The Post Office is the largest provider of foreign exchange in the UK. The Post Office Travel Money Card Plus is currently available in Euros, U.S. dollars and Sterling and allows customers to lock in the competitive exchange rate offered on the day of purchase. The cards are available at more than 3,000 Post Office branches across the UK and online via postoffice.co.uk, and will be processed centrally by FIS.
FIS Card Processing Services supports debit, credit and prepaid programmes, providing the necessary messaging and integration with payments industry schemes. Based on flexible technology, FIS’ Card Processing Services are built on a modern, open architecture to ensure long-term scalability, availability and performance. Using these solutions, FIS supports more than 70 customers throughout Europe.
“Working with FIS has enabled us to enhance the functionality of our cards and given us access to a wider range of card and customer service applications including online payments, SMS messaging and call centre services,” said Az Alibhai, Post Office’s head of cards.
“The demand for prepaid cards is continuing to rise, and consumers are becoming better informed and more discerning about the product they choose,” said Ian Benn, managing director, FIS Payment Solutions, EMEA. “This has driven many card issuers with legacy systems to invest in more advanced and flexible technology from FIS Card Processing Services, which offers a range of the leading processing services in the industry today.”
About Post Office
Post Office Ltd, part of Royal Mail Group, serves communities across the UK through its network of around 12,000 branches. Twenty million people visit their local Post Office branch every week, undertaking almost 60 million transactions ranging from posting a letter and collecting a benefit payment to buying foreign currency and investing in a savings account.
About Financial Services from the Post Office
The Post Office first launched into the financial services market in 1993 offering foreign currency through its supplier, First Rate Exchange Services (which is a partnership between the Post Office and Bank of Ireland).
In 2004, the Post Office linked up with the Bank of Ireland in a joint venture to offer Post Office customers a wider range of financial services including savings, insurance and lending.
The Post Office now has the largest financial services presence on the high street with around 12,000 branches – more than all of the UK high street banks combined – and offers customers a range of value for money products from credit cards and mortgages, to car and home insurance.
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
For More Information:
Mary Waggoner, SVP, FIS Investor Relations
P: 904.854.3282, E: mary.waggoner[.]fisglobal.com.
Tony Martin, Portfolio Communications
P: +44 207 240 6959, E: tony.martin[.]portfoliocomms.com.