London, 19th March 2024 – Thredd, a leading modern payments processor serving clients globally, has announced its official entry into the United States debit and prepaid card issuing market with long-standing partner, B4B Payments. This strategic move underscores Thredd’s commitment to support its clients’ expansion plans in key global markets.
- Working with long-standing partner, B4B Payments, Thredd has processed its first US-issued debit transaction
- Thredd can now support US-based issuers with Durbin-compliant debit and prepaid processing
- Thredd is actively assisting other EU and UK-based clients with their U.S. expansion plans
Banking-as-a-Service (BaaS) provider, B4B, who has operated in the US since 2021, are now migrating their card payment processing to Thredd to further extend the companies’ partnership from the UK and Europe. B4B will use Thredd to process dual-branded Visa and STAR Network cards ensuring compliance with the country’s stringent debit processing regulations.
Thredd plans to continue building its U.S. client base by initially supporting clients and prospects that are looking to take their business stateside. Thredd’s U.S. capabilities include debit and prepaid card processing for clients issuing Visa and any US-based PIN network, such as STAR, NYCE, Pulse, Accel, Maestro, Interlink, Plus and Cirrus.
Jim McCarthy, Chief Executive Officer at Thredd, commented: “Our U.S. expansion is a major step for Thredd as it both supports our clients’ expansion objectives and paves the way for our growth in this major payments market. Making this first move working closely with a trusted client like B4B Payments to further their U.S. business is especially notable.
As a modern and agile payment processor supporting a broad set of use cases from digital banking to B2B disbursements, Thredd is well positioned to provide organisations with a trusted alternative to legacy U.S. providers.”
Kieran Draper, Chief Executive Officer at B4B Payments USA, expressed enthusiasm about extending B4B Payments’ long-standing partnership with Thredd in the EU and UK into the lucrative U.S. market.
“Partnering with Thredd in the U.S. is strategically important for B4B Payments because it provides us with a single platform and processor for all programs in Europe, the UK, and the U.S.,” Draper stated. “This provides our global clients with a unique and competitive solution that makes it easy for them to rapidly onboard and scale confidently.”
The U.S. launch is being led by Hyung Choi, who has joined Thredd to lead the company’s global expansion plans. Hyung brings significant U.S. payments experience to Thredd from his 20-year industry tenure at Visa and Wells Fargo. Hyung joins other Thredd executives with extensive U.S. payments experience, including Chief Executive Officer, Jim McCarthy, Chief Product Officer, Ava Kelly, Chief Revenue Officer, Kevin Fox, and Chief Marketing Officer, Betsy Samuel and Edwin Poot, Global Chief Technology Officer who started in March.
This U.S. move follows Thredd’s previous successful geographic expansion into the APAC region where the company now supports growing card programmes in Japan, Australia, Hong Kong, Singapore, Thailand, Malaysia, New Zealand, and the Philippines.
