PFS, Deutsche Card Services to Develop Corporate Prepaid Cards in Europe (Feb. 4, 2013)
Feb. 4, 2013
U.K.-based program manager Prepaid Financial Services Ltd. (PFS) and Deutsche Card Services (DeuCS), a Frankfurt-based acquirer and subsidiary of Deutsche Bank, have signed a strategic partnership to develop and deliver prepaid card solutions across Europe for corporate clients. PFS will provide the technology and support to enable DeuCS to offer new payment solutions across different regions and territories while DeuCS provides PFS with access to clientele in new operating regions. The cooperation also includes plans to jointly develop new services.
Markets, such as Germany, where the companies say prepaid cards aren’t as widespread as other regions like the U.K., Italy and the United States, will be a focus for PFS and DeuCS, according to an announcement. The partners will be working on a variety of corporate programs, such as travel and other corporate expenses, payment of disbursements, benefit payments, compensation payments and payroll administration.
“This [agreement] is especially exciting for DeuCS, as we expand our service portfolio out of our native soil ‘acquiring’ to the opposite ‘issuing’ side of the card business,” said Jens Mahlke, DeuCS management board member.