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Breaking new ground in regulation and compliance to deliver first of its kind travel money innovation
GPS helped Currensea revolutionise the established model of travel money products by becoming the UK’s very first CBPII - Card based payment instrument issuer.
About Currensea
Currensea, is the UK’s first free travel money card linked directly to bank accounts. The card works by acting as an extension of an individual’s existing bank, allowing them to spend directly from their account, eliminating the need to open a new one.
Challenge
In order to achieve its goal, Currensea needed to deliver the first solution to market that met the European Commission’s vision of debit cards being separated from the underlying payment account. Currensea, in close collaboration with GPS, needed to break new ground in the Fintech industry by becoming authorised by the FCA as the UK’s first CBPII - Card based payment instrument issuer.
Solution
Together, Currensea and GPS dedicated over 18 months to both the regulatory framework and direct Open Banking integrations. ‘GPS played a crucial role in these partnerships’, explained Lynn. ‘They helped establish the art of the possible and translated that into a viable processing and transactional solution.'
“Neither Mastercard nor Visa have any other issuers with similar propositions worldwide”
James Lynn, CEO, Currensea
In collaboration with GPS, Currensea has delivered a genuinely ground-breaking programme through direct integration with the Open Banking framework and all major high-street banks
Consumers can now enjoy lower transaction fees and improved user experience with the game-changing convenience of paying using their trusted debit card and current account.