Challenger banking provider Advanced Payment Solutions extends partnership deal with MasterCard for 5 more years
Leading financial services challenger Advanced Payment Solutions (APS) and MasterCard have signed a new deal that extends their successful brand partnership to over 15 years.
Working with MasterCard to provide simple, transparent prepaid card solutions, APS supports nearly 1 million consumers, over 30,000 SMEs and 1 in 5 local authorities.
APS was the first non-bank issuer to become a direct issuer with MasterCard back in 2007. This extended relationship will enable the pair to continue focusing on their core commitment of providing fair and transparent access to banking and payment services.
Using APS and MasterCard’s solutions, small businesses and consumers – who are typically short on time to secure a traditional bank account – are able to set up a digital account within minutes and start making and receiving payments.
Meanwhile, APS’ public sector clients rely heavily on the service to support the distribution of social care allowances to thousands of benefit recipients. APS is the fastest growing provider of payment solutions to local government, handling over £180 million worth of benefit payments annually.
APS has a long history of ‘firsts’. The news comes as APS signed a deal to collaborate with the Post Office, becoming the first non-bank financial services challenger to offer banking services over Post Office counters throughout the UK.
Rich Wagner, CEO and founder of APS commented:
Working together over the last decade, APS and MasterCard have committed to providing cutting-edge digital and electronic payment solutions to under-served sectors of the market.
Extending this successful relationship will enable us to continue innovating our digitally enabled payment offerings and developing ground-breaking account and card solutions that support SMEs, consumers and the public sector.
Tamer El-Emary, Group Head, Growth Markets at MasterCard UK and Ireland said:
Since collaborating with APS, we have been committed to innovation in the prepaid and current account market, offering simple, transparent online services to SMEs, consumers and local councils.
We are looking forward to the next phase of our relationship – leveraging the success to-date to continue developing new technologies that provide fair and simple solutions to current account customers.
Notes to Editors:
Advanced Payment Solutions (APS) is a leading challenger to the banks, offering alternative banking and payments solutions for consumers, SMEs and public sector organisations who are security conscious, short on time or funds, need to complement existing accounts or are fed up with traditional bank services. APS is the most awarded alternative banking solutions provider in Europe and one of the most successful prepaid card businesses, with over 1.2 million Cashplus cards issued and more than £2.5 billion in payments processed.
MasterCard (NYSE: MA), www.mastercard.com is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.
For full website terms including information on Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/.
Advanced Payment Solutions Limited (APS), trading as Cashplus Bank, is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). APS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
APS provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria.