Prepaid Financial Services (PFS) has been appointed by NEPO to provide prepaid card accounts to end users throughout the wider UK Public Sector.
The prepaid card accounts will primarily be utilised for social care and health care related direct payments and appointee programmes. Public Sector Authorities may also use prepaid cards for other purposes, including management of corporate expenses.
Prepaid card accounts function in much the same way as a standard UK current account but funds are preloaded by contracting authorities. The card programmes can be tailored to meet the requirements of the local authority, providing end users with the option to withdraw cash from an ATM, make regular payments, pay vendors, and receive regular statements. This type of account supports the unbanked and underbanked, as it requires no credit checks, and so is available instantly to those that cannot access traditional banking services.
Public Sector Authorities are able to benefit from reduced costs compared to traditional disbursement methods, streamlined operations to free up resources, increased control, transparency and analysis, and improved speed and security in the distribution of funds. The programme also helps to support the personalisation agenda, which gives end users more choice of how they want to receive payments, encouraging independence and self-reliance.
Noel Moran, CEO, PFS said: "PFS is one of the largest suppliers of prepaid solutions to local authorities in the UK and we are delighted to have been awarded the contract to provide services across the North East of England. Our flexible approach and alternative banking products allow for each programme to be tailored to the needs of its end users; promoting financial inclusion for all, and giving local authorities more financial control."
Adam Smith, Regional Procurement Officer (Professional Services), NEPO said: "The rollout of prepaid card accounts will help public Authorities to improve efficiency and reduce the costs and burden of distributing funds via cash, as well as offering choice to those receiving health and social care payments."