Business Services Industry
Clarity Payment Solutions Powers the Rush Visa Card - a Prepaid Payment Solution Offered by UniRush Financial Services a Russell Simmons Company
Business Wire, March 25, 2003
Business Editors
NEW YORK--(BUSINESS WIRE)--March 25, 2003
UniRush Utilizes Clarity's Advanced Payment Platform to Provide a Cost-Effective and Convenient Prepaid Electronic Payment Solution
Clarity Payment Solutions, Inc., a leading developer of prepaid electronic payment solutions and processor of payment transactions for emerging and specialty markets, today announced that its payment platform powers the newly introduced Rush Prepaid Visa(R) Card, an innovative financial product offered by UniRush Financial Services, a Russell Simmons venture.
There are an estimated 48 million households in the US without traditional relationships with financial institutions. These consumers are routinely challenged with the high fees associated with maintaining a checking account or cashing their checks at check-cashing establishments. These individuals do not have the convenience afforded by a credit or debit card, significantly limiting their ability to engage in activities such as staying at hotels, renting cars, buying online, and withdrawing cash at ATMs. Russell Simmons and UniRush recognized the need to provide this segment of the American population with a convenient and cost-effective payment solution.
"We feel that all consumers deserve instant and equal access to their money without the inconvenience and excessive costs of cashing checks at traditional check-cashing establishments," said Russell Simmons, founder and chief executive officer of Rush Communications. "Clarity enables us to offer Rush Card users the equal access and low cost financial services our customers deserve."
The Rush Card(R) is a prepaid debit card that provides individuals with a cost-effective and convenient method to access funds through the Visa network. Clarity provides UniRush with an end-to-end payment solution for the Rush Card that includes card issuance, transaction processing, fraud and risk management and complete administration and reporting capabilities.
"We needed a payment solution that provides convenience and flexibility, as well the back-end administration and reporting tools necessary to manage a program of this magnitude," said Craig Marshall, chief operating officer of Rush Communications. "Clarity was able to provide us with an end-to-end solution."
"We are very excited to be working with Russell Simmons and UniRush," said Jonathan Weiner, president and chief operating officer of Clarity Payment Solutions. "As a leading developer of prepaid electronic payment solutions, Clarity was able to provide UniRush with an end-to-end solution that is entirely customized and cost-efficient."
With the Rush Card, cardholders can access their funds by purchasing goods and services at millions of merchants or through ATM's 24/7. Cardholders can cost-effectively reload their Rush Card through payroll direct deposit or at thousands of offline locations. Moreover, cardholders can check their available balance and transactional history online and through a toll free number.
About Clarity Payment Solutions
Clarity Payment Solutions develops prepaid electronic payment solutions and processes payment transactions for emerging and specialty markets. The Company provides solutions for companies in numerous vertical markets that include incentives, consumer promotions, healthcare, insurance, unbanked, teen payments and payroll, transforming their legacy, paper-based payment processes into efficient and cost-effective electronic systems. The Company's proprietary payment processing platform supports multiple payment vehicles such as debit, stored value, chip and private label, and incorporates Internet-enabled and other technologies that are specifically designed to provide competitive advantages within each market. Clarity Payment Solutions is based in New York City with an office in Ohio. For more information visit www.claritycard.com.
About UniRush
Headquartered in New York, UniRush LLC is a joint venture between Rush Communications and Cincinnati-based Unifund Corporation, and was created to offer individuals who have been forced outside traditional banking institutions access to a unique array of financial services. Unifund has spent the last 20 years building a strong reputation within the institutional debt collection environment and Rush Communications has focused on building long lasting credible brands at the consumer level. Combining the resources of each company allows UniRush to effectively identify, market and deliver a compelling, user-friendly financial product, along with the expertise to develop long lasting relationships with cardholders. For more information on UniRush or Rush Card visit: www.rushcard.com.
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