FCA announces creation of new Global Financial Innovation Network

07 August 2018: The Financial Conduct Authority (FCA) has today announced the creation of the Global Financial Innovation Network (GFIN), in collaboration with 11 regulators and related organisations. It builds on the FCA's proposal earlier this year to create a 'global sandbox'.

The network seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for cooperation between financial services regulators on innovation related topics, sharing different experiences and approaches.

View the full press release here

Global Processing Services joins the Women in Finance Charter

July 2018, London: A further 68 companies have signed up to HM Treasury's Women in Finance Charter, including Global Processing Services, J.P. Morgan, Bupa, Admiral Group, Equifax and Investec Asset Management taking the total number of signatories to 273. This means that the Charter now covers 760,000 financial services employees in the UK.

John Glen, Economic Secretary to the Treasury said: "From banking to asset management, too few women get to the top in financial services. That's why it's so important that firms sign our Charter and commit publicly to take action. It's not just the morally right thing to do; a balanced workforce is good for business, for customers, and for profitability too."

"I commend our new signatories for taking a step in the right direction, but of course there is more to do. I urge firms who've not already signed our Charter to join us in building a more representative and inclusive industry. "

As recommended in Jayne-Anne Gadhia's review into the representation of women in financial services, the Women in Finance Charter asks firms to commit to four industry actions to prepare their female talent for leadership positions:

  • Having one member of our senior executive team who is responsible and accountable for gender diversity and inclusion
  • Setting internal targets for gender diversity in our senior management
  • Publishing progress annually against these targets in reports and on our website
  • Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity

Joanne Dewar, CEO of Global Processing Services (GPS) comments: 

"At GPS we are proud to be leading the way in diversity across all levels and all departments. Signing up to the Charter further demonstrates our commitment in supporting diversity and gender inclusion both within our company and in the payments industry as a whole."

Further information

272 firms have now signed the Women in Finance Charter. The 67 new firms that signed the Charter between 1 March 2018 and 30 June 2018 are:

  • Admiral Group
  • AE3 Media
  • Armstrong Wolfe
  • Australia and New Zealand Banking Group Limited
  • Barrington Hibbert Associates
  • BNP Paribas Personal Finance
  • BondMason
  • Bovill Ltd
  • Bower Retirement
  • Brooks Macdonald plc
  • Bupa
  • Canada Life
  • Coventry Building Society
  • Daiwa Capital Markets Europe Ltd
  • EIS Association
  • Ellis Davies Financial Planning Ltd
  • Engage Financial Services Ltd
  • Equifax Ltd
  • Evolution Financial Planning
  • Fintech Strategic Advisors Ltd
  • Fintellect Recruitment
  • First Wealth LLP
  • Flood Re Ltd
  • Foresight
  • Franklin Templeton Investments
  • GAM
  • Global Processing Services
  • Goji Investments
  • Grant Thornton
  • Hinckley and Rugby Building Society
  • HUBX
  • ICAEW
  • Intermediate Capital Group
  • Investec Asset Management Limited
  • J. P. Morgan
  • Kames Capital plc
  • Lazard & Co Limited
  • Lazard Asset Management Limited
  • LifeSearch
  • Magenta Financial Planning
  • Marsh Ltd
  • Medianett Ltd
  • Mortgages for Business Ltd
  • MT Finance Ltd
  • Mustard Seed Impact Ltd
  • National Association of Commercial Finance Brokers
  • Nomura International
  • PIMCO
  • Prytania Solutions Limited
  • Pukka Insure Ltd
  • Rathbone Brothers plc
  • Scottish Equity Partners
  • SDB Bookkeeping Services
  • Semper Capital Management
  • Shepherd Compello Ltd
  • St. James’s Place plc
  • Stonehaven International
  • Sussex Independent Financial Advisers Ltd
  • Tesco Underwriting
  • The Meyer Partnership
  • The Mortgage & Insurance Bureau
  • TP ICAP
  • UK Government Investments
  • UniCredit Group
  • Vanguard Asset Services Limited
  • Whyfield
  • Yorkshire Building Society Group
  • Zopa Limited

 

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/

For media enquiries, please contact:

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

PIF in the News: Building consumer trust is the biggest Open Banking challenge

Global Banking & Finance Review: Recent data indicates that only three of 10 British adults are willing to hand over access to their financial data to technology companies such as Apple, Google or other third-party applications using their platforms. Amidst a host of other research, this was the key finding from a Prepaid International Forum (PIF) study clearly illuminating the scope of the challenge facing the financial services industry. Read the full article >>

Proposed Gift Card Consumer Protection Legislation welcomed by PIF

In Ireland, moves are being made to strengthen consumer protection around the operation of gift products. These moves have been broadly welcomed by PIF, the European industry voice for regulated prepaid card products.

Mr Niall Collins TD of Fianna Fail has proposed in Dail Eirann (the Irish Parliament) new consumer protection legislation covering the gift card area. The proposed legislation proposes to introduce a ban on short term expiry dates on gift cards and make disclosure of terms and conditions including fees mandatory.

In response to the proposed Irish legislation, PIF Chairman Craig James said:

"We welcome any moves by legislators that strengthen consumer confidence in prepaid products including gift cards. The measures proposed address some key consumer concerns in this area and brings regulation to bear on the currently unregulated sector of the market such as store branded gift cards."

However, Mr James adds that the organisations PIF represents issue their products under the European E-Money Directive. This Directive goes further than the proposed legislation in that it offers security for consumer funds and for products to operate in a fair gift and open manner through adherence to Treating Customers Fairly (TCF) guidelines. In Ireland, gift card products that do operate under this Directive include multi-store gift card issuers and a number of shopping centre gift cards that carry the Mastercard or Visa labels.

Mr James said:

"The proposed legislation in Ireland will bring some of the obligations of the EU Directive into play for store-branded gift cards and that is to be welcomed."

PIF has consistently made the argument that the EU E-Money Directive provides the highest level of consumer protection to consumers of gift cards and that national legislation should seek to address the unregulated sector and bring the standards applied to that sector in line with those in the Directive.

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 was formed in 2007 with a mission to protect and advance prepaid as a driving force for innovation in financial services. To learn more about PIF visit www.prepaidforum.org or follow us @prepaidintforum

For further information:

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

PIF in the News: European industry group for regulated prepaid card operators welcomes proposed new consumer legislation in Ireland

Irish Times: The European industry group for regulated prepaid card operators has welcomed proposed new consumer legislation in the Republic that would ban short-term expiry dates on gift cards and make the disclosure of terms and conditions mandatory.

Craig James, chairman of the Prepaid International Forum (PIF), welcomed the proposed legislation from Fianna Fáil TD Niall Collins as Ireland moves to strengthen consumer protection around the operation of gift card products. Read more

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