JetPay, a debit and credit card processing and prepaid card services provider, has reached an agreement with the Office of the Illinois State Treasurer to act as the payment processor for the state's E-Pay programme.
The agreement, which was awarded by the state through a request for proposal process, will be valid for a period of six years with four one-year renewal options.
The payment processor expects that the revenues under the agreement will start generating in the fourth quarter of 2017.
Currently, there are almost 600 participants in the E-Pay programme, including agencies at all levels of the Illinois State and local government, with card processing volumes expected to exceed $600m per year.
During the term of the agreement, JetPay will work through its partnership with the E-Pay programme to expand services and add additional government entities across Illinois.
JetPay CEO Diane Faro said: “Our JetPay Payment Services, FL operation provides us an exciting new technology platform, 'MAGIC', which we believe is the clear leader in government and utility payment services with its ease of use, its ability to integrate with our customers' software and its real-time reporting engine. We believe these capabilities were a key element in JetPay being awarded this opportunity with the State of Illinois.
“The combination of JetPay's reputation for service, along with our advanced credit and debit card processing technology, especially with the addition of the MAGIC Platform, will allow JetPay to continue to win business in the government, utility, and other industries that require a flexible and expandable processing platform."