Leading financial services challenger Advanced Payment Solutions (APS) and MasterCard have signed a new deal that extends their successful brand partnership to over 15 years.
Working with MasterCard to provide simple, transparent pre-paid card solutions, APS supports nearly 1 million consumers, over 30,000 SMEs and 1 in 5 local authorities.
APS was the first non-bank issuer to become a direct issuer with MasterCard back in 2007. This extended relationship will enable the pair to continue focusing on their core commitment of providing fair and transparent access to banking and payment services.
Using APS and MasterCard's solutions, small businesses and consumers – who are typically short on time to secure a traditional bank account - are able to set up a digital account within minutes and start making and receiving payments.
Meanwhile, APS' public sector clients rely heavily on the service to support the distribution of social care allowances to thousands of benefit recipients. APS is the fastest growing provider of payment solutions to local government, handling over £180 million worth of benefit payments annually.
APS has a long history of 'firsts'. The news comes as APS signed a deal to collaborate with the Post Office, becoming the first non-bank financial services challenger to offer banking services over Post Office counters throughout the UK..
Rich Wagner, CEO and founder of APS commented: "Working together over the last decade, APS and MasterCard have committed to providing cutting-edge digital and electronic payment solutions to under-served sectors of the market.
"Extending this successful relationship will enable us to continue innovating our digitally enabled payment offerings and developing ground-breaking account and card solutions that support SMEs, consumers and the public sector."
Tamer El-Emary, Group Head, Growth Markets at MasterCard UK and Ireland said: "Since collaborating with APS, we have been committed to innovation in the prepaid and current account market, offering simple, transparent online services to SMEs, consumers and local councils.
"We are looking forward to the next phase of our relationship – leveraging the success to-date to continue developing new technologies that provide fair and simple solutions to current account customers."