On Friday, 26th June 2020, the UK Financial Conduct Authority (FCA) imposed a temporary suspension on the activities of Wirecard Card Solutions Limited (WDCS).
This included the processing of all card payments and agency banking services for millions of account and cardholders. GPS received instruction from WDCS to suspend all loading and spending across all WDCS-sponsored card accounts with immediate effect. The restrictions were lifted as of 00:01 BST on Tuesday, 30th June 2020 and card/account services have since been restored.
In total, GPS processes for more than 70% of WDCS’ customer portfolio across Europe - hundreds of products across numerous programmes that use the services of WDCS, either in full, or as settlement-only with their own e-money licence. Some extend to the use of GPS Agency Banking functionality. These customers provide a range of consumer, corporate, governmental and B2B propositions which together make up a vibrant ecosystem of solutions, including banking alternatives, travel, gift, loyalty, payroll and disbursement.
In navigating the challenges posed by the FCA’s temporary restrictions, GPS supported our customers in a number of ways. For instance, we helped Curve migrate its card and e-money issuing to its principal membership and continue to power its processing, setting a record for our fastest-ever issuer migration and further strengthening our relationship with the brand. This is testament to GPS and the wider fintech industry’s incredible agility to pivot at speed, even when faced with the most seemingly insurmountable of roadblocks.
While GPS is the issuer processor for the majority of WDCS’ programmes, this represents just one of 68 BIN sponsors and issuers globally, and less than 6% of our processing volume. We have grown 10x over the past two years, onboarding fintechs, digital banks and e-wallet providers around the world, alongside Visa and Mastercard and with institutional backing. Therefore, GPS is strongly positioned to continue to lead fintech into this next chapter with our APEX platform that sets the technology benchmark for the industry from a financially secure position, led by our expert team.
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