Revolut uses GPS for FX app launch in APAC
Revolut will be using Global Processing Services (GPS) for the launch of its multi-currency FX app in the APAC region.
Revolut will unleash its app, starting with New Zealand, Singapore and Japan. GPS announced the deal during the Lord Mayor of the City of London’s UK Business delegation, which is currently in Australia this week.
Revolut offers app-based banking and says it has one million customers across Europe. A Revolut account can be “set up in 30 seconds”, enabling users to send free money transfers in 26 currencies to banks around the globe; spend fee-free in 130 currencies with a contactless Revolut card; and exchange currencies at interbank rates in the app.
The move is a change in fortune for GPS because, as reported last year, Revolut revealed it was building its own in-house processor, following a string of outages caused by its current third party provider. This was GPS, which provides similar services to many fintech players and challenger banks, including Monzo, Starling, Fire, Pockit, U Account, Curve and Loot.
In February, Revolut followed this up by ditching Wirecard for card issuing and bringing this function in-house.
FinTech Futures contacted GPS to see where it stood with Revolut.
GPS responded quickly and a spokesperson says: “Payment processing as you know is very complex, and our GPS Apex platform will continue to support our client Revolut as we have done since 2015, until they are ready to bring their processing in-house.”
Revolut also replied quickly and confirmed the above… just in less words.
GPS says it has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies.