Dunedin backed leading issuer processor, Global Processing Services (GPS), today announces it has been selected by Mastercard, the leader in global payments and technology, as its chosen processing partner in its Fintech Express Programme.
The two companies have been at the forefront of the global fintech revolution, with Mastercard working in close collaboration with GPS to pioneer, challenge and disrupt the banking status quo. Together, both companies have led the innovation curve for fintech entrepreneurs, from powering the first digital bank card customers can spend on, to providing 2 series BIN sponsorship, multi-currency solutions, in-app provisioning, new form factors and agency banking.
As the Paytech Pioneer™, GPS is the only issuer processor of its kind positioned to support fintechs, challenger banks and e-wallet providers in navigating the complex payments ecosystem and supporting growth journeys from the same global platform, with a single API integration. By continuing to leverage Mastercard’s expertise, technology and global network, the partnership will further accelerate the ongoing progress in the global fintech arena.
Joanne Dewar, Chief Executive Officer of Global Processing Services, commented: "GPS and Mastercard have led the charge in the fintech industry globally over the last decade. Through its early support of nascent e-money issuance and the use of prepaid, Mastercard has created what we now know as fintech, and what we all believe is pivotal to the future of mainstream payments. Together, we have broken new ground in the fintech space, addressing real world challenges and enabling financial empowerment for everyone – this announcement officially cements our partnership."
Launched in June 2020, GPS is already embedded into Mastercard’s Fintech Express programme alongside GPS’ partners which it processes for – Railsbank, a global Banking-as-a-Service (Baas) platform, and electronic money institution, Treezor.
The programme helps start-ups launch rapidly and expand based on their needs by providing:
• Access: obtaining a Mastercard License and accessing the global payments company’s network through a streamlined onboarding process
• Build: becoming an Express Partner by building unique tech alliances and benefitting from all the advantages that Mastercard provides
• Connect: connecting with qualified Express Partners and going live with Mastercard in a matter of days
The programme is designed for fintechs looking to add payment solutions to their suite of products, tech-savvy start-ups looking at serving a new segment, as well as established players with ambitions to innovate through partnerships. Becoming an Express Partner helps brands simplify the launching of payment solutions, shortening the process from a few months to a matter of days. Express Partners also enjoy all the benefits of becoming a Qualified Engage Partner.
Scott Abrahams, Senior Vice President, Business Development & Fintech, UK&I at Mastercard noted: "We have long worked alongside GPS, together enabling the fintech industry to thrive. We are delighted to take our partnership with them to the next level by welcoming them into our Mastercard Fintech Express programme. Our joint ambitions are to foster payments innovation and further drive the transition to a digital economy, propelling the rapid growth of fintech and providing consumers with greater choice. Our Fintech Express programme enables leading innovators such as GPS to scale at speed, cementing our position as the partner of choice for fintechs across Europe."
Mastercard Fintech Express falls under the umbrella of Mastercard Accelerate – Mastercard’s overarching fintech platform that gives start-ups and emerging brands support and assistance for every stage of their growth and transformation, from market entry to global expansion. Mastercard Accelerate comprises four main programmes: Fintech Express, Start Path, Engage and Developers.