Clydesdale is one of Scotland's largest banks. Clydesdale Bank became a part of the National Australia Bank Group in 1987.

About the National Australia Bank Group

The National Australia Bank Group is an international financial services organisation that provides a comprehensive and integrated range of financial products and services through our group of banks. NAB is one of the world's top 30 financial services companies with total assets of GBP180 billion. NAB serves 7.7 million banking customers and over 2.3 million wealth management customers.

Globally, the National is organised around regional businesses in Australia, Asia, the United Kingdom and New Zealand. These regions include the retail bank brands, National Australia Bank in Australia, the Bank of New Zealand, and the Yorkshire Bank and Clydesdale Bank in the UK.

Sources: Clydesdale Bank PLC and Prepay Technologies Ltd.

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