New Visa pre-paid card launched

Alliance & Leicester Commercial Bank in association with MoneyCard Limited has arranged to provide Visa pre-paid cards designed to meet the needs of the Public Sector. Where there is a need to make direct payments, for benefits or pensions for example, pre-paid cards offer significant efficiency improvements while saving costs and reducing fraud.

Storing value on a card is increasingly seen as the method of choice by financial managers when issuing cash to a wide range of recipients because it’s secure, inclusive and safe.

Stewart Fraser, Director of Pre-Paid Cards at Alliance & Leicester Commercial Bank said: “The pre-paid card offers a really effective money distribution solution by replacing the uncertainties of cash, cheques or paper methods with a controlled and easy to administer system. Alliance & Leicester Commercial Bank is able to provide everything financial managers require in banking terms – supported by a dedicated Public Sector relationship management team.”

The complementary strengths of both companies ensure a unique balance of experience and innovation in pre-paid cards. Alliance & Leicester Commercial Bank has already established long term relationships with key government bodies and most Local Authorities.

Graham Utton, Director of Sales and Marketing at MoneyCard Limited, said: “MoneyCard Limited’s association with Alliance & Leicester Commercial Bank combines our state of the art technology with the bank’s expertise in the payments market, to deliver a simple and effective money distribution system.”

Pre-payment cards overcome virtually all the problems associated with distributing money to a wide range of individuals throughout the community. For a start, there is little requirement for IT development, once funded the card performs exactly like a debit card but without the need for a bank account.

The status of the pre-paid card, normally in a smart silver and black finish, can now reach the estimated 3 million people without access to any banking facilities. The pre-paid cards also bring the flexibility of the world-wide Visa network to any card carrying individual by allowing use at virtually all retail outlets displaying the Visa sign. Cash withdrawals can take place at cash machines and purchases can also be made over the internet.

Once funded by the Public Sector department responsible, the pre-paid cards which are Chip and PIN enabled, can be used for transactions for up to 3 years or until the allocated funds are exhausted – but they cannot be overdrawn.

Government department and Local Authority executives interested in this new scheme can contact a dedicated phone enquiry line free on 0800 068 4060 or visit the website thepre-paidcard.co.uk.