Product: SPAN Platform
Company: Tern Commerce
New York-based Tern Commerce launched SPAN, a global remittance platform designed for secure, prepaid and stored-value deployments across multiple regions, languages and currencies. The solution was developed with US Unlocked, a company Tern acquired in 2015. Its application programming interface (API) libraries, web services and technology stack are simple to configure, integrate and customize, company representatives stated. "US Unlocked had been providing U.S.-issued prepaid cards for cross-border shoppers since 2008," said Brion Bonkowski, Chief Executive Officer at Tern. "In 2015, we began re-platforming their IP into a modern framework with multitenant capabilities to accommodate a variety of programs. Tern built out and productized the underpinning technology to create a new commercial platform called SPAN."
The company stated that its innovative tools and feature sets are designed to address numerous cross-border remittance requirements, including the following:
Tern noted that its tools and resources for domestic and international programs include the following:
Bonkowski stated that despite growing adoption of prepaid and stored-value products and services, companies around the world lack the infrastructure and technology to launch and sustain these programs. He and his partners saw a need for market-ready solutions to support a range of program management needs. They created SPAN to help program managers reduce time to market and help companies design, launch and scale card management programs. "In 2010, Tern founders saw a need for a modern prepaid platform with cross-border capabilities," Bonkowski said. "We met with regulators, legal analysts, and potential partners to explore the market and acquired US Unlocked in 2015 to help jumpstart our vision." The company is named after the Arctic tern, and the SPAN platform is named for the bird's impressive wingspan, Bonkowski noted. "Terns can travel for up to three years without nesting, and they have the longest migration cycle on the planet," he said. "The tern can also serve as an icon for the evolving payments industry as we migrate from wired to mobile technologies and from local to global marketplaces."
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