E-money institution Prepaid Financial Services (PFS) announced that it has extended its banking solution across the Eurozone today.
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 area.
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.
Noel Moran, CEO commented:
“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.”
The additional functionality provided by PFS’s prepaid products such as flexible control features have proven extremely successful with public sector organisations in particular. The company is a provider of direct payments to over 55 governments, local authorities and clinical commissioning groups (CCGs) in Europe.