deVere Vault launches Companion Cards

deVere’s multi-currency e-money app, deVere Vault, has now launched Companion Cards.

This means that users of Vault and its Mastercard prepaid card – allowing them to spend, receive, store and transfer money in up to 27 currencies – can now add on up to three cards, associated with the primary account, for family and friends.

On its launch in 2017, Vault catered to a growing demand in this ever more globalised world, for our clients to benefit from borderless access to their funds.

As such, a large number of users were so impressed by deVere Vault, spending and receiving money anywhere, anytime, without excessive exchange rates, that they wanted to share the numerous advantages with family members and friends.

Consequently, this demand led to the launch of Companion Cards.

In the first instance, Vault users told us they wanted to give their child or their children a card, perhaps when going out or travelling, or to their husband or wife for living and travel expenses.

We listened to them and created Companion Accounts, allowing the primary account holder to control and manage funds on the other linked Vault accounts, all within the secure APP.

Therefore, the ‘Companion’ also has all the advantages of holding a deVere Vault card.

Primary users can select between ‘Youth’ and ‘Adult’ Companion Cards, each with their own spending restrictions. Main account holders maintain complete control over funding the Companion Cards, which can only be done through a Vault-to-Vault transfer from the principal account. As such, the load funds option is not available to the Companion Cardholder, who can only receive funds from the primary holder (via Vault-to-Vault transfers).

Furthermore, in regard to security, the Companion Card profile and passcode is set up by the primary holder, within the app. A physical card will then be sent to the primary cardholder, bearing the Companion Cardholder’s name.

Should holders of Companion Cards lose their card, or it is stolen, they can freeze it. However, the card can only be unfrozen by the primary holder. Moreover, Youth Companion Card holders need to be over 13 years of age, and over 18 for the Adult Companion Card.

The Vault operating system was developed in association with Global Processing Services. Suresh Vaghjinai, Managing Director at Global Processing Services comments: “It is great to see how our GPS Apex issuer processing platform provides the flexibility for our clients to push their innovations. With the launch of the Companion Card, deVere are re-inventing how people can easily and securely manage finances, send and receive money with other members of their family anywhere in the world. It provides added peace of mind for the primary user in terms of ensuring a family member will always have necessary funds available and at the same time the card can be used to set a common family goal in terms of budgeting.”

Indeed, deVere Vault is a revolutionary app, allowing people to achieve their financial goals, wherever they are in the world. This is reinforced further still with the exciting introduction of Companion Cards.

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