PFS to Become the Largest Individual Manager of Prepaid Card Programmes for the Distribution of Government Solutions in the UK
Prepaid Financial Services (PFS) expects to sign up 60 new local authority partners over the coming 6 months, working closely with digital banking services pioneer, APS financial and Aquarium Card Management Solutions (AQ-CMS) following their respective exits from this marketplace. In doing so, PFS will more than double the size of its local authority portfolio, making it the largest individual handler of prepaid card programmes for the distribution of government solutions in the UK. The total spend of the portfolio equates to over £450 Million GBP and is also growing month on month.
The result is that PFS will now service over 100 local authorities, Councils and CCG's, helping them distribute funds to thousands of service users, streamlining an often complicated process. The use of prepaid card programmes also empowers service users to tailor care and support to their own particular needs and preferences.
Noel Moran, CEO, PFS, said: "This move further cements our position in the Local Authority market and will leave us as the number one provider in the UK for direct payments. We will also open a new office in Wilmslow which will allow us better service all our local authority partners in the north of the country. Supporting local authorities with their prepaid programmes has been at the core of our business for some time now and the expertise and knowledge we have developed will enable a seamless roll out for our new partners over the next few months. Two new staff from Aquarium will also join PFS in our new office."
Commenting on the future of prepaid solutions for local authorities, Moran continued: "While many local authorities have only just dipped their toes in the prepaid waters up until now, we see a growing market here as prepaid is also a convenient solution for dispensing other types of benefits such as healthcare and social budgets. Prepaid cards and accounts could be an invaluable tool in delivering that solution in the future and we believe we are ideally positioned to deliver that service."