PPS, formerly PrePay Solutions, and subsidiary of Edenred has been approved to become an issuer and processor of Visa.
Through the partnership, PPS will be able to offer its customers, including fintech providers and challenger banks, full access to Visa’s products, including issuing Visa branded cards.
Incorporating Visa’s product range into PPS’ payment platform further enhances its ability to power fintechs and in general, financial institutions who are seeking to partner with Visa. Following the certification, PPS’ innovative processing platform will facilitate issuer and programme manager integrations with Visa across Europe.
Ray Brash, CEO and Chairman of PPS, commented: “The digital payments market is growing exponentially, and Visa is investing heavily in the fintech sector. PPS is already a leader in providing a full Bank out of a Box service with Issuing, Card and Bank Processing and Core Banking Services all from one provider both in the UK and in the EU.
“That’s why we’re delighted to start our collaboration which will offer more choice to the market and look forward to becoming a fully certified Visa issuer and processor in the coming months.”
The news comes just after PPS’ rebrand, marking the company’s shift from supporting not just prepaid solutions but also to working with the broader fintech market.
The firm aimed at increasing payment efficiency in work payments announced its rebrand as PPS following a previous five years having grown in the market in the fintech service market, including banking, virtual cards, debit, credit and prepaid processing.
At the time of the rebrand, Brash added: “For almost 20 years, we have been the leading digital experts in prepaid solutions, and we’re thrilled PPS’ journey started out this way. But, in recent years we have grown our expertise and product offering significantly which has opened up a whole world of options to help power fintechs too.
“We are proud that we have been able to adapt to the changes happening in the global financial services space. That’s why we have decided to update our brand to reflect our current – and future – roster of clients that include a whole array of specialisms. It’s a great feeling internally to be able to refresh our image as we are achieving significant business milestones.”
Expert Analysis: Becoming an issuer and processor of Visa is key to the continued progress of PPS, a firm that has enjoyed much success, specifically since its rebranding.