MUNICH, Germany and NEWCASTLE, England, November 8, 2016 /PRNewswire/ --
Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is now dealing with GPS (Global Processing Services) and Bottomline Technologies to support "U" - a digital agency banking solution designed by UK Programme Manager FFF Ltd. The U Account offers its users improved current account functionality but without the hassle and cost of using a bank. Its focus on personalisation, easy digital access and transparent pricing for bolt-on account services are unique in the UK market.
With this, Wirecard Card Solutions (WDCS), the leading prepaid card provider in Europe, is introducing agency-banking services in the UK via existing banking relationships. The U account is WDCS's and GPS's first foray into agency banking whereby cardholders can make use of additional payment functionality including Direct Debit, Faster Payments and Bacs Credits along with standard prepaid account features.
The U Account targets people, who feel underserved and overcharged by the banks with a new type of highly personalisable prepaid current account that lets people budget better, pay their bills on time and avoid unnecessary bank charges. This includes an integrated solution to the Faster Payments Service and Direct Debits.
Tom Jennings, Managing Director at Wirecard Card Solutions, said: "The FinTech sector in UK is evolving rapidly as new products and services are being unveiled and the number of start-ups entering the payments industry grows. This type of innovative and market-leading collaboration not only develops the products and services that Wirecard can offer but also supports FinTechs in disrupting the financial services sector."
Alex Letts, Founder of U, adds "A scientific segmentation strategy underpins the U Account, driven by a model that aims to be 100% transparent. Bundled pricing options and a single user interface to extra accounts, combined with an easy money manager to help budgeting, make the U Account and its programme unique."
"We are extremely pleased with the partnership we have built with Wirecard and Bottomline to introduce such an innovative product to the market", said Suresh Vaghjiani, Managing Director (EMEA) at GPS. "The U Account demonstrates our platform's capabilities allowing account holders to manage multiple Bacs enabled accounts each with their own unique account number, unlike other solutions in the market that use virtual accounts or virtual IBANS."
WDCS, a UK-based company is authorised and regulated by the Financial Conduct Authority (FCA) and operates under its Electronic Money license with permissions to issue cards throughout the SEPA region. As network owner of ICA and BIN range and principle member of MasterCard and Visa, WDCS has passporting permissions into all 27 European countries.
Built from the ground up, the GPS processing platform offers reliability and flexibility to support the Agency Banking solution. GPS integrated with market-leading payments provider Bottomline Technologies to incorporate a new set of payment rails and enhance the prepaid card proposition.
About Wirecard AG:
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on twitter @wirecard.
About Wirecard Card Solutions:
Wirecard Card Solutions Ltd (WDCS), a subsidiary of Wirecard AG, is a multi-award winning issuer of prepaid cards and products in Europe. WDCS is an FCA regulated Electronic Money institution specialising in BIN Sponsorship and is a principal member of both MasterCard International and Visa Europe. WDCS issues plastic and digital prepaid products for many of the biggest and most innovative programmes in the European marketplace. http://www.wirecard-cardsolutions.co.uk
GPS is the market leading processor for both prepaid and emerging payments, providing services to some of the most innovative Fintech companies in the industry. Certified with both MasterCard and Visa, GPS can offer a global solution.
About FFF Ltd:
U is the brand name for the new U account provided by FFF Ltd. For information please contact Alex Letts on +44(0)7801-49-6464 or email@example.com
About Bottomline Technologies:
Bottomline Technologies (NASDAQ: EPAY) helps businesses pay and get paid. We make complex business payments simple, secure and seamless. Businesses and banks rely on Bottomline for domestic and international payments, effective cash management tools, automated workflows for payment processing and bill review and state of the art fraud detection, behavioural analytics and regulatory compliance. Headquartered in Portsmouth, New Hampshire, we delight our customers through offices across the United States, Europe, and Asia-Pacific. Businesses around the world depend on Bottomline solutions to help them make complex business payments simple, secure and seamless. For more information, visit http://www.bottomline.com .
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Wirecard Card Solutions Limited
SOURCE Wirecard AG