YNOT EUROPE – Colin Greaves has accepted the position of chief executive officer and board of directors member at Gibraltar-based Transaction Network Limited, the company announced May 28. Greaves is expected to assume his new position in July, subject to European Union regulatory approval.

Most recently, Greaves served as operations director for Newcastle Building Society, where he led the creation and development of a number of business-to-business service companies. Under Greaves’ direction, Newcastle Card Solutions — Newcastle’s prepaid card division — became the largest prepaid card issuer in the U.K. and one of the top five issuers in the world, settling more than US$1.6 billion in transactions during 2009. During his tenure at NCS, the company achieved many notable firsts including initiatives in gift, teen, travel and money share cards, and also issued Europe’s first prepaid contactless cards.

“Colin is a world-class talent and ideally suited to lead Transact Network into its next era of growth,” said Tobias Schreyer, managing director. “The board has found in Colin the exact combination of seasoned executive in the prepaid market and respected leader. He is admired for his management expertise and understanding of the opportunities around our industry. The board is united in its view that his energetic and decisive style, coupled with his proven track record of driving growth and operational excellence, is exactly what Transact Network needs at this stage of its development.”

Greaves has an extensive background in the finance sector spanning more than 25 years. He earned a master of science in strategy and resource management from Northumbria University and is a member of the Prepaid International Forum.

“I am joining Transact Network at an exciting time,” he said. “Transact Network has accomplished a great deal in its relatively short history, most notably its value-added, modular prepaid service package and its ability to deliver it in every EU and EEA country.

“I look forward to working together with the management team to lead a strategy to rapidly grow the company, build upon its reputation for quality service and strengthen its already rigorous risk compliance,” he added. “I believe that we and our strategic partners and customers can together seize upon significant opportunities in a mature European prepaid industry.”

Transact Network is a regulated and licensed MasterCard and Visa Europe Principal Member providing European BIN sponsorship and modular prepaid services. MasterCard and Visa Europe Principal Members are financial institutions that issue cards for use on the MasterCard and Visa Networks.

Transact Network issues Visa and MasterCard physical and virtual prepaid cards. The company’s electronic money license has been passported into every EU and EEA member state, enabling the issuance of prepaid card programs across Europe.

The Transact Network proprietary modular prepaid service platform is fully integrated with many leading processors including Carta, ecommlink, FIS, M2 and PetaFuel and also can integrate with client proprietary processing systems, enabling flexibility, cost-efficiency, fast program implementation and reliable ongoing management. Multi-lingual project teams are dedicated to service client prepaid card programs.

The company’s clients include regulated financial institutions, financial services companies, marketing organizations, mobile phone operators, retail chains, large and small corporations and governments. For more information, visit TransactNetwork.gi.