Prepaid Financial Services (PFS) expects to sign up 60 new local authority partners over the coming 6 months, working closely with digital banking services pioneer, APS financial and Aquarium Card Management Solutions (AQ-CMS) following their respective exits from this marketplace. In doing so, PFS will more than double the size of its local authority portfolio, making it the largest individual handler of prepaid card programmes for the distribution of government solutions in the UK. The total spend of the portfolio equates to over £450 Million GBP and is also growing month on month.
The result is that PFS will now service over 100 local authorities, Councils and CCG's, helping them distribute funds to thousands of service users, streamlining an often complicated process. The use of prepaid card programmes also empowers service users to tailor care and support to their own particular needs and preferences.
Noel Moran, CEO, PFS, said: "This move further cements our position in the Local Authority market and will leave us as the number one provider in the UK for direct payments. We will also open a new office in Wilmslow which will allow us better service all our local authority partners in the north of the country. Supporting local authorities with their prepaid programmes has been at the core of our business for some time now and the expertise and knowledge we have developed will enable a seamless roll out for our new partners over the next few months. Two new staff from Aquarium will also join PFS in our new office."
Commenting on the future of prepaid solutions for local authorities, Moran continued: "While many local authorities have only just dipped their toes in the prepaid waters up until now, we see a growing market here as prepaid is also a convenient solution for dispensing other types of benefits such as healthcare and social budgets. Prepaid cards and accounts could be an invaluable tool in delivering that solution in the future and we believe we are ideally positioned to deliver that service."
Notes to editors
About Prepaid Financial Services:
Prepaid Financial Services (PFS) is an award winning payments technology specialist offering a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone. Authorised and regulated by the FCA in the UK, PFS has passported its e-money license across the SEPA region to enable card issuance throughout the region.
Founded in 2008, PFS is now one of the fastest growing issuers in Europe, with programmes live and active in 24 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, non-governmental organisations, mobile networking operators, banks, and corporates globally.
About Advanced Payment Solutions Ltd.
Advanced Payment Solutions Ltd (APS), trading under the name "APS financial", is a data-driven digital banking services pioneer, which aims to transform the UK's banking sector and be the first choice digital challenger to banks for SME and consumer customers. Recently nominated as a finalist for Best Business Account for 2017 by Business Moneyfacts Awards, over the last 10 years, APS has developed a wide range of digital banking products. Through its proprietary technologies, award winning products and superior in house data analytics, APS is able to offer over a million customers fast, simple and intelligent banking solutions to efficiently manage their finances and business cash flow.
Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). A subsidiary of APS, APS Financial Ltd ("AFL") is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).
AFL was the first non-bank issuer to gain Mastercard membership and is a member of both the Electronic Money and Emerging Payments Associations.