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Online & Mobile Banking

Monzo chooses Global Processing Services as processor

Wednesday 11 January 2017 | 11:56 AM CET

Monzo, a UK-based startup bank, has chosen Global Processing Services (GPS) as their processor.

GPS is the processor for both established emerging payments companies and fintech businesses; a PCI-DSS Level 1 Service Provider accredited globally by Visa and MasterCard, GPS offers a global solution with access to banking schemes such as BACS and SEPA.

GPS built and accredited its processing platform between 2007 and 2009 and from 2010 onwards, GPS began to market its processing platform to third party programme managers through Europe and now services clients throughout Europe, the Middle East, Australasia, Canada and the USA. At the core of the GPS transaction processing platform is a flexible and robust payment-processing application.

GPS solution facilitates multi-level parameter based configuration and control over practically every aspect of a prepaid, debit or credit scheme, enabling the clients to develop tailored, differentiated programs which meet all compliance requirements.

Monzo will offer a bank account managed entirely via a smartphone app, without branches. With their existing prepaid debit card scheme, Monzo is already helping almost 80,000 users manage their budgets through a smartphone app, with real-time push notifications whenever they spend, transaction data that helps them understand where and what they’ve spent, and fee-free travel abroad.

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