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California’s contract shifts: Fiserv now facilitates benefits over Bank of America.

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TLDR: Fiserv’s Money Network has won the contract to manage California’s prepaid debit card program, taking over from Bank of America. The contract will officially begin on February 15th. The move comes after Bank of America faced financial and reputational risks in managing prepaid debit cards, which were heavily targeted by fraudsters during the pandemic. Fiserv specializes in core banking systems and currently distributes government benefits through prepaid cards in 12 states.

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