Global Processing Services teams up with FinTech Lanistar
By Megha Bhattacharya
Payments issuer processor, Global Processing Services (GPS) today announced that it has partnered with FinTech challenger Lanistar in a bid to support the launch of latter’s alternative banking product this year.
Recently, Global Processing Services secured a strategic investment from Visa. The new funding is expected to speed up the company’s global expansion and follows its success in launching new FinTechs and digital banks in Europe and South-East Asia. GPS aims to enable brands to offer hyper-personalised user experiences and supports FinTechs, digital banks and e-wallet providers in their path from the agility of a proof-of-concept to a fully scaled global offering.
Gurhan Kiziloz, Chief Executive Officer of Lanistar, commented, “Lanistar is here to disrupt the banking industry entirely, and we need to work with the best partners to make that happen. By working with GPS, we will be able to manage and process our cardholders’ transactions seamlessly and provide the slick customer experience that traditional banks are lacking.”
According to the companies, the collaboration will see the FinTech utilising GPS‘ Apex issuer processing platform along with APIs and real-time data feeds for managing account holder balances, transactions, data and developments in security and fraud protection. Lanistar will also be enabled to manage its partner network and boost its proposition through PSD2 Open Banking.
Lanistar aims to offer a customer-centric alternative to the personal finance offerings and enable users to consolidate eight bank cards into one.
Lanistar teamed up with W2, a provider of real-time digital solutions for global regulatory compliance, today. The collaboration will allow W2 to boost the FinTech’s new banking alternative. Lanistar aims to use polymorphic technology to offer a customer-focused alternative to traditional banking services in Winter 2020.
Neil Harris, Group Chief Commercial Officer of GPS, added, “As The PayTech PioneerTM, GPS prides itself on working with some of the most innovative fintechs in the ecosystem, and Lanistar is no exception. Their use of cutting-edge technology, particularly polymorphic technology, as well as their innovative engagement on social media, are clear differentiators that sets them apart from other fintechs in the market, all whilst seeking to disrupt the status quo and shaking the banking stalwarts from their slumber. Lanistar are a truly engaged and exciting fintech to work with, and we very much look forward to supporting their journey as they look to establish themselves as the go-to banking alternative product of choice for millennials and Gen-Z.”
IBSi Daily News Analysis
November 30, 2023
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