Finnish Government Appoints Prepaid Financial Services (PFS) to Manage Innovative Cashless Prepaid Card Solution for Prisoners

LONDON, June 6, 2016 /PRNewswire/ --

The Finnish Government's central purchasing body Hansel Ltd. has, through a tendering procedure, selected Prepaid Financial Services (PFS) to manage its first prepaid card programme for the country's Criminal Sanctions Agency (CSA), the organisation responsible for the Finnish prison system.

Launched in May 2016, the new programme makes prepaid cards available to inmates on arrival in both open and closed prisons across the country. Prison personnel will initially load available funds on to each inmate's card and then subsequently IBAN payments can be made by family members and by the institutions themselves for salary payments. Each card is tied to a specific IBAN number and a specific prisoner, allowing the CSA to streamline funds disbursements to a prepaid account, which works in the same way as a basic bank account.

Eija-Riitta Nelin, Project Manager, CSA said: "Offering a cashless alternative is beneficial to both our prison service and to inmates as we will be able to disburse spend on the cards on a constant basis. This not only allows us to eliminate any issues with the safety of prisoners' transactions but also allows us economies of scale by operating a more streamlined and efficient system across all of our prison network."

Timo Malmberg, Category Manager, Hansel said: "Crucial to the success of this project is an extremely agile technology platform that provides the flexibility to take what is often a mainstream consumer product and adapt it for use within the prison system. We believe that PFS will deliver a highly bespoke and strategic solution."

Noel Moran, CEO, Prepaid Financial Services said: "Finland has always been ahead of the curve when it comes to its penal policies and although developing a prepaid card solution for a prison service was not without its challenges, if any government was going to successfully navigate these waters, it was Finland.

"Increasingly, more governments and local authorities both at home and abroad, are getting a better understanding of the benefits of a cashless system. I believe we're only just scratching the service of the ways and means this technology can be applied."

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 23 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, mobile network operators, banks and corporates globally.

PFS has been listed within the top 25 fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for 3 consecutive years and most recently ranked number 108 in Deloitte's EMEA Technology Fast 500.

For more information about PFS's payment solutions please contact [email protected]

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SOURCE Prepaid Financial Services