Prepaid Financial Services has joined forces with Latvia-based financial company WestStein to introduce the new WestStein Prepaid Mastercard.

The new card is a chip and PIN prepaid card, which will be available to both consumers and corporate clients. It has been designed to facilitate secure online shopping, instant moneyshare, bill payments, and make payments while travelling abroad.

The card, serves as an alternative to conventional current accounts for those without a bank account as well as for corporates looking to pay temporary workers’ wages.

The prepaid cards also ideal for bonus disbursements, management of company expenses, corporate travel, reward and loyalty programmes.

Currently available online in euro to customers across Latvia, the card is slated to be rolled out in additional currencies and territories across Europe soon.

Prepaid Financial Services CEO Noel Moran said: “We are delighted to partner with WestStein to launch PFS’s first prepaid product in Latvia. We have been observing the Latvian market carefully and this is a strategic time to launch a highly flexible non-banking product that appeals to both consumers and corporates.

“With this launch, we now have programmes active and live in 20 countries outside of the UK. We are continuing to expand our services across Europe as part of our strategy to become the preferred provider for straight forward prepaid payment solutions. We are well on our way to achieving this and our aim is to launch in three or four more new countries before year end.”

Prepaid Financial Services has joined forces with Latvian FinTech company WestStein to create NEW prepaid Mastercard.

PFS & WestStein Partner For A New Prepaid Card | WestStein Pressroom

Prepaid Financial Services, WestStein partner to launch new prepaid card in Latvia

First Prepaid Mastercard Programme Launched in Latvia by Prepaid Financial Services Limited (PFS) with Programme Set to be Expanded to Additional Territories in Q4 2015.

Prepaid Financial Services, a leading provider of global prepaid solutions and a Mastercard prepaid partner, is delighted to announce the launch of the WestStein Prepaid Mastercard, in association with WestStein SIA, an innovative financial company based in Latvia with an international reach.

The WestStein Prepaid Mastercard is a chip & PIN prepaid card available online (in Euro) to customers in Latvia and will soon be available in additional currencies and territories across Europe. The card is available to consumers as well as corporate clients looking to offer a prepaid value proposition to their customer base, employees and members.

Consumers can apply for a prepaid card with an annual loading limit of 2,500 Euros online with the option to upgrade to a fully personalised card with a balance of 15,000 Euros, by providing additional identification.

Corporate cards come with higher loading, spending and withdrawal limits as default and transaction fees on corporate cards can be customised to suit each client’s specific needs.

As the card is a Mastercardbranded prepaid card, the WestStein consumer and corporate prepaid products can be used to make purchases in-store, online and over the phone at 34 million retailer locations worldwide as well as to make cash withdrawals at over 2.1 million ATMs that display the MastercardAcceptance Mark.

Noel Moran, CEO of Prepaid Financial Services, stated: “We are delighted to partner with WestStein to launch PFS’s first prepaid product in Latvia. We have been observing the Latvian market carefully and this is a strategic time to launch a highly flexible non-banking product that appeals to both consumers and corporates. We expect the WestStein Prepaid Mastercard to quickly become a strong product in the marketplace.

With this launch, we now have programmes active and live in 20 countries outside of the UK. We are continuing to expand our services across Europe as part of our strategy to become the preferred provider for straight forward prepaid payment solutions. We are well on our way to achieving this and our aim is to launch in 3 or 4 more new countries before year end.”

The WestStein Prepaid Card is available via a quick and simple application process and is ideal for safe and secure online shopping with privacy, instant moneyshare with friends and family, travelling without the worry of overspending as well as budgeting and making bill payments.

The card is also ideal for families who have children travelling abroad as students on international internships and exchange programs, as the card minimises the risk of losing cash and enables users to pay in foreign countries with ease. Furthermore, parents can easily transfer additional funds to their children, securely and instantly through the online platform.

With no credit checks or minimum income requirements, the WestStein prepaid card provides an excellent alternative to traditional current accounts for those without a bank account or poor credit history for managing their wages and allowances as well as Corporates looking to pay wages to temporary workers. WestStein Corporate prepaid cards are also ideal for bonus disbursements as well as the management of company expenses, corporate travel, reward and loyalty programmes.

BS Finanz Zürich GmbH, the holding company of WestStein SIA, commented: “The WestStein prepaid Mastercard is essentially the first prepaid card aimed at all consumers in Latvia, providing a world class solution that is user friendly, simple and inexpensive. The versatility of our product, in addition to the simplicity and reach of our loading networks, are key drivers for growth and consumer adoption. We want to share the power of prepaid with all consumers and not just a select few, like some of the other providers in the market, who offer cumbersome and complicated solutions to specific niches and elite customers. In the future we plan to add additional products and services to create a more comprehensive financial services company.”

The WestStein Prepaid Card launch is the latest addition to the international portfolio of programmes launched by Prepaid Financial Services, which now has active and live programmes in 20 countries outside the UK.

The WestStein Prepaid Mastercard is issued by Prepaid Financial Services Limited pursuant to a license from Mastercard International Incorporated. Prepaid Financial Services Limited is regulated and authorised by the Financial Conduct Authority, registration number 900036. Registered Office: 36 Carnaby Street London, W1F 7DR.

NEW Prepaid Cards in Latvia thanks to WestStein and PFS cooperation - Learn the How, Why & What in WestStein Pressroom!

PFS Brings Prepaid Cards To Latvia | WestStein Pressroom

Prepaid Financial Services & WestStein Bring the Power of Prepaid to Consumers & Businesses in Latvia

WestStein is gaining global trust. Here’s a recap of a recent event and its takeaways.

A little more than month has passed since WestStein participated in the “

Technology And The Future Of Making Payments

” conference on February 5, 2018, organized by 

 – a leading compliance and management consulting company from London, UK.

 opened, more than 20 CEOs of various financial institutions entered the room to discuss 

the emergence and advancements of technology in the payment and money transfer industry.

Attendees varied from Money Transfer operators and FinTech enthusiasts to Foreign Exchange companies and Bureau De Change. All of them are UK based, regulated by FCA and represent a wide range of territories – India, UAE, Thailand, China, African countries and more.

The day played out in an exciting tone, to say the least.

For 3 hours WestStein representatives held the stage with topics covering 

 history and WestStein as a modern alternative to existing business payment solutions.

The presentation quickly turned into an intense discussion with attendees, who eventually found potential use cases for WestStein products in their own businesses.

To secure company’s main accounts from hack attacks, when marketing specialists pay for outsourced writers, online advertisements and especially e-commerce tools;

To send bonuses for salespeople immediately after a major sale is made, as it would keep them self-motivated at all times, although the official payday is only once a month;

To white-label WestStein products with company’s own branding and use them as, for example, specialized gift cards for partners during Christmas and other special events.

For the most part, such business operations are possible also with regular bank accounts. 

However, more and more companies choose innovative FinTech solutions, because they involve less paperwork, save time and are much more cost-effective.

FinTech frees up extra capacity for further company’s growth.

 No wonder that today WestStein is already finalizing legal basis with three of the money remittance companies from the conference.

One thing’s for sure. As every new client reveals new needs, WestStein team members are stepping up their game and setting even higher goals for the future to make private and corporate payments as convenient as possible.

Ready to discover the best solution for your business?

Stay tuned for the latest news and worthwhile blog articles in your inbox!

See why Money Remittance Businesses choose WestStein in this recap of “Technology And The Future Of Making Payments”.

Money Remittance Businesses Choosing WestStein | WestStein Pressroom

Major Money Remittance Businesses Choosing WestStein For Their Operations

New technologies are becoming more and more complex, whereas the use of them becomes simpler and easier to understand. It is applicable also to financial sector. The internet bank and mobile apps are swiftly replacing face to face transactions with bank specialists.

Therefore, it is only logical that the range of financial services is expanding and goes far beyond the traditional bank borders. Nowadays it is easy to find non-bank financial services that provide secure online payments. In Latvia 

 has been offering this opportunity for several years.

is a financial services provider that allows customers to open an account and receive a payment card issued by a UK-based enterprise, which is a licensed payment institution.

 is a financial institution to which the same safety rules are applied as to banks, however, WestStein is not a bank. The company is registered in Latvia, its partner is an e-money institution – 

 opens a current account in Ireland and issues a prepaid 

. The account is opened only together with the card: first the client orders the card, and as soon as it is activated, the account is opened.

offers to open accounts for individuals and businesses.

 It is possible to link business account with a payment card. With the card one can make payments online and in shops all over the world where 

 are accepted, as well as make cash withdrawals at any ATM with 

 logo. The same ATM commission fee is applicable in entire European Economic Area – 2.50 EUR.

cards are prepaid cards with an online account –

 On the one hand, it limits the services of 

 on the other hand, it means less formalities. After the global crisis many have lost confidence in the banking sector across Europe. Due to European Union (EU) directives and regulations bank operations are not always convenient for customers. At the same time the use of cash is decreasing. Some countries, such as Sweden and Austria, have announced that they are planning to switch completely to non-cash payments in the nearest future.

services are available for customers in the whole European Economic Area.

 The services offered are in accordance with general rules, therefore 

 ensures full compliance with EU regulations and rules regarding the activities of financial institutions.

Prepaid Financial Services (PFS) is registered in Financial Conduct Authority (FCA), which is an institution that controls banks in the United Kingdom. PFS also monitors 

How to order your WestStein prepaid Mastercard?

Some people are very responsible and cautious regarding their money and banking services. The reasons are that these services become more and more expensive, and many safety requirements make them more complicated. Advice for them would be to consider the services offered by 

 prepaid card and make payments with it. To be honest, it is easier to try it out than to explain it.

prepaid Mastercard remotely on company’s homepage at

 Customers do not need to go to any branch, everything can be arranged online, for example, at home from your computer.

Within 10 business days the applicant receives

 The card has to be activated on the homepage, after that the euro currency account is opened and ready to be used. Account opening and card cost is 0 EUR. 

prepaid card is valid for 3 years, and a monthly fee is EUR 1.00.

Once you receive a card, you must activate it, then it is recommended to verify your account. An unverified customer cannot use the card in full force: reduced limits are applied for unverified customers. Only a verified customer can have up to 35 000 EUR card account balance and load the card account indefinitely.

You can load your card account in three different ways:

You can make a transfer from any bank account;

One WestStein cardholder (for example, a relative) can transfer money to other WestStein card;

you can buy vouchers that can be activated when needed. You can use them while

or you can top-up your child’s secondary card (there can be up to 3 secondary cards per one main card).

 clients can also choose not to verify their account, however, they will have smaller limits: according to new EU regulations unverified customers can spend money only in shops with total amount of EUR 250.00. Cash withdrawals are possible only once in a month with a total amount of EUR 100.00 during the whole card validity period. In short, the possibilities for unverified customers are very limited.

The very simple online verification procedure automatically extends the limits of 

 prepaid card. To enjoy all the features of the card, 

 invites its customers to verify their cards, and many have already done that. 

Verified clients can receive up to 35 000 EUR per day to their account and spend up to 15 000 EUR daily, if the card balance does not exceed 35 000 EUR. Cash withdrawal limit is EUR 1500.00 per day.

 The system will not allow you to exceed the limits, however, by active operations, the card turnover can reach 92 000 EUR per month.

 The main requirement is to have a physical address in Europe, but clients themselves can be from outside of EU. As the procedure is simple and remote, 

 has customers not only from Lithuania and Estonia, but also from Sweden, Germany and other European countries. 

 uses the benefits of digital marketing and offers its services across Europe.

card operating accounts are held at Irish Allied Banks, p.l.c., registered in Ireland. This institution has over 50 years of experience and good reputation.

 cards are prepaid cards, and cardholders can use only the amount of funds that is available on the card. This completely eliminates the possibility to get into debts and owe any money to 

. The main advantage of such non-bank cards usually is security, especially for online purchases.

leading partner, Prepaid Financial Services, provides financial services to both individuals and businesses.

 headquarters will be moved to Berlin next year to be closer to its customers and European financial centers. For customers in Latvia this will not change anything, however, WestStein, in general, is hoping to attract more customers in the EU.

Some new services will be provided in 2018. 

In the first quarter of 2018 WestStein will offer multi-currency accounts to its customers.

 Currently, it is possible to open euro account, however, next year there will be a new feature which will allow to open an account in four currencies: 

euro, U.S. dollars, sterling pounds and Polish zloty

. WestStein has researched its customers’ needs, and the currency options are related to the key locations of service users.

 customers will have an opportunity to make international payments, which will automatically convert money into one of the 36 currencies. Virtual money transfers to 

 account from anywhere in the world in about 50 different currencies is possible already. 

mobile app will be improved, making money transfers using smartphones more convenient.

A very welcome and important service will be automated

account opening for small and medium-sized enterprises.

 Currently, this process takes some time, however, next year it will be improved, and companies will be able to submit their applications online. Every company will have its own online profile, where it will be possible to see the current status, documents, as well as to connect payment cards to the account.

 will start providing this service at the beginning of the next year in whole Europe. Also 

newly registered Latvian enterprises will have the ability to open accounts remotely, quickly and easily.

 The verification procedure will be in accordance with the laws in force, however, everything will be done on the Internet. If there will be any uncertainties 

 customer support will provide you with an advice and assistance. The whole process will be much faster next year.

 The prices offered by banks are steadily increasing, however, 

 regularly follows up and calculates the prices of their services – card maintenance costs and transaction fees – so the services provided would be profitable for the customers.

Article from magazine “Kapitāls” November 2017 issue.

Looking for a convenient and secure prepaid card for yourself? Let Kapitals journal tell you more about WestStein card!

Without a Bank, however, Convenient and Secure | WestStein Blog

Without a bank, however, convenient and secure: WestStein

Have you heard Bill Gates saying “Banking is necessary, banks are not”?

The founder of Microsoft said it in the 1990’s and it seems his opinion is getting even more relevant today as it was 20+ years ago.

Even though the first e-payment system was founded in 1994, there is still room for impressive improvements in how you’re paying online.

In short, you’re likely to remember September 2019 as the time, when banks lost their monopoly card due to 

’s (Revised Payment Service Directive) full implementation.

And yes, if you’re not an active follower of what’s going on in the banking industry, we’re here to deliver you the exciting news in a simplified manner. Without any further ado, let’s dig in.

Before we touch the number 2, here’s a quick recap of 

Back in 2007, PSD1 introduced the “Payment Institution” concept, which is the basis of companies that can process payments but cannot accept customer deposits, like banks do. Think of 

 (Single Euro Payment Area) concept was born. The combination of both concepts opened doors to various FinTech solutions such as 

Now, more than 10 years into the future, PSD2 is achieving a higher goal – 

It means banks will be required to allow licensed third parties a direct access to their data via APIs (Application programming interfaces). This major step aims to make e-payments more secure and to expand the financial services ecosystem.

Here’s how PSD2 will affect your online payments

Today, your online payments travel through intermediaries, like payment network (

 etc.). Each additional step adds another fee to your initial purchase and rises the risk of hack attack to your data.

However, with PSD2, your chosen merchant, e.g., 

 will have limited access to your bank or non-bank current account after you’ve given them a permission. As a result, they avoid extra intermediary fees and can provide you with lower prices and more secure shopping experience.

Furthermore, AISPs (Account Information Service Providers) will be created, which will allow you to view all of your bank and 

PSD2 was discussed also during 5th annual payments forum

While you and the majority of society are beneficiaries of PSD2, banks are left mainly with two options, to save their customer base from switching to new competitors:

To invest heavily to improve their systems

To integrate outsourced FinTech solutions

, the first option obviously causes a big headache for all bankers, because it translates into a very expensive problem.

 to make a new £3 billion investment to improve its digital capabilities and to compete against other challenger banks and FinTechs.

 in financial services software and regulatory technology, according to European Banking Federation.

WestStein aims to help banks and reduce financial exclusion

As you’ve possibly heard in the latest news, 

major money remittance businesses from UK have already chosen WestStein business services

Nevertheless, WestStein’s CEO Theodore Blik has a greater vision of FinTech as a solution for approximately 130 million financially excluded Europeans, which he talked about in 

In other words, to introduce alternative non-bank financial services and products to people, who are unbanked because of various reasons:

The list goes on and WestStein team encourages you as an individual or a financial institution to join forces and be a part of the solution, 

If you found this article helpful, you will enjoy what we’re coming up with next.

Stay tuned by subscribing to our newsletter!

“Banking is necessary, banks are not” - you’ll remember 2019 as when the banks lost their monopoly card due to PSD2

PSD2 Pushes Banks To Evaluate FinTech Solutions | WestStein Pressroom

PSD2 Pushes Banks To Evaluate Potential Cooperation With FinTech Solutions

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Without a bank, however convenient - read WestStein press releases about FinTech conferences. Subscribe for upcoming news stories in WestStein press room.

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The WestStein Debit card is issued by UAB Walletto pursuant to license by Mastercard. UAB Walletto is authorized by the Bank of Lithuania to conduct electronic money service activities under the Law on Electronic Money and Electronic Money institutions (license number 33)

The WestStein Prepaid Mastercard© is issued by PFS Card Services (Ireland) Limited pursuant to a license from Mastercard© International Incorporated.
PFS Card Services (Ireland) Limited, trading as PCSIL, is authorised and regulated as an issuer of electronic money by the Central Bank of Ireland under registration number C175999.
Registered office: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Company Registration Number: 590062.
Mastercard© is a registered trademark, and the circles design is a trademark of Mastercard© International Incorporated.
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