J.G. Wentworth to Enter Prepaid Card Market
The J.G. Wentworth Company, a structured settlement payments firm, has announced it will be partnering with FIS and MetaBank to establish a new prepaid debit card for its customers. FIS will act as the processor for the prepaid card, with MetaBank serving as the issuing bank.
The cards will be offered to current J.G. Wentworth customers in lieu of a paper check to give them more convenient access to their money.
Most people know the Pennsylvania-based J.G. Wentworth for its catchy, opera-themed commercials, where they promise “cash now” for structured settlements and annuities. The firm recently stepped into the personal lending sector, providing unsecured personal loans through a partnership with Avant. Prepaid cards mark yet another step into the financial world for J.G. Wentworth.
“Our partnerships with Visa, FIS, and MetaBank represent our continued progress towards becoming a diversified financial services company and sets the stage to bring our prepaid products to market,” said Greg Schneider, Executive Vice President and Chief Information Officer for the company.
While there are no specifics yet about the types of prepaid products J.G. Wentworth will be offering, the company says it plans to launch them in the third quarter of this year. Undoubtedly, there will be at least one card available for structured settlements and annuities, since that is how the company made its name. There may also be reloadable card options available through J.G. Wentworth’s newfound partnerships.