Local Authorities and wider public sector organisations can now use prepaid cards to make payments to any client group. This latest solution is provided by Advanced Payment Solutions Ltd (APS), the leading European prepaid card provider.
The agreement which sees Co-operative Bank introducing it's customers to APS , so they might consider alternative payment methods to traditional cheque issuing for benefits, social care and localised petty cash. Indeed any purpose where on-going payments are required.
This cost-effective system - particularly important for organisations looking to maximise use of time and money in the economic downturn - allows easier and quicker management of expenditure through a more transparent and flexible payment method.
Rich Wagner, chief executive officer of Advanced Payment Solutions, said: "This tailored method of making and receiving payments is a great alternative to cash payments to lower cost and improve expense controls for public sector organisations.
"It offers an easier, faster and economical method of making payments to local authority client groups who traditionally receive payment by cheque, many of which then pass through the offices of cheque cashing establishments."
Ian Smith, Senior Manager, public sector banking at The Co-operative Bank, said: "At a time when other banks appear to be doing little to help their public and private sector customers we're proactively seeking and implementing innovative ways of helping them to keep costs down in these tough times.
Our customers now have the ability to pay by cheque, Government Procurement Cards, text and now with APS Prepaid Cards. "We're delighted to be working with Rich and APS to maximise quick and cost effective ways for clients and customers of the Bank to make payments."
This partnership builds on an existing five-year relationship between the Bank, APS and the Post Office to allow individuals, small businesses and local authorities to add value to the pre paid cards at the Post Office.