Mint Technology (TSX VENTURE:MIT) today announced that it has entered into a business partnership and issuing bank agreement with APS Financial Ltd (a wholly-owned subsidiary of Advanced Payments Solutions Ltd, with secured Principal Status for the issuance of MasterCard's, Maestro, and Cirrus prepaid cards) for Mint's prepaid business in the United Kingdom.
As a regulated financial institution in the UK with ability to provide direct servicing of electronic money applications throughout the European Union, APS Financial Ltd (AFL) will act as the issuing bank for Mint's prepaid products in the UK. In addition, APS' other primary services will include interface with MasterCard® for the approval of programmes, legal and regulatory oversight, assistance with marketing and consumer communications, and oversight of money laundering, fraud, and Serious Organized Crime Agency reporting.
APS is a leading European prepaid card provider with over a century's worth of UK, European and US experience between its core directors. APS has more relevant and proven experience in its team than any other UK prepaid payment card company. APS has a developed technology environment and service delivery infrastructure to provide the most functionally rich and robust open loop prepaid card solutions in the world. APS can deliver on large card volumes and provide high quality customer service to accommodate rapid growth. Open loop prepaid cards are APS' core business and the sole function of its operations.
Mr. Chris Hogg, President and CEO commented, "We are looking forward to the expansion of Mint's business in the UK, especially with a partnership with a Company whose fundamental business strategy is directly in-line with our own. Both companies are structured to be a successful player in prepaid financial services by delivering a low-cost, high volume product to specifically target under-banked facets of the population, such as immigrant and migrant workers, youth, and the credit challenged. In addition, both Mint and APS understand the importance and value of market intelligence and recording the spending data of consumers. I am confident that with an overseas partner in APS, giving Mint enhanced local market capabilities and through a high quality and robust platform to service our UK prepaid clients, Mint's business will continue its global growth as it has in the last year, and be further resourced to take advantage of acquisitions in our sector."
Mr. Rich Wagner CEO of APS concluded, "We are pleased to commence our partnership with Mint and be the Company's primary card issuer in the UK. APS will be able to provide Mint with product which suits both its business objectives and revenue targets. The financial dynamics of prepaid cards are driven by market size, target customer behavior, product pricing, acquisition and distribution costs and card functionality. Mint has several products in place already that fit exactly with our business model, and we are confident that our partnership with result in significant growth for both companies, especially as the global demand for prepaid cards is experiencing rapid growth."