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.
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.
With unparalleled flexibility and white label or co-branding options, the solution is a perfect fit for MNOs/MVNOs, governments, credit unions and digital/challenger banks that want to offer banking facilities to their customers, in parallel to an e-wallet or prepaid card account.
This latest innovation further cements PFS’s position as one of Europe’s leading payment providers by fully utilising its licenses to provide multiple different payment solutions. The additional functionality provided by PFS’s prepaid products such as flexible control features have proven extremely successful with public sector organisations in particular. As a result, the company is now one of the leading providers of direct payments to over 55 governments, local authorities and clinical commissioning groups (CCGs) in Europe.
