Prepaid Financial Services announce BIN sponsorship Agreement with Lycamoney

Prepaid Financial Services announce BIN sponsorship Agreement with Lycamoney
Thursday 28 March 2013

PFS to Deliver Network & Regulatory Compliance and MasterCard® Scheme Access

Prepaid Financial Services (PFS), a leading provider of global prepaid solutions and a preferred MasterCard supplier, has announced a BIN sponsorship agreement with European Telco giant Lycamobile, for its Lycamoney prepaid card portfolio.

In the role of BIN sponsor for Lycamoney, PFS will be responsible for providing access to the MasterCard network and all regulatory compliance, as well as settling transactions for all parties in the value chain. Furthermore, PFS will also be responsible for the submission, approval and compliance of any aspects of the programme through the network.

Subaskaran Allirajah, Group Chairman of the Lyca Group, stated: “All of us here at Lycamoney are delighted to be working with our chosen partner, Prepaid Financial Services Limited. They share our vision for growth and innovative solutions and we look forward to working together to build on the success of Lycamoney.”

Noel Moran, CEO of Prepaid Financial Services, commented: “We are thrilled that one of the fastest growing global operators’ such as the Lyca Group have placed their trust in us. This is an excellent endorsement of the holistic range of services and ‘one stop shop’ approach that PFS provide as an acquirer, issuer, BIN Sponsor and programme manager, within the global prepaid arena. The last 12-18 months have been truly exceptional for us and we are looking forward to help shape, drive and deliver the growth and innovation envisaged by the Lyca Group.”

An award winning prepaid provider, PFS received an e-money license from the UK Financial Services Authority in July 2012, enabling the firm to become an e-money issuer.

In addition to existing programme management services, PFS offer BIN sponsorship and processing services for entities running or planning to run prepaid programmes within Europe and have passported their e-money license across the SEPA region to enable card issuance in up to 32 countries.

The BIN sponsorship services provided by PFS include access to the MasterCard network and associated clearing and settlements services.

PFS currently provide programme management services for over 45 active white-label programmes with another 35 scheduled for roll out in in the first half of the year and were recently voted as the “Breakout Company of the Year” in the 2013 Paybefore Awards Europe.

Prepaid Financial Services is a UK based multi-award winning global prepaid provider, e-money Issuer and a preferred MasterCard supplier. PFS is authorised and regulated as an e-money issuer by the FSA in the UK and have passported our e-money license across the SEPA region to enable card issuance in up to 32 countries. PFS operate as an acquirer, issuer, BIN Sponsor and Programme manager in the Global prepaid arena. For further information regarding Prepaid Financial Services and how prepaid solutions can benefit your organisation, contact +44 (0)207 125 0321 or sales@prepaidfinancialservices.com