Global Processing Services works with a number of partners to help us provide the best possible services for our clients. Each month we’ll be introducing a different partner, so today we’re looking at the payments solutions provider CashFlows!
What does your organisation offer?
CashFlows is a fintech provider of omni-channel payment solutions; our leading-edge technology and payments expertise allow European businesses to accept card payments from all major card schemes, as well as alternative payment methods. We are licensed and regulated by the FCA as an e-money institution, and are principal members of Visa, Mastercard and all other major international card schemes. Through our BIN Sponsorship services we deliver speed-to-market for many of Europe’s most exciting card issuing programmes, with acceptance at more than 38,500 ATMs across the region. We are owned by Pollen Street Capital: a leading investor in European financial and business services.
What do you think are the main challenges the industry is facing today?
It is becoming increasingly difficult for the industry to meet and exceed the expectations of both programme owners and consumers whilst adhering to regulatory procedure and the limits of current technology.
Programme owners require the ability to quickly launch with innovative functionality tailored towards their consumers’ needs. They also need the ability to launch in multiple territories, and often a proposition is trialled in one location with a view to it being rolled out in others. Companies that are in ‘stealth mode’ who are looking to grow fast need to control their costs tightly, therefore they need experienced partners who can support and facilitate their growth.
Consumers now also expect a digital, real-time experience which leverages pioneering app functionality combined with a conventional card — the latter must differentiate itself whilst also representing the consumer. What was once ‘unique’ functionality five years ago is now commonplace; the sector moves fast and the industry needs to adapt and evolve accordingly.
How does your organisation help to address these?
Our BIN Sponsorship offering not only saves clients the complex, costly and time-consuming effort of becoming a direct scheme member, it also allows us to offer our expertise to customers on building their very own programme management solution, whilst also allowing them to quickly launch. This is strengthened by unlimited access to our support and strategic insight, and the utilisation of our deep-seated relationships and wealth of experience in the sector.
We future-proof our services by looking ahead to our clients’ roadmaps, and use these to assess and anticipate their needs and requirements. We stay abreast of new directives affecting our clients and ensure compliance with regulations at all times. We also adhere to a strict continuous improvement philosophy and strategise how we can ensure secure, world-class innovation and technology in the dynamic fintech payment landscape.
What do you see the future trends in your sector being in the next 5 years?
We anticipate that wearable tech will be adopted as a popular mainstream method of payment. With this in mind, payment security will continue to be at the forefront of the sector — think enhanced biometric authentication.
We also believe that consumers will increasingly become less loyal to incumbent providers; consumers are motivated to join new schemes through the benefits that they receive from a product and will look elsewhere for better providers. In this way, consumers are demanding a more personalised and adaptive digital wallet experience, such as the development of personalised and/or animated interfaces when making payments.
What areas do you see evolving that will have a major impact on your sector?
The advent of PSD2 and SCA will need to be balanced with the increasing freedom and growing ease that contactless and digital payments offer. There is also a growing emphasis on building programmes even quicker than previously required, and we are therefore developing ways in which we can enable our customers to achieve this. Spearheaded at scheme level, this will continue to become more refined and streamlined to keep up with expectations to launch products and get them live quickly and cost-effectively, regardless of size or rollout phase.
Why did you decide to work with GPS?
GPS are a key player in the industry, with a tried, tested and trusted processing platform. We are very pleased to be able to partner with them to align their experience with our own for the good of our mutual clients. We value their professional and innovative approach to partnerships and the sector in general and have enjoyed working with them on many projects.
Find out more about CashFlows here