LONDON, March 28, 2013 /PRNewswire/ --
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.
To find out more, visit http://www.prepaidfinancialservices.com
Notes to Editors
About Prepaid Financial Services:
Prepaid Financial Services (PFS) Ltd. is a multi-award winning global prepaid programme manager, e-money Issuer and a preferred MasterCard® supplier, operating out of the UK. PFS is authorised and regulated as an e-money issuer by the Financial Services Authority (FSA) in the UK and have passported our e-money license across the SEPA region to enable card issuance in up to 32 countries.
In addition to programme management and issuance, PFS also offer BIN sponsorship and processing services for entities running or planning to run prepaid programmes globally.
PFS manage multiple programme's processing millions of transactions every week and our products are utilised by Governments, Local Authorities, blue chip corporations, SME's and individual consumers utilising our cutting edge, secure technology.
Since our launch in 2008, PFS has rapidly established itself as a trusted, dependable and credible prepaid provider to a range of clients across the globe.
For more information, go to http://www.prepaidfinancialservices.com or call +44(0)207-125-0321.
Lycamoney is the financial services division of Lycamobile UK and affiliate of the multinational telecom group, Lycatel. Lycamoney Limited was first established in 2009 to evaluate the existing market, gain consumer insight and then deliver a world-class financial services portfolio.
The Lycamoney Card is issued by Prepaid Financial Services Limited under License from MasterCard International. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.
For more information, go to http://www.lycamoney.co.uk
SOURCE Prepaid Financial Services