PrePay Solutions Cracks Open New Partnership with Challenger Bank Coconut

The collaboration has created a full-service bank account that combines banking and accounting for freelancers, self-employed people and small businesses.

7th February 2018, London, UK – PrePay Solutions (PPS), Europe’s leading prepaid and digital banking  specialist, has partnered with new business bank account provider, Coconut, to enable the delivery of  an app-based account that uniquely manages tax and expenses for freelancers and self-employed people.

Despite accounting for 15% of the workforce, many of the UK’s 4.9m self-employed community do not have access to appropriate money, tax and expense management tools. HMRC’s Making Tax Digital Initiative, which will require all small businesses and self-employed people to file quarterly tax from April 2020, will compound this issue for unprepared freelancers.

Under the new partnership, PPS is providing full banking infrastructure and card technology to help Coconut deliver its account, which will help freelancers to manage their finances and prepare for the implementation of Making Tax Digital. Using the transaction information from the cards provided by PPS, Coconut will also be able to offer more personalised products to its customers.

Ray Brash, CEO of PrePay Solutions, said: “It is exciting to be working with a company as innovative as Coconut. As with any partnership, the chemistry has to be right and the Coconut team is perfectly aligned with our company vision and ambition.  Freelancers, sole traders and small businesses are the backbone of our economy, but they are completely underserved when it comes to fit-for-purpose digital banking & account tools. Working together with Coconut, we’re offering a completely new type of product to a growing and underserved group, helping them to benefit from personalised accounts that truly meet their business needs both now and in the future.”

The Coconut account includes a smartphone app featuring fully-automated tax management and expenses tools, as well as a contactless Mastercard for making payments in store and online. An account can be opened in minutes on a user’s mobile, and offers instant notifications on all transactions, in addition to a function for storing receipts, all feeding into a real-time tax assessment preview to help budget for tax bills.

Sam O’Connor, CEO, Coconut, added: “We’re really pleased to be working with the PPS team – they have created the best banking infrastructure product in the UK and are bringing some of the most innovative financial products to market. We’ve worked together to deliver our product in record time with our Beta launch this January. PPS is a crucial long-term partner for us.”

Coconut specialises in making business accounting instant and effortless. The company is backed by leading tech accelerator, Techstars, and was recently named one of the ten winners of the Nesta Open Up Challenge, a competition to award grants to innovative businesses using new Open Banking APIs.

Their Perfect Gift Card issued by Wirecard wins the award for the Best Prepaid Card Programme

05 February 2018 - Their Perfect Gift Card issued by Wirecard has won the award for the Best Prepaid Card Programme. The award was announced at the 2018 Cards & Payments Awards held at The Grosvenor House Hotel last week.

This year Wirecard entered with ‘Their Perfect Gift’ and nominated their Mastercard Gift Card programme.

Global Processing Services selected to be part of the UK Fintech delegation to Austria and Switzerland

Switzerland and Austria to host its annual UK Fintech Mission

London, 5th February 2018: Her Majesty’s Swiss Government is delighted to announce the third UK Fintech Mission to Switzerland which, because of its past success, this year encompasses both the Austrian and Swiss markets.  The UK Fintech trade mission will take place in Vienna and Zurich on the 6th-7th of February.

Both Austrian and Swiss financial institutions will have the opportunity to meet a carefully selected group of innovative companies from the United Kingdom. These companies have been chosen on the basis that they reflect the quality and tremendous potential of the UK’s Fintech ecosystem.

The mission has the aim to simulate new collaborations amongst members of the UK Fintech delegation with that of financial institutions in Austria and Switzerland. It will also help to create new business opportunities both in these two countries and the UK. The previous two Swiss missions recorded new business worth over £30 million.

One participating delegate, Global Processing Services (GPS), leader in payment issuer processing, is an example of the high quality of selection required to be part of this mission. The company has established a strong reputation in its industry and is known for paving the way in payment innovation, its technology powering the likes of Revolut, Glint, Starling Bank, Kerv, Fortress GB and Curve just to name a few.

Neil Harris, Chief Commercial Officer at Global Processing Services, comments: “It’s an immense honour to have been selected to be part of the UK Fintech delegation to Austria and Switzerland. This trade mission provides a platform to demonstrate our technology and global capabilities to Financial Institutions based in Austria and Switzerland. It’s a true collaboration, we will learn more about their local market dynamic, and they will benefit in gaining added knowledge on existing technologies that could help them to improve their operations and innovate faster.”

Jane Owen, her Majesty’s Ambassador to Switzerland and Liechtenstein comments: “It is fantastic that so many Government and corporate entities in Switzerland, Liechtenstein and the United Kingdom are joining forces for the UK Fintech Mission to Switzerland on 7 February. Between January and October 2017, £825m was invested in the UK’s financial technology companies: double the amount raised in the same period in 2016. This reflects the quality of the UK’s fintech, as does the fact that SIX Group is generously sponsoring this event for the third time in a row.”

Leigh Turner, UK Ambassador to Austria comments: “This will be a showcase of the UK’s entrepreneurial talent and underlines its status as the top global Fintech hub. We are delighted to be working with top Austrian financial institutions to create jobs and opportunity in both markets.”

-ENDS-

For media inquiries:

Global Processing Services
Nim Haas | Head of Marketing | nhaas@globalprocessing.net
Department for International Trade | Switzerland and Liechtenstein
Anna Faber | Senior Trade Officer | anna.faber@mobile.trade.gov.uk
Department for International Trade | British Embassy Vienna |
Lukas Wiesboeck | Press and Public Affairs Officer | lukas.wiesboeck@fco.gov.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.

Clients are supported by a team of talented industry experts who have chosen to join GPS from many of the most prestigious and established global payment corporations. This expertise, its powerful processing platform and trusted position within the payments ecosystem means GPS is re-drawing the lines of what is possible in payments. This is how GPS has earned its position as The PayTech Pioneer.

GPS has over 130 staff in seven offices globally, and has plans to advance this international profile aggressively as it extends its support to multiple payment companies globally and expands into new territories.

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

TSYS Appoints Kelley Knutson as President of Netspend

26 January 2018 - Today, TSYS, a leading global payments solutions provider across the issuing, merchant and prepaid industries announced it has appointed Kelley Knutson as Senior Executive Vice President of TSYS and President of Netspend, a leading provider of prepaid debit cards for personal and commercial use.

Previously, Knutson served as Executive Vice President of TSYS and President of International Issuer Solutions, based in London since 2003. Knutson replaces Chuck Harris who left the company in Dec. 2017 to pursue an opportunity in the non-profit sector.

“Kelley’s vast experience in the financial industry and TSYS, made him the ideal candidate to lead our Netspend business. He has been the driver of our international issuing business and continues to deliver financial targets year after year,” said M. Troy Woods, Chairman, President and Chief Executive Officer, TSYS. “Promoting from within TSYS is part of our culture and I’m confident Kelley will be a huge asset to Netspend, as we continue to grow our prepaid business.”

View the full press release: https://www.tsys.com/news-innovation/press-media/press-releases/2018-press-releases/20180126-KnutsonPresidentNetspend.html

PIF in the News: Prepaid cards delivering dividends for councils

Local Government News - Governments across the world have switched to prepaid cards as a modern alternative to cash when it comes to distributing payments to its citizens who opt not to use bank transfers. However, the UK is only now starting to fully seize the opportunity.

Cash-based government payments are inconvenient and expensive to administer, as well as being less secure and harder to track. Despite the UK being second only to Italy in Europe in its need to replace cash, with an estimated £3bn of transfers each year, it is only now that these types of prepaid schemes are being adopted. Read the full article

FinTech foes join forces to launch multi-currency payment solution UPayCard

Two #1 Payments Power 10 superheroes have come together to drive FinTech innovation and reduce the complexity involved with payment legislation.

LONDON, January 15, 2018: International payments company Moorwand and leading global issuer processer GPS have joined forces to launch the UPayCard branded prepaid card solution to the UK market.

UPayCard is a global multi-currency service for businesses and consumers. It is the first programme to be launched by Moorwand and was brought to market in a record time of less than eight weeks.

Account users have access to a comprehensive multi-currency payment solution that allows them to easily make transfers between accounts present on the same UPayCard system. The service provides added value for both consumers and businesses alike, reducing time of fund transfers and enabling secure instant payments in currencies other than US Dollars.

Once seen as industry FinTech rivals, Robert Courtneidge, the newly appointed CEO of Moorwand, and Suresh Vaghjiani, Managing Director at GPS, recently stepped into a boxing ring dressed as the Joker and Batman respectively for the PayExpo 2017 Payments Punch-up - a lively annual debate on the hottest finTech topics of the day. Despite Suresh adding a third consecutive debate victory to his total, the two men have had a long lasting professional relationship and have always shared one common vision to drive change and innovation in the payments industry.

“It’s great to finally be on the same team as Suresh,” said Robert. “We are combining our unique strengths to ‘save the world’ – or at least to ‘rescue’ Programme Managers from the growing confusion of what is possible within the increasingly complex world of payments legislation and rules around BIN access to create a strong, transparent engagement with them. GPS is perfect for Moorwand as we need a partner that can move fast so our Programme Managers can leap ‘with a single bound’ into new products and markets with speed and confidence. We will also help them to work safely with the new ‘crypto –nite’ that is tainting the emerging payments industry. GPS has already helped us to rapidly launch the UPayCard Solution – and there is much more to come.”

Suresh Vaghjiani, Managing Director, GPS comments: “Robert’s recent appointment as CEO of Moorwand creates a compelling proposition for Programme Managers. With a lawyer of Robert’s calibre at the helm and his long and distinguished career as a specialist in payments law means that Moorwand’s BIN sponsorship solution is exactly what the market has been waiting for. We are delighted to have been selected by Moorwand to help them into their next phase of growth and their issuing services for cryptocurrencies.”

- ENDS-

About Moorwand

Moorwand Ltd. is an international business that provides payment services to merchants and customers in the EEA. They are licensed by the Financial Conduct Authority of the United Kingdom (license #500709) as a regulated Electronic Money Institution to issue electronic money (e-money) and provide payment services throughout EEA.  They are principal members of Mastercard and Visa as an Issuer of payment cards and an Acquirer of payment transactions. www.moorwand.com

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.

www.globalprocessing.net 

Media enquiries:

Moorwand

Sarah Broughton
sarah@bluetrain.co.uk
T: 07890 463 063

Global Processing Services
Nim Haas
NHaas@globalprocessing.net
T: 020 7553 8845

CashFlows joins the Prepaid International Forum

Membership on the rise as PIF welcomes leading FinTech solutions provider

London, 08 January 2018 - The Prepaid International Forum (PIF), the not-for-profit trade association representing the prepaid financial services sector, today announced CashFlows, a fast-growing, innovative provider of payment solutions, as its latest member.

PIF is the not-for-profit trade association representing the prepaid financial services sector. As an industry body, PIF advocates for policies and standards that protect and enhance the use of prepaid as an enabler of innovative products and services that are transforming the way we pay and get paid. Led by a member-elected Board of Directors since 2007, PIF works hard to ensure members are well represented and supported within the industry.

About CashFlows
CashFlows' payment solutions enable businesses to accept multi-channel payments from all major card schemes and issue innovative prepaid products to their customer base.

CashFlows is a leading provider of European BIN sponsorship services enabling cost and resource efficient scheme access to companies desiring to launch a prepaid card.

Regulated by the UK Financial Conduct Authority CashFlows is an electronic money institution, and is a principal member of Visa, Mastercard and other international card schemes.

PIF’s Commercial Director, Diane Brocklebank said:
“We’re delighted to welcome CashFlows as our latest member. Their knowledge and expertise in the fast-growing FinTech arena augments the strength and profile of the PIF membership and we’re very excited to have their support.”

CashFlows Chief Commercial Officer, Jonathan Bennett said:
“CashFlows is looking forward to becoming an active member of the PIF community and assisting in building positive awareness of prepaid products and services.”

NOTES TO EDITORS

About PIF
The Prepaid International Forum (PIF) is the not-for-profit trade association representing the prepaid financial services sector. Driven by a belief that consumers should be confident in the security of prepaid products 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

Global Processing Services selected to accompany the Rt. Hon. Lord Mayor of the City of London on FinTech delegation to Australia and New Zealand

London, 5 January 2018 -  The Prepaid International Forum (PIF), the not-for-profit trade association representing the prepaid financial services sector, is delighted to announce that Suresh Vaghjiani, Managing Director of Global Processing Services has been selected to join the Lord Mayor’s business delegation to the Southern Hemisphere in February 2018.

The Rt. Hon. Lord Mayor of the City of London is the international ambassador for the UK’s financial and professional services sector whose overseas visits offer a unique opportunity to gain access to key international decision-makers in government and business.

Suresh Vaghjiani will join a busy schedule of events in key business hubs including Sydney, Melbourne and Auckland from 9-23 February. The visit will include briefings on Brexit and the future of the City of London and panel discussions focused on innovation, cybersecurity and opportunities for UK & ANZ FinTech collaboration.

PIF’s Commercial Director Diane Brocklebank comments: "We are very proud that GPS has been chosen to accompany the Lord Mayor on this historical visit. GPS is a proactive member of PIF and a key contributor to the UK’s FinTech success story. "

About Global Processing Services
Global Processing Services (GPS) is the payments 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 prepaid 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.

For more information, visit www.globalpropcessing.net or follow us on Twitter @GPS_Processor

Locke Lord Names Siobhan Moore Global Head of Cards and Payments Practice

(LONDON) January 4, 2018 – Locke Lord’s Siobhan Moore, an experienced cards and payments lawyer with a strong profile in the payments industry, has been named Global Head of the Firm’s Cards and Payments Practice. Moore, who is based in the Firm’s London office, most recently served as head of the group in Europe.

Moore succeeds Robert Courtneidge, who has been named CEO of international payments business Moorwand. Courtneidge will continue to maintain a close relationship with the Firm on a consultancy basis.

“Siobhan is a highly talented lawyer, a natural team leader and a highly regarded member of the Locke Lord team,” said James Channo, Managing Partner of Locke Lord’s London office.

“Robert has made an outstanding contribution to Locke Lord, and we wish him every success as he takes on this exciting new role with Moorwand. We have every confidence that Siobhan’s leadership will propel this extraordinary team to continued success.”

Moore works with clients who provide or operate a diverse range of services that touch the cards and payments sector. These clients range from gift card providers, e-money issuers, acquiring businesses and other regulated payment service businesses to technology providers that sit outside and within the financial regulatory framework. She regularly liaises with regulators and drafts and negotiates partner agreements and customer-facing documentation. She advises on product structure, business strategy and runs regulatory workshops. Moore is a director of the Prepaid International Forum and has been on the advisory board of the UK Gift Card & Voucher Association for more than seven years. She is also a frequent speaker at industry conferences throughout the world.

Locke Lord’s Cards and Payments Practice continues to be at the forefront of payment services. The group has a strong international presence, leading clients through the financial regulatory maze with clear and consistent advice, whether they are new to e-money issues, seek counsel on the latest regulations or want to expand their business internationally. The team has been recognised in The Legal 500 UK.

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About Locke Lord / London
Locke Lord’s London office advises major corporations, financial institutions, individuals and overseas-based investors in the areas of asset finance, banking and finance, capital markets, corporate M&A, dispute resolution, employment, energy, financial services, general commercial, insurance and reinsurance, intellectual property, real estate, and restructuring and insolvency. As an integral part of Locke Lord's global presence, Locke Lord's London office serves clients in the UK and United States and throughout Europe, the Middle East, Africa and Asia. www.lockelord.com

International Payments Business Moorwand Ltd appoints Robert Courtneidge as CEO

LONDON – January 4, 2018 – Robert Courtneidge has been named as CEO of international payments business Moorwand to drive the business into a new phase of growth. Robert will take on the role from 4th January 2018 while ensuring a seamless hand-over of his prior responsibilities as Global Head of Cards & Payments at Locke Lord LLP.

Moorwand is a principal member of Mastercard and Visa, providing payment services to merchants and customers in the EEA. Its head office is in London where Robert will be based.

As CEO, Robert will leverage his deep knowledge and experience of payments and e-money accumulated over the past 27 years, working with major global financial institutions. For the past six years, Robert has been named amongst the Payments Power 10, a highly competitive ranking of the most influential payments industry contributors. He is also Non Executive Board Director/Strategic Advisor to a number of diverse and complementary payment companies and Founder/Board Advisor to two key industry Trade Associations. As a payments lawyer, Robert consistently ranked as tier 1 in key international law directories. In 2015, Robert achieved the distinction of being the only non-American named in top 10 payments lawyers globally by Paybefore.

‘We are excited to welcome Robert to Moorwand as our CEO,’ said Mark Wheeler, Managing Director, Moorwand. ‘Robert is uniquely qualified for this role given his experience and understanding of the entire payments ecosystem including major financial institutions, international technology providers and more. This combined with his strategic insights and dynamic leadership skills will help us accelerate the international growth of Moorwand.’

Siobhan Moore will lead the Cards & Payments team at Locke Lord. Siobhan, who most recently served as head of the group in Europe, has been with Locke Lord for over six years and is an experienced cards and payments lawyer with a strong profile in the payments industry. She is a director of the Prepaid International Forum and has been on the advisory board of the UKGCVA for more than seven years.

‘Siobhan is a highly talented lawyer, a natural team leader and a highly regarded member of the Locke Lord team,’ said James Channo, Managing Partner of Locke Lord’s London office. ‘Robert has made an outstanding contribution to Locke Lord and will continue to maintain a close relationship with the Firm on a consultancy basis. We wish him every success as he takes on this exciting new role with Moorwand.’

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About Moorwand
Moorwand Ltd. is an international business that provides payment services to merchants and customers in the EEA. They are licensed by the Financial Conduct Authority of the United Kingdom (license #500709) as a regulated Electronic Money Institution to issue electronic money (e-money) and provide payment services throughout EEA. They are principal members of Mastercard and Visa as an Issuer of payment cards and an Acquirer of payment transactions. For more information visit www.moorwand.com

About Locke Lord LLP
Locke Lord is a full-service, international law firm of 20 offices designed to meet clients’ needs around the world. The Firm has a history that spans more than 130 years and is a worldwide leader in the middle market sector. Locke Lord advises clients across a broad spectrum of industries including energy, financial services, fund formation, health care, insurance and reinsurance, private equity and venture capital, public finance, real estate, and technology, media and telecommunications, while providing a wealth of experience through its complex litigation, intellectual property, tax, regulatory and transactional teams.

Moorwand media enquiries:
Sarah Broughton
Blue Train Marketing
sarah@bluetrain.co.uk
T: +44 (0) 7890 463063

Locke Lord LLP media enquiries:
Locke Lord LLP
Kristen Bugaris
Director of Communications
kristen.bugaris@lockelord.com
T: +1 312-443-1702