A ‘major innovation'
The Cashplus Prepaid Card Account, offered by Advanced Payment Solutions (APS), has won the ‘Best New Prepaid Product’ at the Card and Payments Trailblazer awards 2012 in Barcelona (view press release). Cashplus was recognised as a ‘major innovation’ by judges from across the payments industry due to the fact that “the issuer became an agency bank in order to enable direct debit payments from the prepaid card.” The solution beat competition from the likes of Citi, PayPal and Royal Sun Alliance.
Key features of Cashplus include no penalties when direct debits are refused by other banks and the provision of help to ensure money is in the account when needed, expense management for large organisations and account guarantee for UK registered companies, including those with no credit history.
“We spoke to organisations and individuals about the payment issues they had. We then tried to solve them with Cashplus. One of the major ones was the limitations and penalties of direct debit and we’re very proud of the way we’ve solved that,” commented APS CEO Richard Wagner.
The Card and Payments Trailblazer Awards are run by Cards and Payments Europe in association with Cards International and Electronic Payments International. The awards recognise innovation among banks, retailers, vendors and technology providers from across the continent.
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