Tuxedo Money Solutions, the UK-based international payments technology firm, and Global Processing Services FZ LLC (GPS), the Dubai-based payment processor, have agreed to work to together to deliver a series of global payment programmes.
GPS is supporting Tuxedo's expansion in Australia. Initially delivering the payments processing for the STA ISIC Cashcard, GPS are actively supporting the development of further Tuxedo programmes across a variety of sectors. Both have also identified the significant opportunities in the Middle East for innovative payments products, with their first programme launching in Q2 2015. Traditionally Dubai and the wider UAE has been an area for cash payments. However, with greater adoption of card and electronic payments there is a need for prepaid and alternative banking products to serve the changing dynamics of the region's workers. This partnership brings together Tuxedo's award winning eccount® payments platform and GPS's expertise in the UAE built up since its launch in 2007.
Tuxedo was founded in the UK in 2006 and launched its first prepaid product in 2007. Having attained a leadership position in the UK, providing white labelled and bespoke payment solutions to millions of consumers and over 400 businesses, Tuxedo is expanding internationally. This aggressive expansion has seen it launch payment programmes in Europe and Australia during the last 12 months with plans to launch further programmes in Dubai and the US in the coming months. This latest announcement is a further signal of the company's global growth strategy and in supported by Tuxedo being named a 2015 Paybefore Awards winner in the Best Travel Companion category.
GPS is an accredited processor, focusing principally on the prepaid space. GPS was established by the founders of successful programme management company, Flex-e-Vouchers (FEV), who identified weaknesses in prepaid processor capability. The platform was built from the ground up and is tailored to prepaid card functionality, utilising the multi-year experience gained from operating a high-volume programme management business. GPS is accredited to process globally and currently operate in Europe, Middle East, Australasia and the USA.
John Sharman, chief executive of Tuxedo Money Solutions said, "Tuxedo has a stated focus on rapid international expansion for our payments technology platform to take advantage of the predicted £1.1 trillion global payments market. By working with GPS we are able to bring our technology to the expanding UAE market and support our existing expansion in Europe, Australasia and the US."
Neil Weeks, chief commercial officer at GPS added, "GPS continues to expand our global reach with Tuxedo Money Solutions. I am delighted to have John and his team operating on the platform and we look forward to launching many more exciting programmes together. Tuxedo have a great reputation in this industry and their choice to partner with GPS reflects our position as a leading Prepaid Processor"