It’s no secret that the fintech sector is booming with more companies scaling up and forming partnerships to boost the ultimate goal of a completely cashless society. The pandemic has only acted as a catalyst to this growth. Now, global tech company Vacuumlabs has announced a partnership with payment processing firm Global Processing Services (GPS).
With this collaboration, GPS – which is certified by Mastercard and Visa to process credit, debit, or prepaid card transactions globally – aims to “bring fintech innovation within reach of new market entrants and ensure it is more efficient for experienced players,” it said in the statement.
Commenting on this partnership, group head of fintech at Vacuumlabs Tom Clementson said bullishly that given how GPS is “among the most prestigious and well-established international cost options,” he is looking forward to a more digitised future in payments.
“We’re excited to have the chance to assist an industry-leader and proceed on our mutual mission of constructing an ecosystem that drives innovation and digital transformation amongst fintechs, digital banks, and e-wallet suppliers,” added Clementson.
Sharing a similar sentiment, Joanne Dewar, CEO at GPS, said: “Vacuumlabs have a confirmed historical past of working with main fintechs, so it’s a pure match to be partnering with them, particularly with our mixed pursuits in enabling modern options.
“Vacuumlabs is a trusted growth accomplice which is able to enable GPS to extend our current technical capabilities and additional advance our mission of enabling monetary empowerment for everybody.”
GPS is the firm responsible for ensuring payments are remitted in real-time when users pay via Revolut or Starling Bank. Put simply, it is the backbone behind the customer-facing fintechs which are providing payment services to users.
It assists fintechs, challenger banks, and e-wallet suppliers in the entire payments process. With GPS’ technology, startups such as Revolut and Starling do not require to develop payment processing from scratch therefore prioritising on escalating clients and creating services tailored to specific customer groups.
Indeed, this alliance might prove to be a win-win situation as Vacuumlabs has been supporting companies to accelerate growth in various areas. Alongside, carrying the torch for implementing Thought Machine in Asia, it was responsible for developing the 2030 Carbon Offset Calculator for Doconomy. Furthermore, boosting its aim to build more inclusivity, it also launched Daylight, the very first LGBT+ digital banking platform in the USA.
With partnerships like these, there’s no stopping financial tech companies to grow.