Payment Cloud Technologies (PCT), the London-based FinTech business, has today announced the official launch of its new digital banking platform bank.VISION. The platform enables organisations to deliver banking-grade financial services to their customers. An Post, Ireland’s largest postal service provider, is the first customer to go live with this new service, rolling out bank.VISION across all 1,100 An Post branches nationwide and improving the services available to its 1.7 million weekly customers.
Despite recent initiatives by the Financial Conduct Authority (FCA) to improve competition in the current account market, the banking industry’s highly-regulated entry criteria has previously prevented new entrants from delivering financial services. bank.VISION’s cloud native technology has resolved this issue, securing quick market entry for An Post via PCT’s robust, reliable and fully compliant banking infrastructure.
bank.VISION provides customers with the same benefits as a standard bank account across all digital channels including iOS and Android mobile devices. The technology will help to develop An Post’s brand, diversifying and strengthening the company’s services to a broader range of customers while securing customer loyalty.
John Rice, Head of Retail Development, An Post, said: ‘’PCT was the only company to come in and talk about our business in a way that relates to our customers and our position in the market, rather than just focusing on their own business or product. We are delighted that working together, An Post and PCT, has delivered an innovative and inclusive digital banking platform to our customers, across all of our branches.’’
With 2.5 billion adults worldwide currently underserved by existing retail banks, PCT is committed to providing fairer access to financial services. bank.VISION’s provision of a guaranteed Mastercard/Visa debit card, regardless of credit history, includes wallet, bill payment, online, email and SMS alert facilities to make money-management easier and more inclusive.
Ian Clowes, CEO, PCT, said: ‘We have a vision where the deployment of our innovative digital banking platform will allow our partners to improve fairer access to banking for a broader diversity of consumers. This includes not only those who have previously been unable to find a financial services provider that suits them, but also those consumers who are used to paying for current accounts that don’t meet their requirements. bank.VISION is a solution for everyone.’
Continuing the momentum secured by PCT’s management buy-out in July this year, bank.VISION will be launched at an exclusive re-branding event with the company’s partners in St Paul’s Cathedral, London, tonight, 22nd November 2016. Ian Clowes, CEO and Mike Peplow, COO, will outline the business’s future, vision for the industry and the benefits that bank.VISION will bring to the financial services market.