APS to Offer Banking Services through 11,500 Post Office Locations (Feb. 23, 2015)
Customers of Advanced Payment Solutions (APS), a London-based provider of alternative banking solutions, soon will be able to access banking serves through the U.K. Post Office’s 11,500 branches. Under a newly struck deal, the Post Office will offer cash deposits and withdrawals to users of APS’s Cashplus digital current account platform. Among those who will benefit from the agreement are government aid recipients. Cashplus’ current account and prepaid MasterCard are used by more than 20 percent of the U.K.’s local authorities to deliver social benefits, with more than £180 million (US$278 million) paid via Cashplus each year, according to APS.
Rich Wagner, CEO and founder, APS, called the Post Office deal a milestone for nonbank financial services providers. “Embracing new players into an infrastructure designed for banks marks a significant step toward leveling the playing field between alternative financial service providers and traditional banks,” he said.
For the Post Office, the partnership is the latest step in a steady push into payments. Last year, the Post Office joined with Raphaels Bank to launch a prepaid MasterCard, which can be reloaded throughout the Post Office network. And in 2012, the Post Office was part of what was at the time Europe’s biggest contactless payments program, launched in conjunction with the London Olympics.
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