Sectors: Banks & Issuers

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 theVISA and MasterCard schemes, we continue to adapt and develop our service to meet the needs of ourclients.

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

  • 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 andyearlysettlement of over £5bn. These funds result from the 180 programmes currently inoperation across 12 different countries, through our 26 partners.

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


Janet Johnston, Head of Payment Services Division

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I joined Raphaels in 2011, having held various senior executive roles in South Africa within the major banks. Raphaels Bank are the leading MasterCard prepaid issuer in the UK and 2nd in Europe. I have led the Payment Services division at Raphaels Bank for the past year, having successfully overseen the Faster Payments initiative as well as having full P&L responsibility for over 23 card programme managers. . I have consolidated my transactional banking knowledge with that of preapid and more recently, mobile and other emerging payment platforms. This has given me an allround knowledge of all the strategic levers and drivers available to assist with implementing change and innovation. I strongly support people development, diversity and individuality. I have been mentored and coached by Mike Smith, who is well known to all at the EPA.

Mike Smith, Commercial Director

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Mike Smith is a retail banker with over 30 years’ experience. He started his career with NatWest where he was Current Account and Personal Loan Manager, Head of Personal Customer Marketing in the Retail Bank and held several other senior roles. At the Post Office he was Head of Banking and then Head of Marketing at the inception of Post Office Financial Services. He has been working on Raphaels ATMs and Card Services since 2005 and has been instrumental in their growth and strategy. He is a Board member of the Prepaid International Forum and Emerging Payments Association Advisory Board and is the Leading Global Prepaid Industry Contributor (Prepaid Awards) for 2013-4.