Several fintech firms in the U.K. experienced service disruptions and their customers couldn’t use their payment cards because of a processing outage experienced March 5 by the companies’ payments processor. Affected companies included challenger banks and startups Monzo, Pockit, Loot, U Account and Curve, according to Paybefore sister publication Banking Technology. Monzo and Curve, posted on their blogs March 6 that the processor repaired its systems and payment cards can be used.
Monzo announced on its blog March 5 that “we’ve been experiencing a severe outage, meaning that Monzo cards and our app have not worked for most of today,” which the company attributed to its processor. Although Monzo didn’t mention its current processor by name, Paybefore reported in January that Monzo had chosen Global Processing Services (GPS) as its processor.
The challenger bank’s blog went on to say it will be bringing payments processing in-house, but the decision has been a longtime coming. Monzo has been working over the past 12 months to connect directly to Mastercard “to ensure we have total control over the customer experience.” When the company launches current accounts later this year, they will be processed on its own platform.
GPS couldn’t be reached for comment by press time, but the company has achieved significant growth since launching in 2007. Last year it received Pay Awards for Fraud Fighter and Change Agent of the Year and it has offices in in the U.K., Dubai, Gibraltar, Poland and India.
In the February issue of GPS’s newsletter, Paul Swinton, co-founder and CEO of Payment Card Solutions (PCS), a U.K.-based prepaid program manager, praised GPS for understanding the market and providing speed to market for new products, which he described as “a fresh-faced revolution.” PCS, which has been working with GPS for more than three years, issues thousands of cards throughout Europe monthly and has approximately 30 products with more than 700 corporate clients using GPS.
“Fintech is the new term for what we have been doing for years, but the one thing we have learned along the way is the importance of selecting the right partners to help build your business,” Swinton said. “In 2017/18, we plan to enter new geographic regions, and we are confident that GPS will be a mainstay in this journey.”
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