PPS, formerly PrePay Solutions, and subsidiary of Edenred, the everyday companion for people at work, has joined forces with newly launched Community Interest Company (CIC) The Inclusion Foundation (TIF), in a bid to help tackle financial exclusion in the UK. This comes at a time when society’s most vulnerable are in the greatest need of vital financial services as they cope with the COVID-19 pandemic, potentially unlocking £1.8bn in benefits for low-income households. 

As a Pioneer, PPS emphasises the importance of ethical and inclusive finance and champions the initiative, working with its established players in the challenger banking, paytech and fintech space, to help create a more financially inclusive ecosystem.

The Inclusion Foundation was established to ensure that the UK’s 13 million under-served adults, who are traditionally overlooked by the industry, have better access to inclusive financial services and information. It provides three core services, including Signpost Now, a comparison website enabling customers to compare financial products that suit their individual needs, and Inclusion Signpost, an accreditation recognising financial services products that serve the needs of excluded customers. Additionally, the Foundation provides education for banks and the government through The Inclusion Academy and Hub.

Aoife Hurley, Head of Strategic Partnerships at PPS, said: “PPS has always been a driving force for change in the payments and fintech space. Our platform allows clients to design products that serve consumers and small businesses with many different needs.

“We are delighted to support programmes that promote financial wellbeing for those who need it the most. The Inclusion Foundation has the right approach and tools to do this, and we’re proud to be doing our bit to support the cause and create positive change.”

Anne Pieckielon, CEO at The Inclusion Foundation, said: “In the UK there are 13 million people classified as ‘unbanked’ who have been overlooked by financial services, whether that’s because they’re vulnerable or deemed not financially profitable. Our mission is for the industry to play their part in giving every person in the UK access to financial services and lift those least fortunate in society out of the poverty trap. We will do this by providing better access to information on financial services that’s more inclusive and signpost people to the right products.”

The Inclusion Foundation was launched in September 2019, supported by Mastercard and the UK’s leading payments trade body, the Emerging Payments Association.

For more information about The Inclusion Foundation, visit https://theinclusionfoundation.org/