Prepaid Financial Services Limited (PFS), a leading authorised and regulated FinTech provider in the EMEA region, has confirmed the successful rollout of a creative debt collection solution for Reigate and Banstead Borough Council. The council’s service users in East Surrey including the towns of Reigate, Redhill, Horley, and Banstead can now enjoy a streamlined and cost-effective debt collection solution.
The case study details how the convenient cashless alternative is providing the council with a safer means of debt collection by eliminating the need for house calls. In addition, the efficient Prepaid Financial Services (PFS) process can save Reigate and Banstead Borough Council time and resources that can be diverted elsewhere. Dedicated to delivering a high-quality service, RBBC is offering the groundbreaking solution to other councils and housing providers.
“We needed a means to which debt owed to us by service users could be collected without physically gathering payments in cash. The program required functionality which facilitates payments on behalf of other councils and housing providers,” explained, Simon Rosser, Revenues, Benefits, and Fraud Manager, Reigate and Banstead Borough Council. “PFS was selected to develop the solution and manage a prepaid card programme that could facilitate deposits only to a card for payment towards a debt held by service users.”
“The RBBC solution is a perfect example of how PFS is working with local authorities to deliver innovative solutions beyond the standard disbursements of care and benefits. RBBC issues an anonymous card to service users who have a debt with the council. The service user then loads the card with a value of the debt using a number of payment methods such as their local post office, Payzone or by a bank transfer,” stated, Amit Sharma, Head of Project Delivery and Logistics at PFS. “With no spend or withdrawal enabled, the funds are now locked onto the card and can be recovered safely and securely by the council, without the need to ever handle physical cash.”
Innovative Insight:
Cards are in deposit-only status and funds cannot be used by a service user. Everything remains cashless for Reigate and Banstead Borough Council.
About Prepaid Financial Services:
Since 2008, Prepaid Financial Services (PFS) has provided multi-award-winning payment technology solutions by offering comprehensive e-money and banking innovation. As a pioneer in the evolution of FinTech, our world-class solutions include e-wallets, physical and virtual prepaid cards, as well as current accounts in the U.K. and the Eurozone. Authorised and regulated by the FCA in the U.K, PFS has passported its e-money license across the SEPA region to enable card issuance throughout the region.
Now, PFS has rapidly expanded into one of the fastest growing e-money issuers in Europe. With programs active in a total of 24 countries and growing, PFS has the ability to transact in 22 different currencies. PFS’ products and state-of-the-art technology platforms are trusted by governments, local authorities, Non-Governmental Organisations, mobile networking operators, banks, and corporates globally.
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