Monzo, a startup bank based in London, that has been granted a UK banking license ‘with restrictions’ less than 18 months after formation, has chosen Global Processing Services (GPS) as their processor. GPS is the processor for both established emerging payments companies and the most innovative 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. A distinguishing feature of the GPS platform is its flexibility, the GPS solution facilitates multi-level parameter based configuration and control over practically every aspect of a prepaid, debit or credit scheme, enabling our clients to develop tailored, innovative, differentiated programs which meet all compliance requirements. Suresh Vaghjiani, Managing Director (EMEA) of GPS comments, “It has been great working with Monzo as they continue to push the boundaries in the banking space to showcase the capabilities of our platform to the mass market.”
Monzo will offer a bank account managed entirely via a smartphone app, without branches. Unlike rivals, Monzo’s approach has been to launch to beta testers early and iterate quickly. With their existing prepaid debit card scheme, Monzo is already helping almost 80,000 users manage their budgets through a simple 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.
Demand has been high for the startup bank’s prepaid scheme, with over 200,000 people now signed up to their list. Monzo is hoping that beta testers will be queuing up to switch bank account when they launch current accounts in early 2017, after the restrictions are lifted. Tom Blomfield, who previously founded GoCardless, the UK’s largest Direct Debit processor, is now the youngest CEO of a bank in the UK, having turned 31 just one day after the licence was granted. “This is how the banking market changes, not with 800 page reviews from public bodies like the CMA, but with technology bringing new ideas to the table. We’re creating something that will completely revolutionise the way people think about their money. The bank for people that hate banks – and let’s face it, that’s just about everyone – is officially a bank! “ Tom added, “It’s a huge milestone, and one that we couldn’t have reached without the help of our thousands of supporters.”