UK-based Co-operative Bank has partnered with
prepaid card provider Advanced Prepaid Solutions (APS) to offer
prepaid card services for public sector organisations.
The Co-operative Bank’s customers will now be
provided with an alternative payment method to the traditional
cheque-issuing process for benefits, social care and localised
petty cash.
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Ian Smith, senior manager of public sector
banking at the Co-operative Bank claims the deal helps its public
sector clients keep costs down at a time when other banks “appear
to be doing little to help”.
“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,” said
Rich Wagner, chief executive officer of Advanced Payment
Solutions.
“It offers an easier, faster and more
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.”
This partnership builds on an existing
five-year relationship between the Co-operative Bank, APS and the
Post Office to allow individuals, small businesses and local
authorities to add value to the prepaid cards at the Post
Office.
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