LONDON, January 26, 2016 /PRNewswire/ --
Prepaid Financial Services (PFS), a leading e-money institution that specialises in prepaid card issuing and providing banking services via its in-house technology platform, today announces further expansion of its products into the Government sector with the provision of prepaid payment cards for asylum seekers across the EU.
PFS has been selected to roll out a prepaid payment card programme to immigration processing centres for a National Government in Europe that currently receives over 30,000 asylum seekers per annum. PFS will provide prepaid MasterCard® cards that are distributed at the same time as the claimant is being processed in the centre, therefore eliminating the need for cash to be disbursed. This project is part of a wider deployment of e-money and prepaid solutions across multiple Government departments.
Noel Moran, PFS CEO said: "At a crucial time in the immigration crisis in Europe, PFS is pleased to provide a prepaid product to help National and Local Governments across Europe manage funds disbursements to asylum seekers and refugees as they are being processed. It is important to provide claimants with a payment product that enables them to receive payments instantly from the Government. Asylum seekers are often in a vulnerable position when they first arrive, and can be targets for theft if they carry cash. Cards eliminate this threat.
"Also, distributing payments onto prepaid cards solves a number of current logistical challenges for Governments, such as having to organise the delivery of substantial amounts of cash to the processing centres, as well as managing its accurate disbursement to claimants.
"Furthermore, tax payers and Government departments have an interest in knowing that funds are being distributed fairly and according to the regulations. The monitoring, reporting and auditing tools within the PFS platform and the ease of customising services Government by Government, country by country, currency by currency, have put PFS in a prime position to issue cards for refugees and asylum seekers across the SEPA zone."
Moran continued: "Before this win, PFS already provided cards to Asylum seekers for multiple Local Government clients in the UK. As we are already issuing cards in 20 countries across the SEPA zone, this means we have a unique offering for many Governments. We want to continue to work closely with National Governments, as refugees will inevitably move across Europe and therefore not necessarily remain in the same country as their card was issued. The PFS system simplifies how a claimant receives their money as well as providing greater ability to monitor spend activity across the entire EU."
About Prepaid Financial Services:
Prepaid Financial Services (PFS) is an award winning payments technology specialist offering a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone. Authorised and regulated by the FCA in the UK, PFS has passported its e-money license across the SEPA region to enable card issuance throughout the region.
Founded in 2008, PFS is now one of the fastest growing issuers in Europe, with programmes live and active in 23 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, mobile networking operators, banks and corporates globally.
PFS has been listed within the top 25 fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for 3 consecutive years and most recently ranked number 108 in Deloitte's EMEA Technology Fast 500.
SOURCE Prepaid Financial Services (PFS)