APS, Post Office to Compete with UK Banks

Banking and payments software provider Advanced Payment Solutions (APS) is linking up with the UK’s Post Office in a deal that will allow customers to access banking services at over 11,500 branches across the country.

APS said that the connection to the Post Office’s 11,500 branches across the UK will support its business and consumer current account holders. APS has nearly one million customers for Cashplus, its digital current account service.

The agreement means that account holders will now be able to deposit and withdraw cash in real time as well as make instant balance enquiries from Post Office counters.

“By allowing our customers access through the Post Office network, it will enable us to provide a solution to the diverse needs of our customers – extending our simple, transparent online services to in-branch facilities,” said Rich Wagner, chief executive (CEO) and founder of APS.

“Embracing new players into an infrastructure designed for banks marks a significant step towards levelling the playing field between alternative financial service providers and traditional banks.”

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