CVT Prepaid Begins Winding Down
I heard through the grapevine that CVT has starting laying off employees and is beginning the process of integrating into the STI platform. All of their new cards will most likely be created on the STI platform and a migration of pins will most likely take place sometime down the road as well.
The writing was on the wall when STI purchased CVT almost two months ago. It just made no economic sense to maintain and manage two platforms that served the same function. To STI the biggest value in acquiring CVT was in the brand name and removing a major competitor. While I'm sure STI will keep some of the CVT employees, the reality is that they probably won't keep that many as most will be redundant.
It will be interesting to watch how this whole process unfolds and to see how STI will treat the CVT brand name.
The writing was on the wall when STI purchased CVT almost two months ago. It just made no economic sense to maintain and manage two platforms that served the same function. To STI the biggest value in acquiring CVT was in the brand name and removing a major competitor. While I'm sure STI will keep some of the CVT employees, the reality is that they probably won't keep that many as most will be redundant.
It will be interesting to watch how this whole process unfolds and to see how STI will treat the CVT brand name.
