The Co-operative Bank and Advanced Payment Solutions (APS) Form Partnership to Provide Prepaid Card Service for Public Sector Organisations

LONDON, Nov. 10, 2010 /PRNewswire/ -- Local Authorities and wider public sector organisations can now use prepaid cards to make payments to any client group. This latest solution is provided by Advanced Payment Solutions Ltd (APS), the leading European prepaid card provider.

The agreement which sees Co-operative Bank introducing it's customers to APS , so they might consider alternative payment methods to traditional cheque issuing for benefits, social care and localised petty cash. Indeed any purpose where on-going payments are required.

This cost-effective system – particularly important for organisations looking to maximise use of time and money in the economic downturn – allows easier and quicker management of expenditure through a more transparent and flexible payment method.

Rich Wagner, chief executive officer of Advanced Payment Solutions, said: "This tailored method of making and receiving payments is a great alternative to cash payments to lower cost and improve expense controls for public sector organisations.

"It offers an easier, faster and economical method of making payments to local authority client groups who traditionally receive payment by cheque, many of which then pass through the offices of cheque cashing establishments."

Ian Smith, Senior Manager, public sector banking at The Co-operative Bank, said: "At a time when other banks appear to be doing little to help their public and private sector customers we're proactively seeking and implementing innovative ways of helping them to keep costs down in these tough times.

Our customers now have the ability to pay by cheque, Government Procurement Cards, text and now with APS Prepaid Cards.

"We're delighted to be working with Rich and APS to maximise quick and cost effective ways for clients and customers of the Bank to make payments."

This partnership builds on an existing five-year relationship between the Bank, APS and the Post Office to allow individuals, small businesses and local authorities to add value to the pre paid cards at the Post Office.

Notes to editors:

About The Co-operative Bank corporate banking:

Performance:

• Corporate and Markets (of which the corporate banking operation forms part) in the first six months of 2010 saw the operating result more than double to 80.7m pounds.  
• New customer deposits grew by an unprecedented 0.8bn pounds (24%), as increasing numbers of corporate customers were drawn to the financial strength, service proposition and unique brand positioning of the corporate banking business.
• Net income for CAM increased significantly by 64.6m pounds (66.3%) to 162.1m pounds.
• Relationship banking for small to medium-sized corporate organisations and renewable energy finance also grew. The relationship banking proposition in particular is attracting new customers dissatisfied with the usual market players.
• A commitment to lend 200m pounds in 2010 to small and medium sized renewable energy projects, including community groups, underlined the bank's leadership in this specialist area. As the Government seeks to boost renewable energy through initiatives such as the Green Investment Bank, the market offers considerable opportunities for further growth.
• The corporate banking operation now operates from 20 Corporate Banking Centres.   This increased access to local support has helped to keep customer satisfaction strong.

Proud to be the World's Most Sustainable Bank - FT sustainable bank awards 2010

About Advanced Payment Solutions Ltd (APS)

APS is the leading European prepaid card provider, with more than 500,000 cards issued and 500,000,000 million pounds in payment turnover.   Its flagship product, the award winning Cashplus prepaid Gold MasterCard® is the UK's first general purpose prepaid card for consumers and in the last couple years APS has developed a growing interest among small businesses which now exceeds 2,500  who are utilising the benefits of the Cashplus prepaid Gold MasterCard to manage and control their business expenditures.  

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SOURCE Advanced Payment Solutions (APS)