Advanced Payment Solutions (APS) announced yesterday (Feb. 23) that it has teamed up with the UK Post Office to support its business and consumer account holders at the post office’s 11,500 branches — extending APS’ banking services.
“By allowing our customers access through the Post Office network, it will enable us to provide a solution to the diverse needs of our customers – extending our simple, transparent online services to in-branch facilities,” APS CEO Rich Wagner said in a company news release. “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.”
Wagner also noted that “APS is in the business of firsts.” This includes being the first FinTech non-bank to offer banking services through its network, according to the release, and it was also the first provider of general purpose prepaid cards in the U.K. The most recent announcement will help APS provide its account holders the ability to deposit and withdraw cash in real time, and request balance inquiries from service counters at the UK Post Offices.
“We are the first non-bank issuer to gain MasterCard membership and the first to deliver Direct Debit via an e-current account creating a real digital banking alternative. We are extremely pleased to offer these banking services at post office counters alongside the biggest players in the banking industry,” Wagner said.
APS has nearly 1 million customers, which the company said it provides “fair and transparent banking services” of its digital account service called Cashplus. But with the news of linking up with the post office, APS customers will be able to access those banking services at thousands of more locations.
Sticking with its mission, APS claims it is a “leading challenger to the banks, offering alternative banking and payments solutions for consumers, SMEs and public sector organizations who are security conscious, short on time or funds, need to complement existing accounts or are fed up with traditional bank services.”
That’s where the connection with the post office service comes into play.