Thredd, a global payments processor, has successfully migrated over 2.5 million virtual and physical cards for BigPay, a money app, from a legacy platform to its next-generation processing system. This project highlights Thredd’s capabilities in complex card portfolio transfers amidst a broader industry push for modernization.
The migration project, one of several for Thredd in recent years, involved more than 2.5 million cards and underscores Thredd’s combination of deep migration experience, robust processes, and advanced technology. This achievement occurs as the industry confronts a significant need for infrastructure modernization.
Industry analysts estimate that retail banks that do not modernize could risk losing 10% to 15% of their payments revenue annually. Legacy platforms struggle to keep pace with demands for hyperpersonalization, digital experiences, faster time-to-market, and operational efficiencies. With projections indicating that over 100 million cards per year are expected to transition to modern platforms over the next five years, the demand for experienced migration partners is increasing.
Jim McCarthy, CEO of Thredd, stated, “The industry is facing a strategic window—and a technological ultimatum. 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, commented on the migration: “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 executed through a structured process, with extensive planning and transparent communication among all parties, ensuring a seamless transition for cardholders.
According to Thredd, the BigPay migration exemplifies a broader industry trend where financial service providers are proactively moving their most profitable customer portfolios to next-generation platforms. This strategy aims to protect and monetize their investments, mitigating the risk of losing customers to more agile competitors. Damien Gough, Head of Asia Pacific at Thredd, remarked, “These are not mere IT projects—they are business transformation initiatives essential for future growth.”Thredd’s track record is attributed to the expertise of its professionals, who have collectively managed numerous migrations, including some of the most complex in the industry. Gough added, “Most organizations will only face a migration once in a generation. Our repeatable process, proven tools, and deep experience mean we can anticipate and mitigate risks others might miss. We don’t just move data—we guide clients through a business transformation.” Thredd states its readiness to assist the industry in modernization, de-risking the journey with its expertise, process rigor, and technology.
