Key Sentence:
- Poster kids from the UK and European fintech industries are more customer-oriented – such as Revolut, Monzo, and Starling Bank, to name just three examples.
For perhaps obvious reasons, the fintech technologies UK Fintech used in the back office are reluctant to enjoy the same high profile as their consumer-centric competitors. However, they do play an essential role in enabling, and in some cases stimulating, innovations that financial services customers take for granted.
At least that’s the opinion of Joan Dewar, CEO of Global Processing Services – also known as GPS. A company that provides card payment processing to a large number of rival banks and finance companies. The company, founded in 2007, has the task of managing debit, credit. UK Fintech And prepaid card transactions on behalf of its customers in the fintech universe.
A fundamental function which, of course, but not necessarily, we associate with the avant-garde of fintech innovation.
As Dewar sees, fintech is booming in the UK by lucky coincidence. Regulatory authorities promote innovation. There are experienced fountains, most of which are focused on the City of London. “There is also an activist ecosystem that caters to the fintech industry,” Dewar added.
How does the activation look like?
The reinvention of the bicycle (or not)
Fintechs are at the forefront of developing customer-centric services. But they don’t always have the time, inclination, experience, or resources to reinvent the wheel from scratch. For example, this allows fintechs to work with established banks (rather than getting their banking license) for regulatory approval.
Or – as in this case – hire a payment processor to process card transactions. Dewar says building card processing capabilities are not something fintech wants to do alone. “It’s no different, but you need it to work. So we did the heavy lifting,” he said.