Post Office makes alternative financial services partnership

post-office

The Post Office is teaming up with alternative finance provider Advanced Payment Solutions to allow customers to access banking services at over 11,500 of its branches across the UK.

APS digital current account holders will now be able to deposit and withdraw cash in real time and make instant balance enquiries from Post Office counters. The tie up is part of a wider initiative by the government to digitise public sector services.

 “Embracing new players into an infrastructure designed for banks marks a significant step towards leveling the playing field between alternative financial service providers and traditional banks,” said Rich Wagner, CEO and founder of APS.

The move comes as traditional banks continue to close branches thanks to a consumer shift toward digital services. Royal Bank of Scotland is planning to close at least 99 branches this year, while the Co-operative Bank will close 57 – a quarter of its remaining network.

Some banks also offer their services from Post Office counters, with Santander arriving late to the party with a January tie-up which will see the lender offer personal accounts and business banking later in 2015.

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