Raphaels Bank, a small UK-based independent bank, has rebranded its card services division as Raphaels Bank Payment Services.
Most recently Raphaels launched Near Field Communication (NFC) contactless programmes, socially responsible models which challenge the traditional banking formats and the inclusion of additional payment schemes to further develop the prepaid market in Europe.
The bank said that its current portfolio has surpassed six million cards with cardholder balances exceeding £250m and yearly settlement of over £5bn.
Andrew Downes, general manager of payment services for Raphaels Bank said: "As one of the early adopters in prepaid, we have earned a reputation for being at the cutting edge of the development of the industry in Europe. However, as the market has evolved into contactless and mobile payments, our services have expanded beyond prepaid cards into the emerging payments space.
"It therefore makes perfect sense, at this point in our growth and the development of the sector to rebrand the business Raphaels Bank Payment Services, reflecting the scope of skills, expertise and services we offer."