PFS acquires Barclaycard prepaid card portfolio
Financial details were not disclosed. In fact, not a lot else was revealed.
Noel Moran, CEO at PFS, says: “We had been in discussion with Barclays regarding their physical prepaid cards and looking at opportunities to work together. In January, we agreed a deal whereby PFS acquired Barclays’ portfolio and would work with Barclays to migrate clients off the existing prepaid platform and over to PFS.”
He adds that the deal will enable PFS to offer an “enhanced” service to payroll and corporate clients. That’s about it.
PFS likes to stress its stability as it says it has returned profits for ten consecutive years.
The firm has programmes active in 25 countries and offers the ability to transact in 23 currencies.
Its products and technology platforms are used by governments, local authorities, NGOs, mobile network operators, banks and corporate clients.
In other news, Barclaycard enjoyed a lively February.
It partnered with the technology solutions provider Amadeus for B2B payments in the travel sector.
The firm also said it will integrate its B2B payment product, Precisionpay, into SAP Ariba solutions.