LONDON, February 28, 2012 /PRNewswire/ --
PFS today announced the release of a new prepaid platform specifically tailored to the needs of Local Government. Commenting on the release, Noel Moran, CEO of Prepaid Financial Services said, "The new evolution of the PFS platform for Local Authorities has been developed to take into account the varied needs of our customer base. We now provide payment solutions for Direct Payments, Adult Social care, emergency benefits and corporate payment card solutions. It's obviously a big year for the introduction of prepaid and integrating prepaid solutions into the Local Authority sector to provide cost effective, efficient payment methods for various business divisions. It is also true to say that prepaid has become a preferred solution for providing expense cards, purchasing cards and other administrative costs within the Local Authority market.'
PFS is already a major services provider to a number of Local Authorities in the UK. Having won a series of tenders, services currently provided include but are not limited to Direct Payments, Adult Social care payments and emergency benefit payments. Our fully scalable prepaid platform has been proven in the field, as a low-cost alternative to cheque and voucher based disbursements. Central and Local Governments are embracing the functionality and control that prepaid cards provide.
PFS have also provided prepaid programs for Local Authorities aiding the social inclusion mandate, with card programs specifically catering for rewarding teenagers and young adults with a prepaid card that can be spent on positive leisure activities such as swimming, bowling, dance classes, cinemas and precluding ATM access and general spend at non allowable merchants.
Public Sector Organisations want to:
• Reduce costs
• Streamline operations & resources
• Better serve customers
• Increase control and transparency
• Improve security
• Have access to reporting and analytics
• Have the capacity to distribute funds quickly in an emergency
Customers have a desire for:
• Convenience and ease of use
• Flexibility and enhanced security
• Access to payment services if unbanked
Using the PFS platform councils and government bodies can reach beneficiaries with greater efficiency as cards can be issued quickly without a large paperwork overhead. Not only has PFS vastly reduced the time spent processing and disbursing funds they have created a custom loading functionality to facilitate distribution.
Prepaid products can also be issued over the counter to recipients for emergency funding and ongoing payments, reducing and potentially eliminating the need to hold cash on the premises, along with the associated insurance and risk costs.
Noel Moran stated "Prepaid as a solution fits into almost all areas of the Local Authority business divisions, from expense management for staff, the payment of pensions and salaries, to enabling efficiencies in benefit payments. Our focus at PFS is to provide outstanding technology solutions, backed by first class customer service. Our UK call centre covers multiple languages and other support including Type Talk. We made a deliberate decision to provide all customer support out of the UK, from our London office to ensure our level of service meets and exceeds the requirements of our customers. Additionally as an acquirer in the UK, we are able to provide merchant accounts for the carers to receive payments directly from the prepaid cards."
A recap of the benefits of partnering with PFS:
- Proven provider of prepaid services to the Local Authorities
- Specific development and bespoke technology developed for the provision of adult social care payments
- Ability to block or unblock cards for ATM and cash advance
- The PFS platform enables rapid payments directly to carers and other third party service providers
- Direct Debit and Standing order capability per card account
- Real time online reporting suite
- Ability to export and analyse all load and spend, per card, per business unit on ALL transactions at any time
- Ability to block certain Merchant Category Codes (MCC), or restrict card usage to desirable merchants only
- Ability to load and segregate funds using the PFS e-Wallet and Distributor Code settings
- Ability to account for client and Local Authority funds separately and reclaim overpayments back to the Local Authority instantly
For a more detailed overview and project proposal, please do not hesitate to contact PFS
SOURCE Prepaid Financial Services Ltd