Comdata has acquired Stored Value Systems, a former subsidiary of National City Corp. Comdata acquired a majority interest in SVS in March of 1999, with the option to purchase the remainder of the company at a later date. As a result of the latest deal, Comdata will form a new Retail Services division to be headed by Tom Recktenwald.
Prior to this appointment, Recktenwald was executive vice president of sales and marketing for SVS.
SVS provides a private-label, electronic retail cash card to retailers and oil companies, primarily for use as replacements for paper gift certificates and merchandise returns and as promotional tools. Some
customers incorporate a long-distance telephone component in their programs that gives end users the choice of using the electronic cash card for goods and services, or for telephone calls. SVS also is a
issuer of chip card-based, smart card programs in the U.S., which are typically used to administer electronic benefits programs.
Prior to this appointment, Recktenwald was executive vice president of sales and marketing for SVS.
SVS provides a private-label, electronic retail cash card to retailers and oil companies, primarily for use as replacements for paper gift certificates and merchandise returns and as promotional tools. Some
customers incorporate a long-distance telephone component in their programs that gives end users the choice of using the electronic cash card for goods and services, or for telephone calls. SVS also is a
issuer of chip card-based, smart card programs in the U.S., which are typically used to administer electronic benefits programs.
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