PFS said that it completed migration of the acquired physical prepaid card portfolio onto its own platform.
The deal was signed in January 2019 under which the fintech company agreed to work with Barclays for the migration of clients off the prepaid platform.
PFS CEO Noel Moran said: “We are working hard to achieve a seamless migration for clients of Barclays. The deal will enable PFS to offer an enhanced service to existing and future Payroll and Corporate clients.
“Adding this Corporate and Payroll portfolio to our existing Corporate book further strengthens our position in the market as one of the leading payment providers for Corporate customers.”
Based in London, the fintech company provides payment technology solutions such as physical and virtual prepaid cards, e-wallets and IBAN accounts across the UK and Eurozone. The company said that its payment solutions are actively used across 25 countries while claiming to have the ability to enable transactions in 23 currencies.
In September 2018, the fintech company said that it helped PayTop, a French financial services company, which is a part of Truffle Capital’s technology portfolio, in providing a turnkey white label multi-currency payment solution for Banque Palatine.
Barclaycard, which sold its UK physical prepaid card portfolio to PFS, is a global credit card and payment services provider of British banking group Barclays.
In a separate development, the credit card company forged a new payment acceptance partnership in the UK with China UnionPay’s subsidiary UnionPay International. The deal will allow Barclaycard’s 110,000 UK merchants to accept UnionPay courtesy of a phased roll out that will be launched in the summer.
Last month, Barclays announced that Barclaycard merchants can start accepting mobile payments via Pay by Bank app, a new payment method developed by Mastercard’s Vocalink business.
The British investment bank plans to introduce the Pay by Bank app on its Barclays Mobile Banking App in 2020, in order to benefit more than six million users.
