Advanced Payment Solutions, a leading FinTech player and alternative provider to traditional banks is announcing today a link up with the Post Office.
The deal will allow customers to access banking services at over 11,500 branches across the UK.
This connection to the Post Office's 11,500 branches will support APS' business and consumer current account holders. With nearly 1 million customers, APS provides access to fair and transparent banking services via its digital current account service - Cashplus. The latest announcement means that account holders will now be able to deposit and withdraw cash in real time as well as make instant balance enquiries from Post Office counters.
Moving in line with the government's wider initiative to digitise public sector services, APS is the fastest growing provider of payment solutions to local government – its prepaid card and current account, run in partnership with MasterCard, supports over 1 in 5 of the UK's local authorities with their social care programmes, handling over £180 million worth of benefits payments each year. The Post Office's withdrawal capability will support APS' public sector clients – enabling local authorities to offer benefits recipients real-time access to over-the-counter cash withdrawals.
Commenting on the new relationship, Rich Wagner, CEO and founder of APS said: "By allowing our customers access through the Post Office network, it will enable us to provide a solution to the diverse needs of our customers – extending our simple, transparent online services to in-branch facilities.
"Embracing new players into an infrastructure designed for banks marks a significant step towards levelling the playing field between alternative financial service providers and traditional banks.
"APS is in the business of firsts. Amongst many other key achievements, we were the first provider of general purpose prepaid cards in the UK then quickly evolved to introduce a number of banking firsts within our space. We are the first non-bank issuer to gain MasterCard membership and the first to deliver DDirect Debit via an e-current account creating a real digital banking alternative. We are extremely pleased to offer these banking services at Post Office counters alongside the biggest players in the banking industry."
Tamer El-Emary, Head of Card Issuing at MasterCard UK and Ireland said: "APS and MasterCard have a history of driving financial innovation for customers often digitally or online. In this instance we are going further and adding choice to consumers and businesses who need to pay in or withdraw cash on the high street."