Prepaid Innovation Gets Fresh Attention

PIF Innovation Day: Fast-Growing Prepaid Market Offers Rewards, Risks

Source: Paybefore

New growth estimates for prepaid are encouraging to say the least, but providers gathering in London for the Prepaid International Forum’s annual Innovation Day said the industry must remain focused on compliance and the customer proposition to safeguard its success. An official with the PIF, a not-for-profit body representing the prepaid financial services sector, explains why.  Click here for the full article.

Prepaid International Forum announces eleventh AGM & Summit

The Prepaid International Forum (PIF), the not-for-profit trade body representing the prepaid financial services sector, has announced details of the PIF AGM and Summit 2017.

Now in its eleventh year, the event has become established as a leading destination for high-level networking, discussion and debate on the hot topics in global prepaid. It brings together leading industry organisations and key regulatory officials to discuss the future for this dynamic and evolving payment sector from a business innovation and regulatory perspective.

Attendees will hear from prepaid industry pioneers, the businesses innovating for the future and the companies executing new approaches that are transforming the way we pay.

When

Wednesday, 20 September
14:00-17:00 PIF AGM 2017 (members only)
19:00-22:30 PIF Annual Reception & Dinner

Thursday, 21 September
09:30-17:00 PIF Summit 2017

Where

Since 2009, the AGM and annual conference has been held at retreats within an hour of central London. This year we are heading to Lainston House, a 17th century William and Mary country house just two miles outside the ancient Cathedral City of Winchester and just 55 minutes by train from central London.

PIF Members can attend the event free of charge (3 places per member organisation) and non-members can register online to take advantage of the early bird rate of £197.50 +VAT up to 30 July.

For further information on speaking at or sponsoring this event please contact info@prepaidforum.org

 

Prepaid International Forum announces third Innovation Day

The future of banking and new technology take centre stage for industry forum

The Prepaid International Forum (PIF) has announced the details of its annual Innovation Day on 11th May 2017 to be held in central London.

The event which is in its third year, was created to highlight how the latest innovations in the prepaid sector are fuelling its growth as an effective and fast-growing alternative to traditional financial services products.

The one day event provides an opportunity to hear from businesses who are leveraging the agility of prepaid technology to deliver products that offer consumers greater flexibility, better security and more choice.

Centre-stage on the day will be presentations from innovators in the financial services space showcasing how the prepaid industry is presenting very credible alternatives to services currently offered by high street banks, using innovation to better serve customers, particularly in the area of meeting the needs of specific groups of consumers.

Also highlighted during the day will be the latest technological advances, such as harnessing big data tools and the use of mobile apps to make prepaid services smarter and more valuable.

Confirmed guest speakers on the day include; Carlo Gualandri, CEO, Soldo, a multi-user family spending account, Will White, Operations Director, Loot, a digital-only spending account, Laurence Krieger, COO, Tide, a current account provider for small businesses, Jacob Claflin, Founder & CEO, Cambrist, an international foreign exchange card payment service, Melanie Maier, Team Lead Project Management Value Added Services, Wirecard AG, Brandon Trollip, Director of Digital Business Development, Mastercard and David Pope, Marketing Director of HooYu, a global identity confirmation service.

Alastair Graham, PIF spokesperson, comments, “Through the use of new technology, the prepaid industry has been able to continually innovate over the last 12 months, ensuring that consumer needs are met and in line with 21st century spending behaviour. This exciting movement offers both consumers and vendors more flexibility, allowing greater choice for all involved.”

The event will run from 9.30am to 5pm on 11th May at The Ned, London and has been designed for professionals in prepaid related industries who are responsible for product development, payments strategy and product sales and marketing.

The event is free of charge for PIF members (for up to three attendees) and £395 for non-members. People who are interested can register online or contact Diane Brocklebank via email diane.brocklebank@prepaidforum.org or phone +44 (0) 7736 971986.

Sponsors of the event include Wirecard Card Solutions and HooYu

HooYu, is a global identity confirmation service that verifies the customers businesses struggle to approve with traditional processes, helping prepaid businesses stay secure. Offering a new approach to the age-old challenge of identity verification, HooYu enables prepaid businesses to reduce account opening abandonment and comply with AML regulations.

Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products.

Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI).

For further information about Wirecard, please visit www.wirecard.com  or follow us on twitter @wirecard

ENDS

Notes to Editors

About PIF

PIF is a global not-for-profit trade association established in 2007 to represent organisations involved in the supply of prepaid products and services. PIF acts as principal point of liaison between the industry and government agencies, regulators, consumer bodies and the media to promote the relevance and benefits of prepaid and e-money products.  PIF is dedicated to the progression of the industry and acts as a catalyst for the development of sensible industry guidelines and codes of best practice. PIF members represent issuers of prepaid and e-money products, card schemes, payment processors and suppliers of services to the industry. To learn more about PIF visit www.prepaidforum.org

For further information

Rick Hollister
PR Agency One
T: 0161 871 9140
E: rick@pragencyone.co.uk

 

Steve Leigh
PR Agency One
T: 0161 871 9140
M: 07734 805 499
E: steve@pragencyone.co.uk

 

James Crawford
PR Agency One
T: 0161 871 9140
M: 07793 441 686
E: james@pragencyone.co.uk

W2 Global Data secures new co-investment

W2, a provider of SaaS, B2B software solutions and data services, has secured a series A investment. The investment is for growth capital to fund the expansion of its sales, marketing and technical capability in the UK and international markets.

W2 Global Data (W2), which provides a range of Software as a Service (SaaS) products for the Know Your Customer (KYC), Anti Money Laundering (AML) and fraud prevention due diligence markets, has received Mercia Fund Management’s largest ever Growth Fund investment and a substantial follow on investment from Finance Wales. The rest of the co-investment comes from existing shareholders and Thorium Technology Investors (TTI).

Since 2014, W2 has almost doubled its revenue every year and following this substantial funding round, it is now able to accelerate plans to expand the team, develop new products and extend its global reach.

W2 offers customers the ability to perform real-time identity verification and anti-money laundering checks against consumers and corporates during the process of opening an account.

The company targets firms in the regulated, government and business community across the globe, and is primarily focused on selling to the gaming, payments and foreign exchange markets on multi-year revenue contracts.

Cardiff based W2 was founded by CEO Warren Russell in 2011 after building significant experience in the anti-money laundering, fraud and identity verification markets.

Warren Russell, CEO of W2, said:

“W2 has grown from strength to strength in the last few years and this investment will allow our business to establish its position as a key world player in the field.  We have a rapidly growing customer base and we can support them with an expanding team, creating job opportunities in the local area and further afield.”

Julian Dennard, Investment Director at Mercia Fund Management, said:

“We are delighted to support W2 and back a management team which is highly experienced in in the anti-fraud sector and cloud-based software companies. SaaS technology is one of Mercia’s chosen areas of focus and so we are pleased to be able to support Warren and his team as they continue to scale.”

Richard Thompson, Senior Investment Executive at Finance Wales, said:

“We are delighted to co-invest with Mercia in this latest round to support Warren and his team in the next phase of their expansion. W2 has made impressive progress year-on-year since our initial investments, when they moved their headquarters to Cardiff. With this investment they are positioned to accelerate their growth as their customers address the increasing regulatory demands companies must now meet.”

ENDS

PRESS CONTACTS: For further information contact -

Jen Lau – Marketing & PR Executive for Mercia Technologies PLC.
Tel: +44(0) 345 094 8886
Mob: 07940 938 488
Email: jen.lau@merciatech.co.uk

Katy Horrocks – Marketing Director for Mercia Technologies PLC.
Tel: +44(0) 345 094 8886
Mob: 07725 218 579
Email: kh2@evgroup.uk.com

PRESS CONTACTS: For further information about Mercia Technologies PLC contact -

Buchanan (Financial PR Advisers)

Bobby Morse, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com
Tel: +44 (0)20 7466 5000

About Mercia Fund Management Ltd

Mercia Fund Management provides tax-efficient SEIS & EIS capital to early stage businesses, particularly those residing in the Midlands, the North of England and Scotland.

Mercia Fund Management is an FCA-authorised and regulated fund manager under FSMA (FRN: 524856).

Mercia Fund Management is a wholly owned subsidiary of Mercia Technologies PLC.

www.merciafund.co.uk

About W2 Global Data Solutions (W2)

W2 has been trading since 2011 as a trusted provider of SaaS, B2B software solutions and data services enabling organisations to achieve regulatory compliance in relation to KYC (Know Your Customer), combatting fraud, AML (Anti Money Laundering) protection and frictionless customer on-boarding.

Over 100 organisations around the world rely on data and/or services provided by W2 to meet their regulatory or risk management requirements, and W2 have partnered with some of the world’s largest data providers to ensure their customers get simple access to reliable information.

The unique W2 solutions require minimal implementation and simplify how organisations conduct regulatory customer due diligence on individuals, organisations, suppliers, staff, tenants and employees on an international scale.

PRESS CONTACT:

Alexia Mei – Marketing & Support Manager for W2 Global Data (W2)
Tel: +44(0) 300 088 9542
Email: Alexia.Mei@W2globaldata.com

About Finance Wales

Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2015-16 the Group invested £63 million through 268 debt-equity investments in growing businesses.

The Finance Wales Group, one of the UK’s largest SME investors, has in excess of £1 billion of funds under management across all SME investment fund and the Help to Buy – Wales scheme.  The Group has invested more than £500 million through more than 4,079 investments.

PRESS CONTACT:

Jayne Lutwyche
Tel: 029 2033 8128
Email: jayne.lutwyche@financewales.co.uk

Prepaid Industry is “Poised To Completely Replace Cheques For Canadian Businesses”

DCR Strategies Inc: With an annual decline in cheque use of 7 percent across the nation, Payments Canada predicts that, by 2020, virtually every business and government office in Canada will have switched from cheques to electronic payments, including prepaid.

Consumers, businesses, and the financial system are all migrating away from the outdated cheque-based system and choosing electronic payments–particularly prepaid–because of Canada’s stable regulatory environment and the benefits of prepaid compared with credit, debit and cash. Read the full article

PIF in the News: PIF Seeks Clarity, Exemptions as U.K. Moves toward PSD2

Paybefore: As the U.K. moves ahead with plans to implement the revised Payment Services Directive (PSD2), the Prepaid International Forum (PIF) has asked regulators for more clarification on certain aspects of how the framework will be applied in the country. In a response letter to HM Treasury’s February request for industry consultation on its PSD2 implementation plan, PIF expressed support for the government’s strategy.

The U.K.-based prepaid industry association also encouraged regulators to take advantage of certain exemptions in PSD2 to benefit U.K. payment services providers facing uncertainty during the ongoing Brexit process. (The U.K. will implement PSD2 by January 2018, despite its planned departure from the European Union.). Read the full article

PIF in the News: U.K. Makes Official Its Intent to Leave EU

Paybefore - 29 March 2017

A little after noon in Brussels March 29, a British ambassador delivered a letter to EU Council President Donald Trusk that set the wheels into motion for the U.K.’s exit from the EU. Today’s announcement makes official the results of the historic vote June 23, when 52 percent of voters in the U.K. stunned many around the world when they opted to leave, or “Brexit,” as it’s commonly called.The letter triggers Article 50, the legislation enabling a country to leave the union, of which the U.K. has been a member since 1973. The article provides a two-year period of negotiations to reach an agreement on the terms of the U.K.’s exit—and there’s much to be discussed. In addition to such topics as trade, financial regulations and immigration, a huge issue for the payments industry is how passporting will work because a large majority of European e-money issuers have licenses in the U.K. that they passport elsewhere.

The Prepaid International Forum (PIF), a trade association for the prepaid financial services sector, urged Prime Minister Theresa May and the U.K.’s Brexit negotiators to avoid any scenarios involving trade barriers to the financial markets, especially in the fintech sector, according to an announcement. Read the full article

PIF: ‘Frictionless’ Brexit Key to FinTech Sector’s Success in UK and EU

29 March 2017 - The Fintech sector has called for a ‘frictionless’ Brexit deal for its sector, highlighting how this is in the best interests of both the UK and the EU.

The Prepaid International Forum (PIF), the not-for-profit trade association for the prepaid financial services sector, is advising Theresa May and the UK’s Brexit negotiators, that a scenario where barriers to trade are strictly enforced in the financial markets, especially in the fast-growing financial technology sector, is a ‘no-win’ game.

PIF points to the key role that the UK currently plays in the EU’s FinTech sector, in particular the prepaid financial services sector which is estimated to be worth £65 billion annually across the EU and UK.

The trade group highlights the concentration of skills and expertise in the UK which is currently seen as the gateway to Europe for US and other international FinTech businesses.

Alastair Graham, spokesperson for PIF, says:

“The UK has become the European capital of FinTech because of the size of its domestic market, a concentration of a highly skilled workforce and high quality regulation that supports innovation and growth.

“Removing financial passporting to the EU, that currently allows UK based businesses to access Europe and vice versa, will harm both parties. 

“A pragmatic approach from both parties in the Brexit negotiation would not only protect jobs and the wider economy, but also ensure that the EU continues to benefit from the advances in innovative financial services and greater financial inclusion being driven by FinTech and prepaid sector businesses.”

PIF also believes that the UK should maintain the standardisation of regulatory standards post-Brexit.

Alastair Graham, spokesperson for PIF, continues:

“FinTech is an increasingly international sector, with the UK very much seen as a flag bearer of regulatory standards and consumer protection.  Maintaining this role will require keeping at least the minimum standard regulation applied in other territories, including the EU.

 “We call on the UK government to address passporting matters early on in the process to bring about clarity and safeguard business continuity.”

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is a not-for-profit trade association representing the prepaid financial services sector. We believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf.

Established in 2007 as a not-for-profit organisation, PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Rick Hollister
PR Agency One
T: 0161 871 9140
E: christine@pragencyone.co.uk

Steve Leigh
PR Agency One
T: 0161 871 9141
M: 07734 805 499
E: steve@pragencyone.co.uk

James Crawford
PR Agency One
T: 0161 871 9141
M: 07793 441 686
E: james@pragencyone.co.uk

 

London’s shared service alliance of Hammersmith & Fulham, Kensington and Chelsea, and City of Westminster appoints Prepaid Financial Services (PFS) to manage its direct payments prepaid card programme

Prepaid Financial Services (PFS), has been appointed by shared service alliance of local authorities (Hammersmith and Fulham, Kensington and Chelsea, and City of Westminster) to manage a prepaid card programme for all social care service users who are in receipt of a direct payment.

The turnkey solution will initially target 140 users who had previously held a prepaid card and then will subsequently roll out to all 1,400 adult service users, followed by children. The alliance also aims to apply the same prepaid model for other departments in future too.

The deployment of prepaid cards is part of the local authority transformation agenda: by increasing the uptake of prepaid cards, Hammersmith & Fulham, Kensington and Chelsea, and City of Westminster are not only meeting the Care Act obligations of inclusion and enablement but they will also significantly streamline the administration of their payments operation.

Prakash Daryanani, Director of ASC Finance said: “We are looking forward to experiencing the immediate returns of leaner working practices and cost savings but a longer term benefit will be an improvement in our understanding of users’ spend which will help shape commissioning. Whilst it was possible to analyse all the paperwork provided by service users, a real-time, digital system will enable us to better monitor spend and ensure that there is a spectrum of high-quality support available.

“Prepaid cards will also completely remove the end user’s administrative headache of reconciling paper-based receipts and bank statements to provide transparency of spend.”

Noel Moran, CEO, Prepaid Financial Services said: “Our experience and expertise in managing other local authorities’ programmes meant that we were well positioned to understand the challenges of developing a prepaid solution to disburse social care direct payments.

The simplicity of using a PFS prepaid card belies the agile technology platform that underpins it - meaning that the three local authorities have the ability to create a bespoke programme that suited their specific requirements tailored to benefit their end users.”

-ENDS-

Notes to editors

PFS Media Contact

Ali Cort
0207 099 0945
ali.cort@browsermedia.co.uk

Vic Spall
0207 099 0945
victoria.spall@browsermedia.co.uk

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, non-governmental organisations, mobile networking operators, banks, and corporates globally.

For more information about PFS’s payment solutions please contact: sales@prepaidfinancialservices.com