Payment Cloud Technologies (PCT), the London-based FinTech business, and FEXCO, Ireland’s most successful multi-national financial and business solutions provider, have today announced the official launch of their new No.1 Currency Prepaid Mastercard Travel Card.

The card, available to order online now, locks into a fixed rate at the time of loading currency, guaranteeing a competitive rate with no commission charge for customers. PCT is developing No.1 Currency’s unique in-store proposition that will be made available later this year across the company’s UK branches. PCT was selected by FEXCO for its proven track record in bringing prepaid cards to market quickly and easily.

Ian Clowes, CEO, Payment Cloud Technologies, said: “Businesses have recognised the need to expand their cash service product portfolio in a global prepaid market that is expected to reach $3.1 trillion by 2022. PCT quickly recognised FEXCO’s ambition to bring a product to market that makes a difference to their customers, so we were thrilled to be able to apply our specialist knowledge in rapid market entry and, ultimately, help No.1 Currency’s customers save money.’’

The partnership will see PCT apply its dedicated card management process to the No.1 Currency travel card, overseeing the management of Mastercard as scheme provider. Wirecard Card Solutions Ltd is the issuing bank, FIS the processor and allpay the card manufacturer. The partnership will ultimately include full project and account management from PCT, including marketing support, compliance guidance and a second line of customer service capabilities dealing with fraud, chargeback and dispute management. PCT has also developed No.1 Currency’s online account for easy money management.

Simon Phillips, Retail Director at No.1 Currency, comments: “We are delighted to launch our new prepaid travel money cards in partnership with PCT. PCT is an award winning company, dedicated to innovation in the FinTech sector.  We look forward to working with their expert teams to develop the No.1 Currency prepaid travel money card into a leading product within the market.”

The selection of PCT by FEXCO builds on the company’s recent momentum and expansion, having recently launched its bank.VISION digital banking platform. in a well-attended ceremony at St Paul’s Cathedral, London, in November. PCT has also been nominated for three prestigious industry awards in the past 6 months, including Consumer Finance Product of the Year at the upcoming FS Tech Awards, and Best Consumer Banking Initiative and Best New Customer Facing Innovation at October’s Emerging Payments Awards.

Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to licence by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)