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Raphaels Bank

Raphaels Bank Payment Services has been operational for 10 years, as one of the early adopters in prepaid, we are recognised as being at the forefront of the development of the prepaid industry in Europe. Leveraging our status as a bank and our membership of the VISA and MasterCard schemes, we continue to adapt and develop our service to meet the needs of our clients.

Through our membership of both Visa and MasterCard we have achieved the following notable milestones:

  • The first VISA or MasterCard badged prepaid card in the UK in March 2005
  • The first issuer in the United Kingdom to hit 2 million live prepaid cards
  • The largest prepaid MasterCard issuer in the United Kingdom
  • The second largest prepaid MasterCard issuer in Europe

Our current portfolio has surpassed 6 million cards with cardholder balances exceeding £250m and yearly settlement of over £5bn. These funds result from the 180 programmes currently in operation across 12 different countries, through our 26 partners.

Raphaels is regulated by both the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Our status as a UK regulated bank means we observe the highest standards of governance and compliance whilst fully endorsing the risk-based approach described in theJMLSG guidelines.