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being o ered. For this reason, the “no” might come from the issuing bank rather than us.
Paybefore: Why is customiza- tion so important?
Suresh Vaghjiani:
GPS recognizes that prepaid programs focusing on di erent sectors or demo-
graphic groups, or operated with multiple partners, will have di erent needs. The exibility to meet these needs is delivered via a structured platform that provides for multilevel, parameter-based con guration and control over all elements of the program construct, including load sources; spend transaction types; value, velocity and volume limits; fees; transaction padding by mer- chant category code and for FX; and selective authorization. This hierar- chy and the multilevel control enable programs for reporting and nancial control to be organized e ciently. The GPS platform gives program managers total control at program level, personalized group level and even individual card level. We are integrated globally with more than 20 issuing banks; if we were a one-size- ts-all solution, this simply would not be possible.
Paybefore: In prepaid there are generally two groups—really huge processors that serve all kinds of markets in addition to prepaid and there are niche processors that started in prepaid and then built out. Where does GPS t on the
spectrum and how do you compete with processors of either type?
Tony Kerr:
We see processors as belonging to one of three groups: those that have legacy systems
dating back many years; those that have grown through acquisi- tion of technology that requires the patching of di erent solutions together; and the third group, which includes those that have built a proprietary platform from the ground-up, in-house. We be- long to the third group.
GPS has contractual agreements with more than 70 program man- agers globally in prepaid, with each of them launching multiple pro- grams. We now also process multiple debit programs and have been o ering credit processing for more than a year, having initially provided credit processing services to a European bank’s high-net- worth clients. We are considered one of the largest processors in the prepaid space and a serious contender for credit and debit.
Our competitive strengths are similar across all product sets: industry-leading stability and uptime, coupled with a platform that we view as the most exible and con gurable in the market.
Paybefore: GPS grew rapidly in its rst two years. What’s your growth trajectory like now? Where are you gaining the most traction?
TK: Europe is still our largest market, but in recent months we’ve formed partnerships with multiple banks in Africa and added more in the Middle East and Asia-Paci c.
We see the U.S. really taking o in 2016 as more clients are signed and our reputation grows in the country. At Money20/20 in Las Vegas in late 2015, we found that we had a huge increase in meetings compared with previous confer- ences as more program managers and issuing banks had heard of GPS by way of recommendations.
Without giving too much away regarding our nancials, we are exceeding 100 percent per annum growth in revenue and settlement volume, which has been the case for some time. We expect this to continue, given the success of
our existing clients, our pipeline of implementations and the con- tinued success of our sales team in the eld.
Paybefore: What’s the reception been like in the U.S.?
NW: The U.S. market is competitive and is operated with a close rela- tionship between the banks and the traditional existing processors. Although these arrangements initially were challenging for us, we have found that any issuing bank that has seen a demonstration of our processing platform has quickly become a GPS advocate. We have had a great response in the U.S. and already are integrated with four U.S. issuing banks. We also have a num- ber of U.S. clients that are live with
volume 9 • spring 2016
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