DUNEDIN INVESTS IN £44 MILLION FUNDING OF GPS IN UK’S 3RD LARGEST FIN-TECH FINANCING THIS YEAR

  • Investment will accelerate the growth of GPS and drive its international expansion plans
  • GPS is the tech powerhouse behind the most exciting digital banks, challenger banks, fin-techs and financial institutions 
  • This is UK’s largest B2B fintech investment of the year 2018

19 June 2018, Dunedin, the UK private equity house, today announced that it has invested in the £44 million funding of Global Processing Services (“GPS”), the global payments processor and tech powerhouse behind the most exciting digital banks, challenger banks, fin-techs and financial institutions. GPS is the market leader in issuer processing, enabling next generation payment technology with 100+ clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.  The deal is the UK’s 3rd largest fin-tech financing in 2018 and Dunedin will take a significant stake in the business.

GPS was co-founded by entrepreneurs Tony Kerr & Craig Dewar and is led by a strong team comprising Joanne Dewar and Suresh Vaghjiani. The Company has circa 150 employees based in London and Newcastle.  GPS provides a single, global integrated platform, GPS Apex, that powers and enables functionality of next generation Fin-tech payment companies.

Dunedin has a proven track record of growing profitable UK companies and helping them to internationalise. It sees significant potential for GPS to expand into new international markets as well as develop its product portfolio.

Oliver Bevan, Partner at Dunedin, who will sit on the Board alongside Dougal Bennett, Partner, commented: “GPS is positively disrupting a multi-billion-pound industry and is well placed to continue leading the way following the rise of other highly successful fin-tech companies.  We are really excited to be investing in GPS which represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage.  We will support the management team and founders to help GPS to become a truly global leader in this niche market.”

Suresh Vaghjiani, Managing Director at GPS commented: “GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fin-tech customer base that we service.  This partnership with Dunedin will see GPS accelerate even further as innovative fin-tech companies increasingly require global issuing platforms as well as traditional financial institutions looking to compete with new entrants.”

Tony Kerr, co-founder of GPS commented: “The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path. The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”

The investment in GPS coincides with a high level of transactional activity for Dunedin and is the third financial services deal that it has completed in two years, following its investments in Kingsbridge and Alpha.  Dunedin has also recently completed three successful exits - Blackrock, Alpha and Kee Safety - generating a total return of £231 million for its investors within a three-month period.  Dunedin is currently investing its £300 million Fund III.

Jessica Hardy, Investment Manager, and Andrew Davidson, Assistant Director at Dunedin supported Oliver Bevan and Dougal Bennett on the deal.

Advisers to the transaction:
PwC – Corporate Finance
Dickson Minto – Legal
Consult Hyperion – Technical DD
Edgar Dunn – Commercial DD

FT Partners acted as exclusive strategic and financial advisor to GPS.

- Ends -

For further information

Dunedin:
Please contact Equity Dynamics:
Corinna Vere Nicoll - Tel: 07825 326 440

Global Processing Services:
Nim Haas – Tel: 07799 407 290

About Dunedin (www.dunedin.com)

Dunedin is a UK private equity investor targeting buyouts of market leading companies in the UK with a deal size of £20m to £100m. Dunedin typically invests between £20m and £60m in its portfolio companies.

Dunedin focuses on business services, financial services and industrial sectors, using its depth of knowledge to understand the market drivers and to build relationships with management teams, key industry participants and influencers.  Dunedin is backing businesses with excellence at the core where growth can be accelerated through technology development and international expansion.

Located in Edinburgh and London, Dunedin has a new investment team comprising seventeen investment professionals with approximately 200 years of private equity experience between them.

Dunedin LLP is a limited liability partnership authorised and regulated by the Financial Conduct Authority.

About Global Processing Services (GPS)

Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally.

GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.

At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.

It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.

For more information: http://globalprocessing.net/

PIF Announces Board Appointments

London, 29 May 2018 – PIF, the not-for-profit industry body representing the prepaid sector, has today announced the appointment of three new members and the reappointment of two existing members to the PIF Board of Directors.

Des Hellicar-Bowman, Chief Compliance Officer at Glint, Paul Swinton, CEO of B4B Payments and Suresh Vaghjiani, Managing Director at Global Processing Services join the board as non-executive directors with immediate effect.

It has also been confirmed that Declan Byrne, Managing Director of GVS Prepaid and Dr Hartwig Gerhartinger, Vice President, Legal and Regulatory, Deputy General Counsel at Paysafe Group have been reappointed to the Board for a further three-year term.

Formed in 2007, PIF represents organisations who are regulated under e-money and payment services legislation and who operate in the high-growth prepaid and fintech sectors. Driven by a belief that prepaid delivers a wealth of social and financial benefits to consumers, businesses and governments, PIF works hard to protect and advance prepaid as an enabler of innovative financial products and services.

Commenting on the election results PIF Chairman Craig James said,

“I would like to congratulate our newly appointed and re-appointed directors who each bring tremendous industry knowledge to our association. The PIF Board has quickly become as wide-ranging and diverse as the industry itself and this ensures that our growing membership from the prepaid and fintech sectors continues to be well represented.

“We approach the second half of 2018 with a re-energised leadership team and steadfast focus on maximising our contribution to advancing the success of the industry”.

The member-elected PIF Board serves in a governance and fiduciary role.

In addition to setting policies and priorities, the Board establishes PIF’s strategic direction and identifies opportunities that benefit members and the industry as a whole.

The twelve members of the PIF Board are:

  • Diane Brocklebank, Commercial Director, PIF
  • Declan Byrne, Managing Director, GVS Prepaid Limited
  • Darren Deal, VP, Fintech & EMI Issuers, Mastercard
  • Chris Ellis, Director, Bowsprit International
  • Dr Hartwig Gerhartinger, VP, Legal & Regulatory, Deputy General Counsel, Paysafe Group
  • Des Hellicar-Bowman, Chief Compliance Officer, Glint
  • Craig James, CEO, Neopay
  • Siobhan Moore, Partner, Locke Lord LLP
  • Peter Sidenius, Managing Director, Edgar, Dunn & Company
  • Mike Smith, Director, PIF
  • Paul Swinton, CEO, B4B Payments
  • Suresh Vaghjiani, Managing Director, Global Processing Services

 

-ENDS-

Notes to Editors

About PIF

PIF is the not-for-profit industry body representing organisations who are regulated under e-money and payment services legislation and who operate in the high-growth prepaid and fintech sectors.

Prepaid technology underpins a vast range of financial products, from everyday payment accounts and challenger bank accounts to corporate incentive and expense management solutions. Driven by a belief that prepaid delivers a wealth of social and financial benefits to consumers, businesses and governments, PIF works hard to protect and advance the use of prepaid as an enabler of innovative financial products and services.

With an eleven-year history of driving positive outcomes for the industry, PIF uses its resources and deep industry knowledge to educate, inform, guide and support its members and presents a unified voice to the media and the bodies and authorities that govern the sector.

To learn more about PIF, please visit www.prepaidforum.org or follow us @prepaidintforum

For further information

PIF
Diane Brocklebank
T: +44 (0) 7736 971986
E: diane.brocklebank@prepaidforum.org

Account management giant Sage and B4B Payments announce key strategic partnership

LONDON, May 21, 2018: B4B Payments, a leader in smart and flexible corporate expenditure solutions and Sage Spain, the multi-national accounting software and business services provider, have signed a strategic partnership to bring the benefits of business expense management to over a quarter of a million Spanish SMEs.

Sage will promote corporate expense management prepaid cards from B4B Payments through its network of national account managers and extended sales force to its base of over 300,000 customers.  B4B will provide the technology to integrate transaction data generated from the use of its cards into the Sage accounting package.

"The addition of B4B expense management cards to the Sage package offers our customers a very clear and valuable new benefit. We are very pleased to be working with B4B as a strategic partner as they are making an important contribution to the continuing market-leadership of Sage solutions," said Jose Luis Martín Zabala, VP, Partners & Alliances, Sage.  

"Our partnership with Sage is a great endorsement of the value and benefits the B4B solutions offers to businesses. We are excited to be have been selected by Sage to create an enhanced proposition and user experience with an additional data channel for their customers,” said Paul Swinton, CEO, B4B Payments. “Through improved processes and a greater understanding of their expense management, we can help their customers improve the financial well-being of their business, whether they are a start-up or a global enterprise. This is a great example of how large, established corporates can offer greater choice and value to their customers by partnering with fintech innovators such as ourselves.”

-  ENDS  -

About B4B Payments

B4B Payments is a business payments innovator offering smart and flexible corporate payments and card solutions. Headquartered in London, B4B Payments delivers prepaid cards and outbound payment services to manage corporate expenditure for both employees and businesses globally. Find out more at: www.b4bpayments.com

About the Sage Group plc

The Sage Group plc, commonly known as Sage, is a multinational enterprise software company headquartered in Newcastle upon Tyne, United Kingdom. It is the world's third-largest supplier of enterprise resource planning software, the largest supplier to small businesses, and has 6.1 million customers worldwide. It has offices in 24 countries. Sage is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Media enquiries:

B4B Payments

Sarah Broughton

sarah@bluetrain.co.uk

T: 07890 463063

Fintech Unplugged unveils charter to showcase new fintech talent

Fintech Unplugged unveils charter to showcase new fintech talent

LONDON, May 18, 2018: Fintech Unplugged, a podcast hosted by payment experts Robert Courtneidge and Suresh Vaghjiani, will be used as a platform to expose new talent in fintech and help overcome barriers to inclusion and equal opportunity.

PIF: TSB Crisis Doubles the Number of Small Businesses Questioning the Value of Banks

16 May 2018 - As the latest crisis to hit the banking sector saw TSB’s business customers struggling to access accounts or even pay HMRC by the quarter’s VAT deadline, the number of SMEs considering alternative options to the traditional big banks has more than doubled

Research of 500 small and medium business owners, commissioned by Prepaid International Forum (PIF), the not-for-profit trade body representing the prepaid financial services sector, found that just under a fifth (18%) are actively considering financial products and services from a new wave of providers using prepaid platforms.

With current usage of such services running at 13%, this could potentially see their uptake more than double as a result of dwindling trust and confidence in the nation’s banks.

The growth of such services are also being helped by the launch of Open Banking, new legislation that allows customers (including business customers) to tell banks to provide their financial data to properly regulated third parties.

Alastair Graham, spokesperson for PIF, says:

“Small business customers have reached a nadir in their relationship with traditional banking partners.  Branch closures and the move of services online have meant that few now receive any active guidance or support from their bank in helping to grow their business.

“At the same time, many feel that even basic banking services aren’t meeting their expectations.  Even without issues such as the recent TSB banking crisis, businesses would like improvements to be made.  Whether that is quicker account opening processes, simple lending or transparent and fair charges, the demand for alternatives is growing.

“Tech innovations, combined with legislative changes such as Open Banking, mean that more products and services are being launched, designed specifically to meet the needs of small business customers.  SMEs have already shown they will trust other providers when their banks fail to provide adequate services. This has been particularly evident where prepaid platforms offer more versatility while still being a safe, secure and flexible method to transfer money.”

One such company is B4B Payments, which specialises in services to streamline expenses management, helping business customers to transfer funds instantly where required, while also tracking employee spending, tracking errors, fraud and helping ensure accurate VAT claims.

“We have seen over 100% growth in the use of our expenditure management solution over the past year,” said Paul Swinton, CEO, B4B Payments.

“We are a great example of how SMEs will use financial services from non-banks if there is a meaningful benefit in terms of cost reduction and process efficiency. I am sure the recent problems that bank customers have experienced will accelerate the trend towards alternative providers offering modern and flexible systems with genuinely useful functionality.”

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is the not-for-profit industry body representing the prepaid financial services sector. Driven by a believe that prepaid provides a wealth of benefits to consumers, businesses and governments, PIF works to protect and advance the use of prepaid as an enabler of innovative financial products and services.

PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Ursula Hutchinson
PR Agency One
T: 0161 871 9140
E: ursula@pragencyone.co.uk

Steve Leigh
PR Agency One
T: 0161 871 9140
M: 07734 805 499
E: steve@pragencyone.co.uk

 

About B4B Payments

B4B Payments is a business payments innovator offering smart and flexible corporate payments and card solutions. Headquartered in London, B4B Payments delivers prepaid cards and outbound payment services to manage corporate expenditure for both employees and businesses globally. Our solutions combine a Mastercard prepaid card with an in-house proprietary management portal which saves corporates time and money.

B4B is privately owned with a highly experienced management team combining cross-functional expertise from banking, management consultancy and software development.

For further information

Jeff Banks
Blue Train Marketing
T:  07765 400 814
M: jeff@bluetrain.co.uk

The Direct finance Card gives companies direct overview and control over all employee expenses in real-time

  • Employees across the whole company can use the Direct Card for business expenses anywhere in the world – including trips, instore and online purchases
  • Direct Card can be used anywhere where Mastercard® is accepted
  • It can be provided as an individual card to each employee or as a single card that teams can share
  • Provides Financial Directors and company accountants with a direct overview and control over all company expenses
  • The solution has already been adopted by companies such as Ogilvy, HRG, AlgoTech, ŠKODA Auto, HYUNDAI Motor Manufacturing Czech s.r.o. Tatra Trucks and Economia

London, May 2018: Direct finance Europe a.s., in collaboration with Global Processing Services (GPS), announces the release of their Direct Card, an all-inclusive corporate expense management prepaid Mastercard® solution to the Czech market.

Direct Card is a prepaid solution that has been developed to facilitate expense management for businesses and their employees. Businesses can transfer funds from their corporate account to a Direct Collection Account and have the ability to control card functionalities, set spending amounts per individual user or a group of users – and in real-time. The cards can be easily uploaded with funds and instantly used by employees for payments at any merchants accepting Mastercard, at over 160,000 business premises in the Czech Republic and 30 million locations worldwide.

Companies have the ability through the web or mobile application to manage and control their corporate finance online, order and administer the settings of individual or shared cards and control their usage as needed; for example limiting payments on certain days of the week only, limiting cash withdrawals from ATMs, defining the type of expenditure allowed or even block cards if required.

Employees have access to the Direct Card web or mobile app which is linked to their card where they can view in real-time all transactions and card balance, scan and store their receipts and block the card in case of loss or stolen. The app provides speed and convenience for  employees in reducing those long hours spent on administrative tasks dealing with sorting out expenses.

Financial Directors or accountants in a company can view spending in real-time and control spending limits per person or per user groups defined. This provides the company or management teams with a better overview of how each individual or department is managing their budgets while keeping total control over company cash flows in this regards and reducing time spent on bookkeeping.

Companies can also choose to give their employees a complete coverage and peace of mind for their business trips with the Direct Travel Insurance. Employees can subscribe to an annual insurance package for medical expenses and liability insurance of up to CZK 30 million. The insurance covers repeated trips up to 90 days and includes all trips including holidays.

Central Europe is a rapidly expanding fintech hub with an estimated worth at EUR 2.2 billion and an annual growth of 55%, with Czech Republic, alone, covering EUR 190 million of this according to the Deloitte Fintech Study. Direct finance, is emerging amongst the fintechs in Czech Republic that are disrupting how businesses operate.

Suresh Vaghjiani, Managing Director at Global Processing Services, comments: “Central and Eastern Europe are experiencing rapid annual growth in the Fintech sector. It is very exciting to know we are contributing to that region‘s growth, enabling fintech disruptors, like Direct finance, to develop customer-led innovations in corporate cash management.“

Pavel Rehak, CEO at Direct finance Europe comments: We aim to simplify our customers‘ life through simple, fast, reliable and friendly solutions. Direct Card provides just that in the area of cash and expense management.  We are excited to see the interest and positive customer response that is being reflected in our rapid growth of more than 100% year-on-year as we are approaching further service innovations and regional expansion.

-ENDS-

About Global Processing Services

Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally.

GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.

At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.

It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.

For more information: http://globalprocessing.net/

About Direct finance Europe a.s

Direct finance Europe a.s., is a Mastercard® award winning prepaid card programme provider established in 2012. Since 2015 under the leadership of VIGO Investments as a majority investor, Direct finance Europe serves thousands of users acrosss Central Europe with its pre-paid card solution combined with web and mobile application.

Direct finance replaces cash with prepaid Mastercard® payment cards and has recently introduced a brand new web and mobile application providing new features and functionalites for cash and expense management.

The prepaid Mastercard® enables employees to easily pay on business trips anywhere in the world – as well as make payments for instore purchases and online.

SWAPX launches a travel money card that lets consumers ‘Swap and Spend’ in local currencies

  • Consumers can use their SWAPX card account to load funds in EUR and GBP and SWAP into the in-country currency at the ATM, or when they spend abroad
  • SWAPX lets consumers access the best rate available beating the High Street by approximately 4% and airport kiosks by up to 8%
  • SWAPX Mastercard® will dynamically swap into the in-country currency at a fraction of the cost normally provided by the bank

London, April 2018: SWAPX, in collaboration with leading payment issuer processor Global Processing Services (GPS), today launches their consumer travel card that allows customers to ‘swap’ and ‘spend’ in local currencies when making foreign payments.

SWAPX has the aim of making travel money free by creating their own exchange - fuelled with currency which is swapped online and on mobile, peer-to-peer, from one traveller to another.

The travel card allows customers to send money to other SWAPX cardholders through one app, making the funds available instantly while benefiting from access to the best exchange rate possible, beating those of the High Street by approximately 4% and airport kiosks by up to 8%.

The SWAPX travel card can be used anywhere where Mastercard debit cards are accepted, and the features of its mobile app allows the cardholders to track their spending in real-time, set individual balance alerts and use the SWAPNOW function in the Global SWAPX Exchange, to automatically swap funds into the currency they require at the fraction of the cost normally provided by banks. Both the app and web portal provide cardholders with the same high level of high security as with managing bank accounts online. Cardholders can access different features such as controlling their card directly through the SWAPX app and instantly block the card if lost or stolen.

With the increase of cross-border travel becoming accessible to all, and in the UK alone, travel and tourism directly contributed to GBP 69.4bn to the national economy in 2017, showing a 2.9% growth from the previous year according to Travel and Tourism Economic Impact 2017 report by World Travel & Tourism Council. Travel and tourism is set to significantly grow and the SWAPX travel card offers consumers the possibility to save on FX fees while travelling and spending money overseas.

To further support their expansion plans, SWAPX will be looking into external private equity funding, and other partnerships, in the coming months.

Suresh Vaghjiani, Managing Director at Global Processing Services, comments:

“SWAPX are demonstrating how consumers today can be provided with real money-saving, convenient payment alternatives on a global scale. Our GPS Apex platform and its Multi FX-functionality enables organisations like SWAPX to launch new products to the market with consumer-centric solutions.”

Simon Miles, CEO at SwapX, comments:

“Having worked in the commercial foreign exchange sector for many years, it was clear that the travel market still had gaps to fill. We felt that if you could facilitate putting in contact someone who had the currency you needed, then the ability to swap it at the true rate of exchange would be very appealing for consumers.”

-ENDS-

About Global Processing Services
Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally.

GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.

At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.

It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.

For more information: http://globalprocessing.net/

About SwapX
SWAPX was created with the aim to become the best value travel money service anywhere. Our mission is to make travel money free. With SWAPX you can SWAP & SEND travel money in multiple currencies at the true exchange rate, saving money every time.

Each user account contains a multi-currency digital wallet, which is linked to a primary SWAPX multi-currency prepaid MasterCard®. You can use your SWAPX card to spend money anywhere MasterCard® is accepted, in millions of locations around the world.

SWAPX is also a complete end to end API driven solution for global spend and pay requirements. Linked to the SWAPX integrated programme management facility with MasterCard, EMEA PLC can now issue cards to employees, contractors and partners.

Through our online portal and mobile they can upload currency to multiple cards at once, controlling the FX rate that they spend at, and control all of the administration of their cards from one convenient portal. All of our technology is proprietary, so we can provide a fully integrated white label offering to any regulated entity who wishes to issue cards with their own branded identity.

Consumers and businesses can now pay and transfer between multiple currencies using Mastercard ‘Flow Prepaid’ and ‘Echo Prepaid’

  • Flow Prepaid Mastercard© and Echo Prepaid Mastercard© have been developed with Mastercard©, in collaboration with Global Processing Services (GPS), an industry-leading issuer processor
  • Both Flow Prepaid, the consumer payment card, and Echo Prepaid, solution targeted at businesses, can be linked to an Enumis eWallet account for flexible money management
  • These solutions will further support Enumis’ mission to provide innovative, tailored ways for individuals and businesses to dynamically manage their everyday finances whilst benefitting from competitive foreign exchange rates

 

Enumis, an electronic money institution, announces the launch of their two branded prepaid cards, Flow and Echo, as well as Enumis eWallet account - marking yet another market-changing step within the Prepaid market.

Enumis is FCA-regulated and Principal Mastercard© member, specialised in providing financial services to consumers, corporates and governmental bodies.

In putting innovation and customer-centricity at the forefront of their development, Enumis has collaborated with Global Processing Services (GPS) to launch a selection of flexible, tailored payment solutions offering financial inclusion and bespoke, user-friendly services with the required standard security obligations and purchase protection. Global Processing Services, an industry-leader in issuer processing, was selected on the basis of the flexibility that their GPS Apex platform provides and the speed to market that Enumis could utilise and expand its rapidly growing operations.

The launch of Enumis’ new Mastercard© Prepaid products, Flow and Echo, allows cardholders to pay and transfer between multiple currencies with competitive market rates. Exceptionally user-friendly functionality allows customers to receive transfers from third parties and transfer prepaid balances between cards. For added convenience, Enumis additionally provide an eWallet account and SMS banking, which can be linked to any Echo and Flow cards for added security and effortless money management.

Flow Prepaid Mastercard© for consumers offers ease of access and financial inclusion to all individuals without the need for a credit check to open an account. Since the card is not linked to the cardholder’s bank account the Flow Prepaid Mastercard© also provides added security for online purchases. Customers have the ability to receive replacements for lost or stolen cards within couple of days and access a customer service team 24/7 all year round.

The Echo Prepaid Mastercard© provides truly tailored business solutions for anything between payroll, employee expenses and corporate branded prepaid cards. Managers will have the ability to activate or remove employee cards and transfer funds immediately, allowing staff to work to their maximum capabilities whilst reducing business operational financial overheads.

Suresh Vaghjiani, Managing Director at GPS comments: ‘Enumis are demonstrating through these new product launches how prepaid continues to provide a secure way to manage money, as well as flexibility in terms of developing innovative solutions that are really needed both by consumers and businesses. We are delighted that our GPS Apex platform enables companies such as Enumis to push the boundaries of innovation and launch products to market that are making a real difference.’

Ali Latif, CEO at Enumis comments: ‘We are extremely excited partnering with GPS. Their robust platform provides the technical flexibility for us to meet our business objectives, whilst providing a spectrum of products to meet market demands.  The flexibility of the GPS platform has been instrumental in being able to create products that really drive our innovation in the prepaid and
e-money arena.

In a market place which changes frequently, financial adaptability is a key requirement to move forward and innovate. We are fortunate to have GPS processing platform to enable us to meet our financial objectives.  GPS provides the necessary tools to thrive and is pivotal to our aim to create solutions that utilise the best in the leading technologies of today, tomorrow and beyond.’

-ENDS-

About Global Processing Services

Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard© and Visa to process and manage any credit, debit or pre-paid card transaction globally.

GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.

At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.

It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.

For more information: http://globalprocessing.net/

 

About Enumis:

Enumis is an FCA Authorised Electronic Money Institution, FCA Authorised Consumer Credit License holder and Principal Mastercard® member. Our licensing for Mastercard© and e-money is passported throughout the European Union.

We aspire to be the market leader who specialise in providing financial services to consumers, corporates and governmental bodies.

For more information and enquiries please visit: http://www.enumis.co.uk/

Optimism for a ‘Soft Brexit’ diminishing amongst financial sector leaders

  • 58% expecting a ‘Hard’ Brexit
  • Two thirds expect access to EU Markets to be negatively affected
  • 75% reviewing options to move at least some operations out of UK

Leaders of the UK’s leading FinTech and Prepaid financial services businesses are expecting a ‘hard’ Brexit that will diminish financial sector access to EU markets and adversely affect their businesses.

The research by the Prepaid International Forum (PIF), the not-for-profit trade body representing the prepaid financial services sector, includes input from 60% of its UK members.

Over half (58%) are now expecting a hard Brexit and the majority (66%) don’t believe that Theresa May will be able to hold on to the ‘financial passporting’ rights that allow UK approved businesses to provide financial services and products across the EU.

Nearly all of these leaders expected Brexit to be bad for their business (81%) and three quarters admitted that they are already looking at moving at least part of their operations out of the UK in order to minimise its negative impact.

Alastair Graham, spokesperson for PIF, says:

“Immediately after the Brexit vote, there was a general belief that common sense would prevail, and the reciprocal access to financial services between the UK and EU would remain open to the mutual benefit of both sides.

“However, as the negotiations have continued, this optimism has faded considerably. To the extent that now most are expecting and planning for the worst possible outcome for financial businesses.”

Ireland looks to be the most likely beneficiary for jobs and income exiting the UK, with 30% of leaders surveyed saying this would be the most likely country where they will relocate all or some of their operations.

Graham continues:

“The UK is a significant market for FinTech and Prepaid financial services and is the home of much of the EU’s innovation and growth for this sector. However, growing businesses cannot afford to become isolated from the opportunities across the EU. 

“The lack of clear signals from either side in the negotiation has seen optimism fade and companies are now actively preparing for the worst.

“Speaking to members for this research, it is clear that to maintain passporting rights most are planning to hold offices in both the UK and EU after Brexit, which for some will come at a significant cost.

“The destination of their main office is being determined by a range of factors, including access to expert staff, corporation tax, the cost of living and other expenditures.

“For these reasons, many are looking to relocate their main operations to countries where businesses can operate from a lower cost base than the UK. As well as Ireland, eastern Europe is emerging as a popular option, with Lithuania and Estonia mentioned, alongside options such as Ireland, Luxembourg and the Netherlands.”

For more information, visit www.prepaidforum.org

ENDS

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is the not-for-profit industry body representing the prepaid financial services sector. Driven by a believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf, PIF advocates for policies and standards that protect and enhance the use of prepaid as a payment solution.

PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide.

To learn more about PIF visit www.prepaidforum.org

For further information

Ursula Hutchinson
PR Agency One
T: 0161 871 9140
E: ursula@pragencyone.co.uk

Steve Leigh
PR Agency One
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The convergence of prepaid and fintech takes centre stage at PIF Innovation Day 2018

PIF, the not-for-profit trade association representing the high-growth prepaid sector, has released details of its fourth annual Innovation Day and has announced Wirecard as the Headline Sponsor for 2018. The event will be held at Grace Hall in London on Thursday 17 May.

First staged in 2015, the event was created to highlight the prepaid solutions, trends and technology driving innovation in payments. The one day event provides an opportunity to hear from businesses who are leveraging the agility of prepaid technology to deliver products that meet the needs of 21st century spending habits with greater flexibility and more choice.

Centre-stage on the day will be presentations from businesses involved in the high-growth prepaid and FinTech sectors showcasing prepaid as a key enabler of next generation payment products and services. Delegates can also expect a wide range of industry perspectives from our stellar line-up of panellists.

Confirmed speakers on the day include:

  • Alex Letts, Founder and Chief Unbanking Officer of the award-winning U brand
  • Jason Cozens, Founder of pioneering UK FinTech, Glint
  • Daljit Singh, Chief Design Officer of Anna, a new service combining the best of human and artificial intelligence to deliver better business banking
  • Paul Bartholomew-Keen, Customer Champion: Cards, e-wallets & Prepaid, Open Banking
  • Kevin McAdam, Director of Prepaid and Victoria Preece, Compliance Manager from the UK's leading payments specialist, allpay
  • Jason Field, Director, Account Management, Mastercard
  • Suresh Vaghjiani, Managing Director and Neil Harris, Chief Commercial Officer of The Paytech Pioneer™, Global Processing Services
  • Björn Goß, Founder & CEO of leading mobile wallet, Stocard
  • Paul Love Twelves, General Manager, Open Payments Cloud
  • David Pope, Marketing Director at HooYu, the online peer-to-peer ID verification service

Among the highlights of the day will be a live broadcast of the irreverent and provocative podcast series that tackles the most difficult FinTech and payments questions, FinTech Unplugged. Delegates can expect a frank assessment of prepaid today, answers to controversial questions from the 'BIN of Confusion' and the same kind of thought-provoking, informative mayhem listeners have come to expect from co-hosts Robert Courtneidge and Suresh Vaghjiani.

The event runs from 9am to 5pm  on 17th May at Grace Hall in London and will be followed by a networking drinks reception from 5.30-8.00pm sponsored by B4B Payments. Participation is free of charge for PIF members (for up to three attendees) and £197.50 for non-members.

To register click here or further information please contact diane.brocklebank@prepaidforum.org or call +44 (0) 7736 971986

About PIF 

PIF is the not-for-profit trade association representing organisations who are regulated under e-money and payment services legislation and who operate in the high-growth prepaid and FinTech sectors. For over ten years, we have been driven by a belief that prepaid delivers a wealth of social and financial benefits to consumers, businesses and governments. As the representative body for the sector, PIF works hard to protect and advance the use of prepaid as an enabler of next generation financial services.

PIF places its members at the heart of influencing the future for the sector. To learn more about our role and the benefits of becoming a member, visit www.prepaidforum.org