Prepaid Financial Services (PFS) Expands its Banking Solution with Individual IBAN Accounts for Customers Across the Eurozone

LONDON, January 8, 2016 /PRNewswire/ --

PFS has announced the launch of an API banking proposition that facilitates SEPA Credit and Debit Transfers and standing orders throughout Europe. 

Prepaid Financial Services (PFS), a leading e-money institution that specialises in prepaid card issuing and providing banking services via its in-house technology platform, today announced that it has extended its banking solution across the Eurozone.

PFS was one of the first e-money institutions in the UK to launch a 'Bank Lite' solution by assigning sort codes and account numbers to general purpose prepaid card accounts and has now expanded that offering to cover the Eurozone.

By enhancing its existing banking platform, PFS can now turn e-wallets into EUR current accounts that facilitate automated payments in and out, including standing orders and SEPA Credit and Debit Transfers. Through this facility, PFS clients can enrol their customers simply and provide them with individual IBANs that allow access to basic bank account functionality without a complicated sign-up process. The major benefit for the account holder is the ability to set up recurring payments directly from their prepaid banking account.

With unparalleled flexibility and white label or co-branding options, the solution is a perfect fit for MNOs/MVNOs, governments, credit unions and digital/challenger banks that want to offer banking facilities to their customers, in parallel to an e-wallet or prepaid card account.

This latest innovation further cements PFS's position as one of Europe's leading payment providers by fully utilising its licenses to provide multiple different payment solutions. The additional functionality provided by PFS's prepaid products such as flexible control features have proven extremely successful with public sector organisations in particular. As a result, the company is now one of the leading providers of direct payments to over 55 governments, local authorities and clinical commissioning groups (CCGs) in Europe.

Noel Moran, CEO said : "The move to extend our banking solution is a further strategic step for PFS, having recognised that many of our European clients want to combine the ease of use of a basic bank account with the flexibility and functionality of a prepaid card. The ability to switch a card, or account, off in real time or just enable it for when the customer wants to use the card is a huge benefit to the client. In addition, clients can block certain types of transactions or spend at different merchant category codes, including blocking access to cash etc. PFS is now a total payments provider in effect, with acquiring services for ecommerce merchants, issuing of prepaid cards and now the launch of our banking product in GBP and Euro across 19 countries. It enables us to provide everything a consumer or business needs, all through one provider."

About Prepaid Financial Services: 

Prepaid Financial Services (PFS) is a leading e-money institution, MasterCard® prepaid card issuer, BIN sponsor, programme manager, technology provider and acquirer. 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 networking 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 any of PFS's payment solutions please contact [email protected]

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SOURCE Prepaid Financial Services (PFS)