ClearCash signs new agreement with Advanced Payment Solutions Limited
(“APS”) and rebrands as “icount” to launch improved icount current
account with Prepaid MasterCard® Card and offer account numbers and sort
codes within minutes to all applicants as a great alternative to a bank
an icount current account can offer account numbers and sort codes to all applicants within minutes whose identification is verified, as well as continue to offer direct debit and standing order facilities
icount can offer the APS credit building facility with CreditbuilderTM
ClearCash undertook a rebranding to capture wider audience and assist with government’s
goal of financial capability. The service is already a great account alternative (to a conventional bank account) to teach with budgeting and money management as well as safeguard individuals purchases through its purchase protection facility
Additional cards available to customers’ children aged 13 and over, enabling parental control on finances and budgeting
When asked to comment on the newly rebranded “icount”, Robert Courtneidge, Co-Founder and Director of the Prepaid International Forum, the body representing the prepaid card industry said: “Prepaid has a growing and important role to play in mainstream financial services. The launch of the new icount product not only demonstrates how prepaid products can provide consumers with an alternative way to budget and manage their everyday finances but how the industry is constantly innovating to serve the evolving needs of consumers”.
icount Money Limited is the new name of ClearCash Limited, who purchased the company from ClearDebt group. The agreement symbolises icount’s commitment to APS in order to leverage their strong servicing and account features of the existing ClearCash and Cashplus offerings.
Darren Deal, Head of Prepaid UK & Ireland for MasterCard comments: “We are delighted to partner with ClearCash to launch icount and give consumers the support they need when managing finances. The launch of the icount product supports our goal to offer people access to financial tools and enable them to live more secure, empowered and included lives when managing their finances.”
The new arrangement results in the launch of a new and improved current account with prepaid MasterCard, to be known simply as the “icount”, offering cardholders arguably a better alternative to a mainstream bank account.
The newly designed black glossy card offers applicants the additional benefit of being able to generate the account number and sort code instantly in addition to the existing functions that include direct debits, standing orders, up to four additional cardholders, plus CreditbuilderTM a credit building facility that could help customers build or repair their credit rating just by using their account. icount will continue to offer the same Pay Monthly and Pay As You Go tariffs.
CEO of icount Money Limited, Samuel Mond, decided it was time to change the brand and separate from ClearDebt to develop the product to meet the needs of the unbanked consumer: “We wanted to build on the existing cardholder basis we have gathered over the past 3 years and the separation from ClearDebt will assist with this. We have listened to our cardholders and they wanted a fresh image, one that is modern but most importantly, offers a viable alternative to a mainstream bank account. Having the facility to generate the account details instantly not only fulfils the requirement of our introducers, but also anyone quickly needing a new bank account in general.”
The card is expected to appeal to many people struggling with their finances as well as their credit rating. Budgeting and money management are key issues in the Prepaid and Debt sectors - particularly regarding young adults and financial education and financial capability. The additional cardholder facility also enables parents to have an element of financial control over their children’s spending, whilst also teaching them how they manage the money they are given access to without the risk of getting into debt.
Rich Wagner, CEO of APS said: “This announcement reinforces that APS remains a leading challenger to traditional bank accounts. Today, I applaud the wider remit that icount is taking on with its new company name and enhanced product strategy. We are excited to continue our relationship with icount who remains one of our top distribution partners we support and it’s great to see them reaffirm their commitment to continue their business with APS.”
(Source - icount Press Release)