Mint Technology selects APS as the issuing bank for prepaid cards

Mint Technology announced the partnership with APS Financial Ltd (a wholly-owned subsidiary of Advanced Payments Solutions Ltd, with secured Principal Status for the issuance of MasterCard's, Maestro, and Cirrus prepaid cards) for Mint's prepaid business in the United Kingdom.

As a part of the deal APS Financial Ltd (AFL) will act as the issuing bank for Mint's prepaid products in the UK. Besides, it will also provide other services like interface with MasterCard® for the approval of programs, legal and regulatory oversight, assistance with marketing and consumer communications, and oversight of money laundering, fraud, and Serious Organized Crime Agency reporting.

Chris Hogg, President and CEO at Mint said: "We are looking forward to the expansion of Mint's business in the UK, especially with a partnership with a Company whose fundamental business strategy is directly in-line with our own. Both companies are structured to be a successful player in prepaid financial services by delivering a low-cost, high volume product to specifically target under-banked facets of the population, such as immigrant and migrant workers, youth, and the credit challenged. In addition, both Mint and APS understand the importance and value of market intelligence and recording the spending data of consumers. I am confident that with an overseas partner in APS, giving Mint enhanced local market capabilities and through a high quality and robust platform to service our UK prepaid clients, Mint's business will continue its global growth as it has in the last year, and be further resourced to take advantage of acquisitions in our sector."