Prepaid Financial Services (part of a listed entity, EML Payments) has unveiled a range of product enhancements designed “to accentuate the competitive advantage of disruptive fintechs aware of Banking-As-A-Service (BaaS) trends in the European Economic Area,” the company said.
SEPA Direct Debit (SDD) will enable clients across the EEA to take on traditional banks through PFS’ licenses with the Financial Conduct Authority (FCA) and the Central Bank of Ireland (CBI).
Additionally, the company said, its SEPA Instant Credit Transfer (SCT Inst) is just around the corner.
Also enabling established banks to take advantage of new technologies
The company’s chief commercial officer (CCO) Lee Britton commented:
”Financial Technology is a fiercely competitive space and BaaS allows fintechs to compete with established banks but conversely, we also enable established banks to take advantage of new technologies that can run independently or in conjunction with their core banking platforms.
“What we recognise is that both banks and fintechs want their partner to be product-focused with the objective of improving customer experience and providing additional services that the customer will value.
”We take pride in innovation whilst maintaining our commitment to stability and security within the PFS platform. By adding SEPA Direct Debit capability and SEPA Instant Credit Transfer, we want to enable partners to offer an even better service in multiple markets to their end customers.”
One of the largest prepaid fintech enablers in the world
PFS is a payments service provider who adheres to the SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) core payments schemes.
Following the acquisition of PFS by EML in April, the combined entity, PFS/EML, became one of the largest prepaid fintech enablers in the world.
London-based PFS is currently one of the fastest growing financial services, technology companies and e-money payment institutions in Europe.