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
T: 0161 871 9140
M: 07734 805 499

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 announced details of its fourth annual Innovation Day. The event will be held in central 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
  • 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
  • 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. 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 innovative payment products and 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

FinTech Unplugged goes LIVE at the PIF Innovation Day 2018

FinTech Unplugged LIVE @ PIF Innovation Day 2018

FinTech Unplugged, the irreverent and provocative podcast series that tackles the most difficult FinTech and payments topics will be recorded LIVE on stage at the PIF Innovation Day 2018

You can expect a frank assessment of prepaid today as co-hosts Robert Courtneidge and Suresh Vaghjiani answer controversial questions from the 'BIN of Confusion' at Grace Hall in London on Thursday, 17 May.

Mando, part of the leading global WPP communications group, launches the ‘Universal Card’

  • Universal Card will enable brands and companies to benefit from their own branded prepaid reward and incentive card for both their customers and employees
  • The solution will be available both in a virtual and physical card and provides branded rewards solutions starting from as little as £1 per card
  • The card can be used anywhere accepting Mastercard, allowing the cardholder to truly choose the reward they want

Mando, part of the WPP group today announces the launch of their ‘Universal Card’, in collaboration with Global Processing Services, leader in payment issuer processing.

Based on 40 years of experience in promotional risk management, Mando has established itself as one of the leading providers in fixed fee promotions in the UK and helped companies and brands alike create some of the most recognised campaigns of all time. Hundreds of clients have had the benefit of Mando’s experience to deliver successful programs and powerful promotional results.

With the global prepaid card market anticipated to reach $3,653 billion by 2022 according to new report published by Allied Market Research projects, the launch of the ‘Universal Card’ further supports this growing need by consumers to have access to more secure and reliable ways of making fast payments.

Brands and companies are realising that prepaid is emerging as an effective way to create stronger relationships with their customers and employees by being part of their everyday lifestyle by rewarding and providing incentives at every purchase they make.

Mando’s Universal Card, is re-inventing how companies can benefit from using prepaid by combining a payment method with that of incentives and rewards, helping companies to improve their brand awareness campaigns and giving their audience the best user experience. Brands and companies can personalise their reward cards accordingly to their customers’ and employees’ needs, with a tailored message driving maximum impact in a simple, yet effective way. The card works like any other debit card and can be used anywhere Mastercard is accepted, allowing the cardholder to choose the reward they want.

Additionally, Mando provide a simple, user friendly activation process on all ‘Universal Card’ solutions and a cardholder website for convenient management and tracking of spending. Through detailed reporting, brands and companies are given access to great insight into their users, in order to understand their consumer habits and shopping preferences. All card queries are handled by Mando, reducing administrational tasks for the providing companies and giving the ultimate user experience to the cardholder.

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

“By launching Universal Card, Mando are demonstrating how prepaid can be used to efficiently provide tailored, innovative payments solutions with that of business incentives and reward programs. We are thrilled to see our GPS Apex platform being the enabler for companies such as Mando to launch innovative products with the end-user’s interest.”

Becky Munday, CEO at Mando comments:

“With personalisation at the forefront of modern day marketing, a prepaid solution presents a natural and necessary step change for both Mando and the incentives industry. We are extremely excited to have Debbie Rose on board as General Manager, and a new solution added to our data-driven portfolio. “

-ENDS-

For media enquiries:

Global Processing Services

Nim Haas | Head of Marketing | nhaas@globalprocessing.net

Mando

Debbie Rose |General Manager – Universal Card | debbie.rose@universal-card.co.uk

 

Added note to Editor:

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 Mando

Mando (part of WPP) deliver data-driven incentives based on over 40 years of promotional response data. As the originator of Fixed Fee Sales Promotions and the most qualified promotional risk management company on the planet – Mando has covered thousands of ground breaking campaigns.

Central to its capabilities, Mando now offer powerful prepaid incentives and brand partnerships based on refined data to deliver a truly unique engagement solution.  Through knowledge, stability and innovation, Mando gives brands the confidence and insight to create result driven partnerships and incentives across the globe.

http://www.mando.co.uk/

http://universal-card.co.uk/

B4B Payments announced as the new name for Payment Card Solutions and Bread4Business

B4B Payments has been announced as the new name for Payment Card Solutions and Bread4Business.

The change is effective from 5 March 2018.

The continued success of the business along with its recent achievement of API (Authorised Payment Institute) status by the Financial Conduct Authority has created new and exciting opportunities for the team to deliver enhanced value to its clients.

New Podcast: Fintech Unplugged with Robert Courtneidge and Suresh Vaghjiani

Two of the most respected and outspoken leaders in the payments industry go head-to-head to answer difficult and controversial questions posed by the ‘BIN of Confusion’.

Unscripted and unrehearsed, Fintech Unplugged offers informative, entertaining and often opposing perspectives on topics including the future of crypto, the problems with BIN sponsorship, why prepaid issuer processors can get such a bad rap and much more.

Fintech Unplugged is co-presented by two #1 influencers in the Payments Power Ten, Robert Courtneidge and Suresh Vaghjiani.

Listen to the podcast here

17 million Brits ready to pay with wearable devices

Overwhelming success of contactless cards peaks shopper demand for wearable payments

February 22, 2018 – One quarter (26%) of British shoppers expect to start using “tap and go” contactless payments with a smartwatch, bracelet, keyring or other forms of wearable payments, according to new figures from Mastercard.

In the UK, contactless spend on Mastercard grew by 139% in the last year, and the huge success of contactless has seen many Brits willing to explore new ways to pay. The figures come as the Netherlands embarks on a wearable payments trial for Dutch bank ABN AMRO. Alongside this continued growth, barriers to using contactless have also decreased. Concerns around fraud see the greatest decrease in the UK (-31%), building trust in Mastercard contactless technology.

Banks across Europe are also working with Mastercard to deliver this new wave in contactless payments. ABN AMRO is one of the first banks to enable worldwide payments with a wearable that’s linked to a current account, with a pilot for 500 customers of different age groups, who will be experiencing what it’s like to make contactless payments with a ring, watch, bracelet or keyring.

“Europe leads the world in contactless payments and its overwhelming success has created a demand for even greater convenience,” said Paolo Battiston, Executive Vice President Digital Payments & Labs Europe at Mastercard. “Shoppers trust in contactless is greater than ever, and in turn it seems they are ready to take this one stage further by trying contactless through connected devices. Pilots like the one we’re involved with in The Netherlands will empower consumers in the digital economy.”

Mastercard continues to work with retailers to help meet expectations surrounding wearable payments, with 42% growth in the number of retail locations accepting contactless across Europe. In the UK, 36% of all in-store transactions are contactless. The Netherlands provides an ideal test bed for wearable payments because 80% of terminals in the country already accept contactless payments. More than 50% of payments in the Netherlands are also made with contactless according to ABN AMRO. (A video showcase of this pilot launch can be accessed here.)

“With customer expectations clear and the new technology available today, the time has come to drop cumbersome methods of payment and embrace a better consumer experience through wearable payments,” said Yvonne Duits, Product Owner Payments at ABN AMRO. “We care about making things convenient for consumers and offering everyone a payment method that suits their preferences and this pilot is testament to that.”

-ENDS-

Notes to editors

All data included from Mastercard and Maestro as well as a study conducted of 50,747 people by GCT Research, Inc within the following countries: UK (3,416 people), France, Russia, Spain, Italy, Germany, Netherlands, Poland and Sweden.

The UK population is an estimated 65.6 million, according to ONS (2017).

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, travelling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

For further information please contact:

Adam Keal
Adam.Keal@mastercard.com
07710 916144

A Third of Customers Ready to Trust Tech Companies with their Bank Account

Just under a third of UK adults (30%) would be happy to sign over access to their financial data to trusted tech companies such as Apple, Google or third-party apps using such platforms, a study has revealed.

The research* by the Prepaid International Forum (PIF), the not-for-profit trade body representing the prepaid financial services sector, has been revealed following the start of ‘open banking’ in the UK.

This new ‘open banking’ legislation** (which came into force at the start of 2018) allows customers to tell banks to share financial data to properly regulated third parties.   This data is then provided in a secure way, that doesn’t reveal account passwords or access codes, but does allow third parties to analyse spending habits and help find better deals.

The PIF study shows that many people, especially younger consumers, are happy to give such permissions in order to gain financial benefits or better insights over how they manage their money.  As many as 34% of those aged 18-24 would be happy to provide permission to a company such as Apple, with slightly fewer (30%) saying that they would also trust Google with this data.

Even amongst older customers, just under a quarter (24%) of those 65 or older said they would provide Apple with permission.

This opens the door to App developers and other financial service providers using e-money tools to offer innovative financial products and services.

Alastair Graham, spokesperson for PIF, says:

“Smart phones and search engines have become essential tools for everyday life and this research shows that people are now willing to consider adding open banking to the list of services such devices help to improve.

“Mobile devices already offer many payment services, often using the prepaid platform to facilitate simple and secure transactions.  To many people, adding open banking feels like a small step.”

Many companies already use the functionality and ubiquity of mobile devices to offer innovative financial services and will now be able to extend their functionality.

For example, Curve is a tool that links all your accounts to one smart card using prepaid tools, which is then managed through a smart phone app, allowing you to spend from any of your accounts using a single card.  It then creates a timeline showing where all your money is going, allowing you to track your spending instantly.

Other companies are spearheading the growth of new payment technologies to expand the range of products on offer. Suresh Vaghjiani, Managing Director of Global Processing Services says:

“We work with many FinTechs, helping them to innovate and launch truly innovative products and services that are making a real difference. Now with the opportunity to access the banks’ APIs, I am sure we’ll see even more innovations that rapidly translate into benefits for customers”

Market experts feel that open banking will add fuel to the many innovations already taking place in the prepaid sector.

Alastair Graham, spokesperson for PIF, says:

“Providers using prepaid have been innovating with financial services and payment products for a number of years, addressing areas where traditional banking has failed to innovate or move with customer expectations.

“Open banking will only increase this trend by encouraging innovation by new Fintech companies who are adding real value to consumer and business banking in a way the banks would never have done so in the past and are struggling to do so even now.

NOTES TO EDITORS

*Research based on a Nationally Representative Survey of 1,000 UK adults.

** The UK’s Open Banking regulations came into force on 13 January 2018. It forces the nine largest UK banks to open up their data via a set of secure APIs (Application Programming Interface). The new rules coincide with the Second Payment Services Directive (PSD2), a new piece of EU legislation that enables third party providers, with a customer’s consent, to access a customer’s bank account and/or request information.

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
T: 0161 871 9140
M: 07734 805 499
E: steve@pragencyone.co.uk

PIF welcomes Compass Plus to membership

Another growth boost for PIF as innovative payment solutions provider joins the Prepaid International Forum 

London, 13 February 2018 -  The Prepaid International Forum (PIF), the not-for-profit industry body representing the prepaid sector, today announced Compass Plus, an international provider of retail banking and electronic payments software for processors and financial institutions, as its latest member.

Compass Plus joins a vibrant and growing community of organisations who are rapidly transforming the way we pay and get paid. The PIF membership includes companies who are regulated under e-money and payment services legislation, and a range of other businesses who operate in the high-growth prepaid and FinTech sectors.  Governed by a representative Board of Directors since 2007, PIF works hard to make sure its members are well represented and supported within the industry.

PIF’s Commercial Director, Diane Brocklebank said:

“We’re delighted to welcome Compass Plus as our latest member. Their commitment to advancing the use of innovative payment technologies to enable a safe and seamless customer experience is perfectly aligned with our objectives. We’re thrilled to have their support. “

Darren Busby, AVP and Business Development Director, Europe at Compass Plus said:

“Compass Plus is very pleased to become a member of the PIF community. We look forward to building new relationships with likeminded organisations that promote and advocate innovation in the prepaid payments market.”

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is the not-for-profit industry body representing the prepaid sector. Prepaid technology underpins a vast range of financial products, from everyday payment accounts and travel money to corporate incentive and expense management solutions.

Our aim is to create an environment where products and services enabled by prepaid can thrive. We inform, and liaise with, regulators, government departments, consumer bodies and the media as well as providing support and education to leading and emerging industry organisations.

To learn more about PIF visit www.prepaidforum.org

About Compass Plus

Compass Plus provides comprehensive, fully integrated and flexible payments software and services that help financial institutions and payment service providers meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalisation centres in countries across Europe, Asia, Africa, the Middle East, North and South America. With more than 25 years’ experience, Compass Plus helps build and manage all-scale electronic payment systems that generate new revenues and improve profits for its customers. www.compassplus.com