Prepaid Financial Services Announce BIN Sponsorship Agreement with Lycamoney
LONDON, March 28, 2013 /PRNewswire/ –
PFS to Deliver Network & Regulatory Compliance and MasterCard(R) Scheme Access
Prepaid Financial Services (PFS), a leading provider of global prepaid solutions and a
preferred MasterCard(R) 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
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(R) 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.
You can follow us on Twitter and Facebook at @prepaidfs [http://twitter.com/prepaidfs
] and prepaidfs [http://facebook.com/prepaidfs ].
For more information, go to http://www.prepaidfinancialservices.com or call
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