Prepaid Financial Services Obtain E-Money License

LONDON, July 30, 2012 /PRNewswire/ --

London's Prepaid Financial Services (PFS), an award winning payments specialist, today announced it has been granted an e-money license from the FSA.  PFS are now an issuer of electronic money, placing the Company amongst a select few European Prepaid program managers with EMLI (e-money License Institute) status.  

Noel Moran, CEO of PFS said, "We are delighted to be granted the license following rigorous checks on our financials, IT systems and compliance procedures.

By controlling a greater part of the prepaid value chain the FSA endorsement allows us to become a one-stop shop for prepaid solutions.  The timeframe for clients to launch a prepaid program has been dramatically reduced."

PFS works with a range of EMLI's and will continue to expand its business with new and existing issuing partners.

Moran adds, "By utilizing multiple Issuers, including PFS, our client risk is reduced, as we can provide multiple issuing options and a back-up plan.

We can provide issuing services to card programs, program managers, processors and foreign issuers

seeking new markets and territories.  The additional flexibility of utilizing our own license expands the services we can offer ,and, not just in prepaid cards.  By acting as the issuer, the program manager and the EMLI, PFS can provide a 'one-stop shop' for clients and partners. With the expansion of e-wallets, mobile wallets and prepaid globally, we are now well positioned to capitalize on that growth."

Lee Britton, Commercial Director of PFS stated, "our own e-money license falls within our long term road strategy.

We are seeking to increase our existing issuing partners

whilst concentrating on specific markets and territories.  With our own

e-money license we can also move aggressively into the e-wallet and mobile wallet space to enable further peer to peer transaction capabilities."

Noel Moran added, "PFS can now offer program management services in all European SEPA countries, Canada, US and EMEA. We currently support 10 currencies with customer service available in 12 languages.  Client applications include Payroll, Expense Management, Travel, Money Share, Insurance, Gaming and Online Shopping, amongst others.

Our global reach is assured through numerous cash loading networks globally. Becoming an EMLI is a crucial step on our roadmap and there will be further announcements concerning our evolution as a true global payments company in the next few months".

For further information regarding Prepaid Cards and how they can benefit your organisation, contact +44 (0)207 125 0321 or [email protected]

About Prepaid Financial Services (PFS)

Prepaid Financial Services Ltd. is a prepaid program manager operating out of the UK, has live programmes in 10 currencies, and is recognised as a specialist supplier to the prepaid industry globally.  PFS are FSA regulated and manage program's processing millions of transactions every week. Our products are utilised by governments, blue chip corporations, SME's and individual consumers utilising our cutting edge, secure technology.

More information can be found on http://www.prepaidfinancialservices.com or by calling us on +44-(0)20-7125-0321.

SOURCE Prepaid Financial Services