daVinci Payments, formerly Swift Prepaid, a global leader in prepaid corporate incentives and disbursements, today announced the launch of a Chinese Yuan (CNY) corporate-funded prepaid card for employees or customers of multi-national corporations. daVinci is the first North American program manager with this offering and has partnered with UnionPay, the largest bankcard association in the world in terms of card issuance, to provide virtual and physical cards with an extensive acceptance at point-of-sale terminals in China.
“At daVinci, we serve many global companies that regularly pay and incentivize consumers, employees and partners in China,” said Maggie O’Toole, Senior Director, Partner Operations at daVinci. “With the addition of CNY to our platform, we have an enhanced ability to support our customers in issuing real-time funding globally in a seamless and customizable way.”
daVinci’s CNY funding products offer the following benefits:
- Seamless cash equivalency.
- CNY conversion from any currency, eliminating associated charges for cardholders.
- The convenience of a localized product that’s widely accepted.
- Digital issuance option that delivers instant access to funds and card information.
- Customized cardholder experience in English, Chinese or both.
- Balance reporting.
“The ability to offer a product in CNY allows us to enter new markets and offers our existing global customers an additional critical currency,” said Nat Salvione, Chief Commercial Officer at Tango Card. daVinci’s new offering is a fantastic addition to our catalog serving companies with global reach.”
daVinci’s prepaid CNY cards allow cardholders to make immediate purchases in stores and online, filling a significant void in the market.
“daVinci has a deep understanding of the global payments landscape and a successful track record of implementation, therefore we knew it was the right partner for launching this corporate-funded card product that ultimately serves cardholders’ needs and habits,” said June Chen, General Manager at UnionPay International Americas.
As part of the Yuan product launch, daVinci is offering a guide to navigating global payments, which highlights the eight most important factors to consider for a global prepaid program. It can be downloaded for free here: https://www.davincipayments.com/research-studies/navigating-global-payments/.
The Chinese yuan (CNY) joins daVinci’s currency lineup, which includes U.S. dollar (USD), Canadian dollar (CAD), Euro (EUR), British pound (GBP), Japanese yen (JPY), Australian dollar (AUD), Hong Kong dollar (HKD), Swiss franc (CHF) and Indian rupee (INR).
Peoples Trust of Canada serves as the product issuer.
About daVinci Payments™
daVinci is leading the payments movement to greater value at the intersection of the payment. daVinci optimizes fast corporate-funded payments to businesses, their customers, employees, contractors, participants and channel partners through digital and physical card payments in 160+ countries, 21 languages and 10 currencies. www.davincipayments.com. daVinci is owned by Syncapay, a holding company “Investing In The New Frontier Of Payments”