Thredd, a worldwide payments processor, successfully migrated BigPay’s virtual and physical card portfolio from its prior, legacy processor to Thredd’s next-generation platform, demonstrating the company’s expertise in complicated card portfolio migrations.
The migration project, one of several in recent years, involved over 2.5 million cards and demonstrated Thredd’s unique combination of extensive migration experience, robust processes, and innovative technology, qualities that are becoming increasingly important as the industry undergoes a wave of advancement and re-platforming.
This achievement comes at a critical time for the industry. According to industry analysts, retail banks that fail to modernize risk losing 10% to 15% of their payments income each year as outdated platforms struggle to keep up with expectations for hyper personalization, digital experiences, faster time-to-market, and operational efficiency.
With over 100 million cards expected to migrate to modern platforms over the next five years, the demand for expert migration partners has never been higher.
“The industry is facing a strategic window—and a technological ultimatum,”
said Jim McCarthy, CEO of Thredd, adding,
“Portfolios trapped on legacy platforms are expected to incur unrecoverable losses in market share, customer base, and revenue by 2030 due to the inability to innovate and rein in the high cost of outages and back-office inefficiencies.”
Aireen Omar, Group CEO of BigPay, said,
“Cardholders rely on consistent service, and even short disruptions can affect their confidence. As our customers’ needs continue to grow, it is important to work with a partner who understands our priorities and has a strong track record. Thredd was well-positioned to support that.”
The BigPay migration was carried out in a highly structured manner, with considerable planning and open communication among all parties, he stated, guaranteeing a smooth transition for cardholders.
Thredd believes that the BigPay migration illustrates a larger industry trend: financial service providers proactively shifting their most profitable customer portfolios to next-generation platforms to safeguard and monetize their assets rather than risk losing them to more agile competitors.
“These are not mere IT projects—they are business transformation initiatives essential for future growth,”
said Damien Gough, Head of Asia Pacific at Thredd.
