Cooperation between CorporateWorld and Wirecard

Business travel specialist CorporateWorld extends its product range to include a prepaid MasterCard

Hamburg, Munich/ Grasbrunn, August 24, 2009. The business travel specialist CorporateWorld and Wirecard Bank AG, a subsidiary of Wirecard AG, have announced plans to enter into a cooperative venture. Together with its additional banking partner, in future CorporateWorld will extend its range of credit cards to include a prepaid MasterCard in order to serve the growing prepaid credit card market segment.

Booking a flight on the Internet, making a car hire reservation online, or checking into a hotel – all these things are virtually inconceivable without a credit card today. High requirements relating to proof of adequate collateral for additional credit lines represent an increasing challenge for entrepreneurs when providing credit cards for themselves or their employees. Prepaid cards that function on a non-borrowing basis are a practical alternative as they can be issued irrespective of any credit ratings.

In opting for the Wirecard Bank, CorporateWorld has selected an innovative cooperation partner, and starting on September 1, 2009 the parties plan to jointly issue the mc-bizz card, a MasterCard credit card that can be used only on a prepaid basis. The new card product represents a logical extension of the present product portfolio. The two existing corporate credit cards, namely the CorporateWorld MasterCard Classic and Premium edition, will now be complemented by a product designed for small businesses with up to 20 employees as well as for self-employed persons, tradesmen and freelancers. However, start-ups also stand to benefit from a professional standing vis-à-vis their customers, service providers, suppliers and their own employees from the outset.

Yet the new mc-bizz card does not only constitute the ideal solution for small businesses or self-employed individuals; it is also a practical alternative for any enterprise with employees during their probationary period, unsalaried trainees and interns. As a rule, such persons do not receive a corpo-rate credit card yet but may be required to incur expenditure or travel costs on their employers’ account.

The Internet-based ordering process is extremely simple: thanks to the card’s non-borrowing function, the need for extensive credit checks by the German credit investigation agency (Schufa) can be dis-pensed with. Operated via electronic account management, a credit balance can be charged for each transfer, as required, and is available to the employee immediately. Large stocks of cash are a signifi-cant security risk, particularly on lengthy trips abroad. In the event of theft, the losses incurred are minimal since only the credit balance needed from time to time is charged to the card account. The budget paid in can be drawn at more than 27 million MasterCard acceptance points across the globe.

About CorporateWorld:

CorporateWorld, established in 2004, is specialized in developing innovative solutions for planning, booking and settlement of business travel. Together with partners from the banking community and the tourism industry and using an online portal developed especially for management of business travel, CorporateWorld provides its clients with a full service concept from a single source, with individually tailored solutions for the entire travel process. CorporateWorld provides a full package solution based on two central instruments, namely the CorporateWorld online portal for comprehensive planning, booking, verification and settlement of business trips and the CorporateWorld MasterCard. Use of the portal is reserved only to cardholders. Accordingly, a portal for independent planning and reservation of business trips is available to them for travel by air or rail, for car hire services and hotel accommodation, taking account of the companies’ own specific travel policies. In addition, cardholders have access to a country-specific information service with an individual travel planner. The method of payment used is the CorporateWorld MasterCard, which not only features a prolonged credit term of up to 28 days but also an extensive insurance package, irrespective of whether the card is used on business trips or not. Moreover, the CorporateWorld online portal provides cardholders with their monthly credit card statements along with a tool for processing travel expense statements, with which booking records can be created online at any time. For the purpose of issuing the credit cards, CorporateWorld cooperates with two renowned financial institutions, namely Landesbank Baden-Württemberg / Baden-Württembergische Bank and Commerzbank.
See www.corporateworld.biz for further particulars.

About Wirecard:

Wirecard AG is one of the leading international providers of electronic payment and risk management solutions. Worldwide, Wirecard supports over 10,000 companies from many and various industry segments in automating their payment processes and minimizing cases of default. Wirecard Bank AG provides account and credit card services both for business and private customers and is a Principal Member of VISA, MasterCard and JCB. The Internet payment service Wirecard enables consumers to make secure payments at millions of MasterCard acceptance outlets worldwide. In addition, registered users can send or receive money orders to each other on a real-time basis. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI).

www.wirecard.com | www.wirecardbank.de | www.mywirecard.com

Download Press Release

For further particulars on CorporateWorld, please contact:

MPW FINANCE
Public & Investor Relations GmbH
Melanie Möller
Hansaallee 30-32
D-60322 Frankfurt/Main
Ph.: +49 (0) 69 95 92 90 14
Fax: +49 (0) 69 95 92 90 29
E-mail: corporateworld@mpwfinance.com

CorporateWorld Management Gesellschaft für Buchungs- und Abrechnungssysteme mbH
Michaela Hoch
Neuer Wall 75
20354 Hamburg
www.corporateworld.biz

For further particulars on Wirecard, please contact:

Wirecard AG
Iris Stöckl
Ph.: +49 (0) 89 4424 0424
E-mail: iris.stoeckl@wirecard.com
Internet: www.wirecard.de