Premier Payment Solutions Ltd has entered liquidation.
The firm, which traded as PPS Money and MTBS, provided money-remittance services, primarily supporting money service businesses in making cross-border payments.
It claimed to have 12,000 monthly active users and utilised a network of agents – registered with the Financial Conduct Authority – which were businesses or individuals providing payment services on its behalf.
The company’s two active directors are Taimoor Iqbal (pictured, right) and Musa Jammeh (left).
Bai Cham and Gary Shankland of BTG Begbies Traynor were appointed joint liquidators after PPS Money’s directors determined that the firm could no longer continue trading.
The joint liquidators are responsible for assessing customer claims against the firm and distributing funds back to customers where possible.
Funds held with PPS Money are not protected by the Financial Services Compensation Scheme (FSCS), as the scheme does not cover payment services.
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