05 May, 2011
Irish Life & Permanent plc to cease prepaid Visa operations
Irish Life & Permanent plc will cease as the issuer of prepaid Visa credit card effective July 4. 3v was the first prepaid Visa card released on the Irish market in 2006.
In an email to customers 3v said:
With effect from 4th July 2011, Irish Life & Permanent plc, will no longer be the issuer of 3V Visa Vouchers; they will instead be issued by R. Raphael & Sons plc (Raphaels Bank).
Raphaels Bank is one of the oldest independent banking houses in the United Kingdom established in 1787 and is regulated by the UK Financial Services Authority.
Raphaels Bank is a leading player in the growing European prepaid market with over £60m of prepaid clients’ funds under management and over 1,400,000 live cards in the market through over 50 prepaid programmes.
The bank is a subsidiary of Lenlyn Holdings of London.
3v customers were advised if they did not want their accounts transferred to Raphaels Bank they should redeem all remaining vouchers. Raphaels Bank will be shortly contacting 3v customers via 3v about the changeover.