Multi-award-winning payments processor, Global Processing Services (GPS), today announces that it has joined forces with Currencycloud, the experts simplifying business in a multi-currency world, to widen access to cross-border payments for financial institutions and Fintechs, providing a passport to a post-COVID world.
The pandemic has accelerated the digitalisation of payments and the move away from cash. People are naturally operating more globally, whether that’s for personal or business travel, to accommodate multiple bases as the world shifts to a more hybrid model of working or growing eCommerce and global supply chains. As a result, financial institutions and Fintechs need to offer customers solutions that satisfy this changing dynamic as people shift to digital-first behaviours for safety and convenience.
Leveraging each other’s expertise, the combined value proposition will deliver a complete, enterprise-grade, off-the-shelf and pre-integrated solution. It will enable businesses to offer customers compliance and regulatory infrastructure, cross-border payments infrastructure, real-time FX for overseas card transactions, access to a global banking network, multi-currency accounts, banking cards and much more.
Fintechs can now upgrade their existing product offerings and launch dynamic new services, including:
- Using Currencycloud rates, customers can fund up to 34 foreign currency wallets with real-time wholesale rates, allowing consumers to purchase currencies ahead of travelling and while on the go.
- Competitive FX rates for 38 currencies, including restricted and non-restricted currencies, and nearly 300 currency pairs.
- Guaranteed weekend FX rates.
Point-of-Sale (POS) FX:
- Cardholders benefit from transparent, competitive, real-time FX rates when making purchases abroad and can choose to be notified of the amount spent in their domestic currency via push notifications on mobile devices in real-time.
- By securing a guaranteed and real-time FX rate at the point of sale, ensuring it is locked in through to clearing and settlement, cardholders now know exactly what overseas transactions cost at the point of sale.
Shaun Puckrin, Chief Product Officer of GPS, commented: “There is a major opportunity for payment players to further displace cash with seamless card-based FX payments. Integrating our respective platforms provides Fintechs with enterprise-grade capabilities, driving speed to market, and an invaluable competitive advantage as we emerge from the pandemic.”
Stephen Lemon, Co-founder and VP, Partnerships & Enterprise at Currencycloud, said: “For Fintechs, building a multi-currency solution requires a huge effort across multiple functional and regulatory domains. By working with Currencycloud and GPS, Fintechs can reduce the complexity involved and get to market much more quickly for a fraction of the cost of self-building, while vastly reducing ongoing operational risk and overhead.”
Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading challenger Fintechs, including Revolut, Starling Bank and Curve. GPS has to date issued over 170 million cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions through its platform.
Founded in 2007, GPS’ highly flexible and configurable platform places the control firmly in the hands of global Fintechs, digital banks and e-wallets, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking and more.
GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with 95 issuer partners and operates programmes for a client base of over 180 customers across the globe.
Banks, Fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud. Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business – no matter what industry they’re in.
Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US and the EU.