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Visa Extends Partnership With Payments Issuer Interface Firm Global Processing Service

Visa has contributed to a Global Processing Service (GPS) funding round as part of its partnership with that payments issuer interface company, IoT World Today reported.

Dunedin, a private equity firm, also contributed to the round to fund GPS’s overseas growth, according to the report. There have already been efforts by London-based GPS in Europe and Southeast Asia. GPS is headquartered in London and has clients like Revolut and Starling.

GPS’s payments technology is used to process transactions from over 40 banks, by way of both Mastercard and Visa, the report stated. Brands use the service to embed payments and transactions data into FinTech products, including digital banking apps, digital wallets and personalized finance deals.

The GPS product is an application programming interface (API), which is used to put together several blocks of code or multi-device software programs, according to the report.

With the move into overseas markets, the company has seen new support from a U.K. government global FinTech outreach project and the Singaporean Economic Development Board, the report stated. The company’s Asia Pacific partnerships include WeLab Bank and Australia’s Xinja.

“GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry,” said Kevin Jacques, vice president of Visa Ventures, the corporate’s strategic innovation unit, in the report.

In other news, Darren Parslow, global head of Visa Business Solutions, said this week that there’s been a trend of “consumerization” in business finance. The pandemic has been a force toward digitization, with CFOs and treasurers realizing that they need the newfound ease and convenience of the digital world.

Read more: Visa’s New Head of Global Business Solutions Sees A ‘Network of Networks’ Strategy for B2B Payments

Parslow said payables and receivables aren’t separate jobs. Rather, they’re now integrated and can offer better flexibility for mutual payments.

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