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B4B Payments become E-money issuer and Mastercard Principal Member

Payment solutions experts, B4B Payments (B4B), celebrate approval to become an E-money institution and the launch of a new branch office in Vilnius, Lithuania. This follows on from the launch of the Boston branch in August 2020, the launch of its products in the USA and is another step completed in the strategic goal of B4B to widen their company reach on a global scale.


On Friday 28th August, the FCA authorised B4B to operate as an E-money Institution (EMI). The following week, B4B joined Mastercard as a principal member. This change in status will allow the company to issue their own cards and offer even more innovative prepaid business cards and payment solutions throughout Europe.

As an EMI, B4B Payments will take responsibility for and be able to issue electronic money in the form of prepaid cards for its business clients, which can then be used to make payments to third parties. This removes another supplier from its supply chain bringing faster decision making and an improved approach to product enhancements.

The Vilnius branch will cover all of B4B Payment’s customers in Europe, helping to Brexit-proof the company and the company is on track to receive a second EMI licence in Lithuania.

Dual authorisation as an E-money institution allows B4B Payments to provide their financial payment solutions to all territories in Europe. No matter what exit deal the UK secures with the EU, this approval will allow B4B Payments to continue to provide their high-quality services to businesses throughout Europe.

Paul Swinton, B4B Payments co-founder and CEO said: “This is undoubtedly an exciting time for us. We are taking the next step in our global expansion plan and have just been approved to become an E-money institution in one country and a second will shortly follow. We have also continued our long-established relationship with Mastercard by becoming a principal member. As we migrate all our European cardholders away from Wirecard Card Solutions onto our own licence we will ensure there is no impact to cardholders or our business customers. We are delighted to grow our company with our clients and look forward to offering more enhancements to our corporate payment solutions moving forward”

For over 14 years, B4B Payments have been leading the Fintech and prepaid solutions market, working with a global team to offer consistently innovative and flexible payment solutions that can help businesses manage their corporate expenses efficiently and easily.

Paul added, “I’d like to thank the hard work of the B4B Payments team who managed to make this all possible and our colleagues at Mastercard who have acted quickly and decisively to ensure that thousands of customers of Wirecard will not be further impacted. The passion of our company has enabled the first stages of our international expansion to be a huge success and I can’t wait to continue to share news of our success with our customers as we move forward.”

Opening a Lithuanian office is further proof of the forward-thinking nature of B4B Payments, who endeavour to bring the best payment processing solutions consistently to the market.

Edoardo Volta, Head of Fintech, UK & Ireland, Mastercard commented “We are delighted to be expanding our relationship with B4B Payments as they continue to innovate in the commercial space. Our worldwide acceptance network and solid experience in the Fintech space will ensure we are able to support their global ambitions and future success.”

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Notice of New Terms & Conditions

This change affects both B4B and Bread4Scrap clients and cardholders. The following communication was sent on 15th September 2020.

Dear Client/Cardholder,

This is a notice to advise that your current terms and conditions showing Wirecard Card Solutions Ltd (WDCS) as the issuer of E-money will be replaced by the attached new set of terms within the next 60 days.

This change has come about because WDCS has determined that it is going to bring about an orderly wind down of its business. All cardholders and e-money accounts will be transferred to B4B Payments to allow operations to continue as normal.

B4B Payments as the trading name of Payment Card Solutions (UK) Ltd and is authorised by the Financial Conduct Authority as an Electronic Money Institution (register number 930619) and is a Principal Member of Mastercard International Inc.

B4B Payments has been operating your cards and card program since its inception as a program manager of WDCS and to date has carried out all operational activities in respect of the program, so this change should have little to no effect on day to day operations.

The only significant difference is that B4B Payments will be additionally responsible for the safeguarding of cardholder funds whereas WDCS performed this function previously. Like WDCS, B4B Payments uses the segregation method to ensure all client funds are held in credit institutions in the EU. The safeguarding policy is available upon request.

It should be noted that if you do not wish to continue the use of your card or the e-money services currently being provided by B4B Payments under the new terms then B4B Payments will allow you to redeem your e-money and waive the normal redemption fee. 

It should be further noted that for operational reasons the balances of cards maybe transferred to B4B Payments within the next 60 days, but this does not affect your rights under the current terms.

If you no longer wish to continue under these new terms, then please contact your account manager or customer services to arrange the redemption of your e-money.

As always, we appreciate you choosing B4B as your prepaid payments partner.

Regards,
Paul Swinton, CEO B4B Payments & Bread4Scrap

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B4B Payments Announces Strategic Expansion into U.S. Market

B4B Payments announces new collaboration with Visa in the U.S.

Digital payments company, B4B Payments, today announced a strategic collaboration with Visa in the United States. B4B Payments will leverage Visa’s proven scale, security and reach to grow in the U.S. market. The B4B payments program will be delivered on Visa Debit Cards and supported by Visa DPS for issuer processing services.

The move will see B4B Payments’ technology aiming to help companies facing challenges with outdated payment methods in the United States. Due to open its first U.S. office in Boston, Massachusetts in August 2020, this announcement marks a significant leap forward in capability for B4B Payments.

“Now is the right time for us to unleash our platform into the U.S. market and help companies free up their time from the sometimes-antiquated expense management processes in the same way we have in Europe. We are looking forward to achieving similar levels of success by collaborating with Visa to take our product forward.”

Paul Swinton Founder and CEO of B4B Payments

B4B Payments’ technology helps to streamline the payment process for organisations who had previously found difficulty managing issues that can be associated with traditional payment methods, such as employee expenses or third-party payments. The platform is entirely digital and can be used in conjunction with the B4B app to enable updates on the go, featuring automatic notifications of funds received, reminders for receipt input and freeing up the business to spend more time on other tasks. The technology allows for increased visibility and control over the expense payments that a company makes to its staff and suppliers. B4B Payments is particularly useful for agile digital companies without the resources to employ full-time administrative staff, or who employ gig economy workers and contractors, because payments can be tracked and made as needed without needing a central interface.

Kieran Draper, Head of B4B Payments (USA) Inc, comments, “We’re delighted to be able to announce the company’s expansion into the U.S. market, which has been a corporate ambition of ours for some time, and to transform the sometimes challenging process of business payments alongside a global brand like Visa is a great privilege.”

Our platform assists U.S. businesses facing challenges with purchasing and payments, in a world where the gig economy is growing massively. We hope to provide these businesses with a swift, secure and easy-to-use platform that gives them more time and effort to focus on their trade, rather than their administration.”

“We have successfully worked with fintech organizations across the globe to provide a clear path towards getting to market faster and more efficiently, leveraging Visa’s scale, security, reach and strong network of partners. By working with B4B payments on their expansion to the U.S., we are continuing our support for fintechs, with the goal of accelerating the growth of the payments industry and creating better ways to help move money everywhere.”

Terry Angelos, SVP and Global Head of Fintech, Visa

B4B Payments announces this exciting news off the back of an excellent 2019, which saw the company win Best Prepaid Product of the Year at the 2019 European Card & Payments Awards. With over 1,000 customers in Europe alone and several award wins under their belt, this expansion into North America represents a significant milestone for the company.

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How to avoid invoice fraud

According to UK Finance, UK business lost a total of £93 million in 2018 to invoice fraud, with the average payment to fraudsters being £20,750. To help you avoid losing potentially thousands of pounds, we’ve put together a list of things that you can do to avoid invoice fraud.

Scrutinise all invoices

It’s extremely important for you to scrutinise all of the invoices that you receive. The differences between a false invoice and a real one will be subtle, but if you look closely, you should be able to identify a fake. Common indicators of a fake invoice include a different phone number or contact name for correspondence, a change in payment methods, changes in the amount to be invoiced, a new signature, blurred logos, the addition to bank details that didn’t appear previously and email addresses with small changes.

Listen to your instincts

This might seem trivial, but it is important to listen to your instincts when analysing invoices. If an invoice does not seem genuine, it is probably a good idea to take a closer look at it. In order to stay in control of your payments, try and be more confident when refusing payments or unexpected information requests so that you don’t end up making a mistake under pressure. It’s better to be safe than sorry!

Don’t click suspicious links

This is a general rule of thumb for using the internet, but in order to avoid invoice fraud, never click on the links that appear in an unexpected text or email. Fraudsters are becoming more sophisticated than ever and it is now incredibly easy to create email addresses that look genuine upon first glance, but if you look closely, you might notice that certain names or words in the address are spelt incorrectly.

Check on suppliers

Fake invoices are often issued under a legitimate name with a fake bank account number or email address or under a false business name. When you’re taking on a new supplier, it’s a good idea to do your research into their business to ensure that they are legitimate and to search for their business address on Google maps. If their address is a PO box or a residential address, this could indicate that they are committing fraud. Where possible, if your existing suppliers get in touch claiming that they are changing their bank account or address, contact them directly to make sure.

Conduct multiple-stage authorisation

If you have the staff capability, it’s a good idea to hold multiple people responsible for the authorisation of payments. You could give the department or person associated with the expenditure responsibility for authorising the payment. The more people you have on hand to check each invoice, the more likely it is that someone will spot something suspicious.


If you’re looking to take control of your company spending in a secure and safe manner, get in touch with our expert team at B4B Payments today.

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The Pros (and cons) of being a cashless organisation.

It’s not uncommon for businesses to question whether they should adopt a cashless policy or not. Recent global events, such as the coronavirus pandemic, have led to an increase in credit and debit card payments. Digital wallet services like Apple Pay are also experiencing exponential growth, as increasing numbers of consumers and vendors embrace cashless payments.

However, in some industries – particularly in business-to-business environments such as wholesalers or supply merchants – cash is still commonplace. This article covers the pros and cons of switching to a cashless payments model and is designed to help you to determine whether going cashless is the right solution for you.

The pros of adapting a cashless policy

Save time – and money!

While businesses are expected to pay fees on credit card transactions, it’s worth noting that processing cash sales can take much longer. Ultimately, the time spent processing physical cash transactions could be better spent elsewhere. With cashless transactions, you’ll spend less time making trips to the bank, counting cash at the end of the day, and entering cash transactions into your accounting software.

Increased efficiency

A simple tap or swipe of a prepaid business card, credit card, debit card or mobile phone is much more efficient than giving out petty cash. If your business frequently experiences last minute or on-the-spot purchase needs, you may find that a cash-free solution helps to alleviate backlog in accounting.

Easier accounting and money management

If you’re frequently spending time poring over transactions while trying to determine why your expenses aren’t tallying correctly, it’s time to think about going cashless. With a cashless solution from B4B Payments, each transaction is tracked and receipt uploads are a breeze with the mobile app. This makes accounting more accurate and increases efficiency in the workplace.

Reduced risk

If your business keeps cash on the premises, you’ll always be vulnerable to theft. By switching to a cashless policy, you’ll improve the physical security of your staff and customers. Cashless transactions are also more hygienic – and your team and vendors will value this in a post-pandemic world.

Enhanced expense management

Going cashless isn’t all about finances coming in – it concerns your outgoings, too. Whether you’re purchasing from suppliers or covering the corporate expenses of field agents and reps, your expenses are easily tracked and managed when you go cashless.

Access valuable data

Cashless transactions generate a multitude of valuable consumer information. This data allows you to analyse the purchasing trends and spending habits of your card recipients and employees, which can be used to improve your financial strategy.

Cons of adopting a cashless policy

Increased card fees

One of the biggest bugbears for small-medium enterprises is the dreaded card transaction fee. To combat this, some companies factor card fees into their pricing structure, which could mean having to slightly increase the amount you charge your customers for your products.

*Pro tip- Read the fine print. Many prepaid card programmes offer cheaper rates from the outset, with hidden fees or margins on FX rates for transactions. Ω`

Some people prefer cash

For some organisations depending on who you’re distributing your cards to, cash is still king. In particular, older recipients of funds, are more accustomed to paying with cash and could feel alienated by your decision to adopt a totally cashless policy.

Is going cashless right for your business?

There are a lot of variables to consider before going cashless. Businesses in certain industries might benefit from going completely cashless, while others might still want to hold out before no longer utilising cash payments.

Whether you’re ready to take the plunge or not, having a cashless payment solution can certainly increase efficiency, provide you with better understanding of where your money is going, and streamline your accounting process. If you’d like more information, why not contact us to find out how B4B Payments could transform your fund disbursement today?

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How to cut business costs

No matter how established a business is, regularly looking for ways to cut and control costs and eliminate unnecessary expenditure is good business practice. In uncertain times, and when faced with an uncertain economy, every penny truly does count and even successful businesses should re-evaluate how they can cut costs.

1. Look for ways to be environmentally friendly

While swapping your bulbs for LEDs and installing solar panels may seem like unnecessary business expenses, in the long-term, they can help your business to save a significant amount of money. You can also encourage your employees to make better eco choices, such as switching off their computers rather than leaving them on stand-by and opting for digital documents rather than using paper. Buying reusable mugs and cups for your workplace is much more cost-effective and environmentally friendly than constantly buying single-use supplies. In a post-covid workplace, we recommend ensuring each member of staff has their own supplies to ensure the safety and health of your team.

2. Negotiate supply expenses

It never hurts to try and negotiate a lower price with supply vendors to see if you could get a better deal. If you have been with a vendor for the long-term, you can ask them to reward your loyalty and retain your custom by offering you a lower, more affordable price. If they are unable to do this, shop around for another vendor, you may be surprised at the savings you could make by switching to another supplier or company.

3. Reduce overheads

Do you really need an office? Since lockdown measures were put into place due to the global pandemic, many businesses are re-evaluating having a physical presence at all. It’s clear employees are adapting and thriving in a remote working environment and surveys show that by continuing to give your employees the choice to work from home, you will not only have a safer, happier team, but can significantly reduce your overhead costs by moving into a smaller office space or none at all. If you choose to have a smaller office space with fewer employees working physically in the office, this will also help you to lower your energy bills and keep employee expenses low.

4. Control expenditure

If you’re looking for an easy and efficient way to control employee expenditure, you may wish to consider B4B Payments. Having spent the last 14 years developing a robust prepaid card solutions that allows businesses to view and control their employee expenditure in real-time, ensures your organisation has total control and transparency over their employee expenses.

5. Reduce travel

Encourage all meetings to take place via video call or conference call, rather than allowing employees to travel frequently. This not only saves a company transport costs, but it also reduces the time employees spend and waste travelling from location to location. If it is essential departments or employees meet in person, use to ensure tracking your employees’ transport expenses is easy and you can factor this expense into your monthly or quarterly budget.

To learn more about the prepaid business card solutions that can help businesses of all sizes cut costs, contact B4B Payments today. From payroll to employee expenses and employee incentive management, we can help you manage your finances in one, convenient platform. Get in touch today to learn more about our effective solutions.

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The benefits of a branded prepaid business card

To brand or not to brand?

Wait… Is that even a question? Brand! Brand everything!

Often when somebody goes on a company trip, they’ll travel out with a business credit card in order to cover their expenses. This has been the typical method of corporate expense management and keeping your spending on trips under control. However, the use of the branded prepaid business card is on the rise. Here are a few reasons that these cards are beneficial for both the brand, the business, and its users.

A high level of management control

Using business credit cards can often be a struggle, as too many cards being in circulation can be difficult to track. Using a management control platform such as B4B Payments means that you can keep track of all of your corporate expense cards, generate spending reports, and load cards individually or in bulk. This makes the amount of control you have over your corporate expenses far more secure and is a big step towards accurate real-time tracking of company finances and spending.

Personalisation can boost your brand

The improvement of your brand is always a big benefit to any company, and prepaid business cards are not exempt from this idea. When your employees go to a conference and need to cover for their expenses, they can reach down into a wallet and show off your company’s brand whilst paying for anything they get when away. This is a quick and easy way to get your brand seen by more people, often industry professionals, whilst putting minimal effort into getting this exposure. With a colourful and vibrant company expenses card, your business can stand out from the crowd.

Control your expenditure

Everyone’s heard the nightmare stories. Employees often go on long trips to conferences or retreats and may overspend far beyond what the company initially anticipated. With a credit card, it is much harder to stay within these limits compared to a debit card. Using a prepaid business card, there is no credit involved. Your company’s representatives are limited by the amount that is paid onto the card, and therefore can’t overspend and leave your business in financial trouble. Peace of mind is valuable in business, and that is exactly what this card can offer you.

If you’re interested in a prepaid personalised business card in order to control your corporate expenses and get your brand out there, get in touch with B4B Payments. Our team of experts will help to explain all of the available options to you and find you a bespoke way forward.

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B4B Payments chooses LHV Banking Services to fuel growth

LHV, the financial and payment services provider, is pleased to announce award-winning corporate prepaid payments solution provider, B4B Payments (‘B4B’), has become the latest FinTech customer of its London branch. 

Since the launch of its London office in 2018, LHV has now quadrupled its client base to 120.  Customers are predominantly financial institutions and FinTechs, who have been drawn to LHV’s value proposition, its ‘one stop shop’ offering that covers large scale banking service requirements, and its partnership model whereby LHV works closely with clients to develop custom made solutions that satisfy their individual requirements. 

FCA authorised B4B will gain access to LHV’s full service offering including state of the art payment infrastructure and real time Euro and Sterling payments capability via Single Euro Payment Area (‘SEPA’) Instant and Faster Payments schemes respectively. In addition, B4B will benefit from access to LHV’s Application Programming Interface ‘LHV Connect’, which offers a wide range of services, including GBP and EUR safeguarding accounts, Virtual IBANs, currency exchange, liquidity services and where appropriate financing.

B4B Payments, veteran prepaid payment provider in Europe, is going global, expanding operations in North America and opening its first US offices in Boston. The platform enables organisations of any size to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.

As a leader in Fintech and prepaid business payments for over 14 years and voted the Best Prepaid Product of the Year in 2019, B4B Payments continues to offer innovative, flexible, and time-saving solutions that streamline and eliminate antiquated finance and accounting processes.

Andres Kitter, Head of LHV’s UK Operations, said, “Our decision to establish a presence in London post the 2016 Brexit referendum was to increase our presence in what remains one of the leading financial and fintech sectors in the world and in the process attract customers of the calibre of B4B.  The company has been operating for fifteen years, which shows significant experience and market resilience and we are delighted that two profitable organisations are partnering for continued growth.

“In a little over two years, we have not only quadrupled customer numbers in our London office to 120 but also significantly diversified our client base so that the companies we serve range from payment service providers to FX brokers and from startups to established financial institutions and unicorns. All our clients are subjected to comprehensive onboarding procedures and due diligence and encouragingly we have a growing pipeline of potential customers currently undergoing this process.  I am therefore confident that the momentum behind our London operations will be maintained going forward.” 

 B4B CEO and co-founder, Paul Swinton said, “We looked at a number of providers to provide safeguarding and virtual IBAN capabilities. LHV came out on top due to their flexibility, functionality and value proposition. We migrated our clients easily onto the platform and we are very happy with the service to date. LHV will also be able to support us when we establish our European operation later this month with a one stop solution.”

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Next Steps South West provides support with prepaid Higher Education Travel Cards

Next Steps South West (NSSW) is an organisation, part of the Uni Connect programme, funded by the Office for Students.  Their aim is to increase progression into higher education by inspiring young people, working with teachers and parents to overcome barriers.

NSSW use personalised, prepaid cards for their Higher Education Travel Card scheme to enable students to attend university and college open days.

B4B Payments provides forward-thinking payment processing solutions, enabling any size organisation to manage its expenses, simplify its payroll and offer rewards and incentives using prepaid cards. With over 1,000 customers and growing all of the time, B4B Payments was voted the Best Prepaid Product of the Year in 2019.

Taylor, a student at Eggbuckland Community College in Plymouth, was the subject of multiple interventions from NSSW, who offered one-to-one support, motivational talks and workshops to help him become the first member of his family to attend university.

With the help of B4B Payment’s prepaid cards, NSSW was able to cover the cost to help Taylor travel to attend a UCAS exhibition and open days at the University of Exeter and the University of Plymouth. Following the support of NSSW, Taylor was able to earn multiple university offers to become an undergraduate student in September 2020.

With B4B Payment’s online portal, customers can easily load their cards with funds in a matter of minutes, track their expenditure and monitor access to their funds, giving organisations like NSSW, complete control over their finances. Annie Winsland, Central Team Leader at NSSW expressed her gratitude for B4B Payment’s prepaid cards: “The whole process has been simple and straightforward. Nothing is too much trouble for B4B staff and their swift response to any matter that may arise and the ability to tailor cards to suit our needs is a definite win for us.”

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Client Update: Wirecard AG – Resolved

This situation has been marked as resolved.

Update 30/06/2020

13:00 BST

As of 12:15, all card spending has now commenced and all systems are operational. There may be sporadic card declines as the card data spreads through the Mastercard® network, however this will be temporary as some merchants and ATMs may not update in real time.

Our apologies again for the delay.


11:00 BST

Further to our earlier update below, we are still awaiting word from Mastercard® on when the cards will be re-enabled on their network. At the moment, cards are only capable of being loaded.

Like us, we know our customers are eager to get things back on track. Unfortunately, whilst B4B Payments and Bread4Scrap were ready, some of our partners were not. Please be assured our team are on the case and are seeking clarity on when this will be done and card spend transactions can resume.

Our apologies for this further delay. We will update you as soon as we know anything further.


08:00 BST

And… we’re back!

We’re extremely pleased to report that the FCA have now given written consent for Wirecard UK to resume regulated activity meaning that we can get services up and running. This confirms that all finances have been examined and it has been recognised by the FCA that Wirecard in the UK has been operating in accordance with its regulations and all funds are intact as expected. There are some continued conditions set by the FCA which should not impact further operations.

Please view the full FCA article here

The restriction on activities were lifted from 00.01 on 30 June 2020 and services are being restored.

Cards have now been reactivated.
Company floats may again be loaded.
Cards may be loaded as before.

We have been advised that all cards will be able to spend later this morning. If this changes we will let you know. It is possible that not all merchants (shops and ATMs) will be enabled straight away as the card data has to be re-populated through the Mastercard® network. Please note, that if cards don’t work at a particular merchant, this should just be temporary and they’ll be re-enabled soon.

This is great news but we want to assure you that we take this situation and the impact even just a few days outage has had on our customers and cardholders very seriously and we will continue to look at ensuring there is further resilience built into our operations.

Please expect further updates from us on both the Wirecard restart and future developments we are working on. On behalf of the entire B4B Payments team we thank you for your patience and understanding

Update 29/06/2020

Following the FCA’s decision on Friday to freeze all activity on accounts and cards issued by Wirecard Card Solutions Ltd, we would like to first and foremost, reassure our clients and cardholders that your money is safe.*

This morning, the FCA have updated their messaging to reflect that progress is being made by Wirecard UK, however cards remain frozen.

For the most up to date information, we urge our clients to refer to the FCA website.

We are hopeful that the progress being made will mean your accounts and cards will be operational again within the coming day(s).

With regards to future plans, B4B Payments has been planning an updated long-term solution for when the UK leaves the EU at the end of the year. We can confirm we have accelerated these plans. Our goal is to continue providing a stable platform that will allow our customers uninterrupted use of their cards and funds moving forward (UK and non-UK). At this time, we are unable to give definitive timelines – but will have an update for you in the coming weeks.

We understand that this disruption has caused an unprecedented amount of difficulties within your organisation and are doing everything we can to ensure operations get back on track as soon as possible.

On behalf of the team at B4B Payments, we would like to thank all of our clients for their immense patience and understanding.

*Please note, all B4B Payments and Bread4Scrap client funds are subject to UK safeguarding rules as governed by the UK Financial Conduct Authority

Customer and Cardholder FAQ


Update 26/06/2020

B4B Payments have been informed by the FCA that all cardholder activity on cards issued by Wirecard Card Solutions have been temporarily frozen until further notice.

In the short term, this means that effective immediately cards may not currently be used for either load or spend transactions. We are aware that the FCA and Wirecard are working productively to resolve the situation as quickly as possible and it is our hope that this will be resolved early next week.

On behalf of the team at B4B Payments, we would like to apologise to all our clients and cardholders for the disruption this may cause and are doing everything we can to ensure operations get back on track as soon as possible. At this time, we would suggest not making any further float loads until we have spoken further with the FCA about next steps.

We would remind and reassure you that all funds are safeguarded under FCA rules. Please see our previous message below with regards to safeguarding.


Update 18/06/20

You may have seen recent press coverage regarding Wirecard AG the German payments company.

We would like to make our clients aware of some facts as it relates to us and you. In Europe, B4B Payments prepaid cards are issued by Wirecard Card Solutions Ltd (WDCS) who are regulated in the UK by the Financial Conduct Authority (FCA) as an E-Money Issuer (ref 90051).

Whilst WDCS is ultimately owned by Wirecard AG, it does not rely on Wirecard AG for liquidity, and is a profitable entity in its own right and is self sustaining. WDCS holds its own regulatory licenses and scheme memberships and third-party banking relationships.

We would like to remind and reassure you that both we, Payment Card Solutions (UK) Ltd t/a B4B Payments (B4B) and WDCS are regulated by the FCA and are required to take measures to ensure our customers money is protected as follows:

Safeguarding of Funds

B4B holds a commercial bin sponsorship agreement with WDCS to allow it to offer prepaid card programs to its customers and to operate and manage its client relationships with oversight from WDCS.

Both the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 have the principle of “safeguarding” of client funds and require safeguarding measures to be implemented by the authorised firm to protect customer’s funds.

 The safeguarding options are either:

•          Immediate segregation of the relevant funds received in exchange for e-money or payment services and placing them into an account held by an authorised credit institution

•          Relevant funds are covered by an insurance policy or guarantee from a UK or EEA authorised insurer.

Both WDCS and B4B have taken the appropriate step of safeguarding its clients’ funds by segregation and placing them in a protected ‘Client Funds Bank Account’ held with a UK or European based bank. At the current time, these banks include Barclays Bank and ClearBank as well as HSBC and LHV Bank (in Europe).

The effects of this are that, in the unlikely event that WDCS or B4B becomes insolvent, funds that have been loaded to a prepaid card or placed on a payment account, and which have arrived with and been deposited into the client funds account, are protected against the claims made by creditors. Cardholders and Clients can therefore be assured that no financial loss will be experienced by them should such a situation occur.

As soon as we have more information, we will share those updates on this page.

B4B Payments is authorised by the Financial Conduct Authority as an Authorised Payment Institution under the Payment Services Regulations 2017 (Firm No. 777613)