Fintech Lanistar has turned to payments issuer processor Global Processing Services (GPS) to roll out its alternative banking product later this year.
Under the agreement, Lanistar will leverage GPS’ Apex issuer processing platform with APIs. The fintech will also utilise GPS’ real-time data feeds in order to manage account holder balances, transactions, and innovations to address security concerns.
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GPS group chief commercial officer Neil Harris said: “As The PayTech PioneerTM, GPS prides itself on working with some of the most innovative fintechs in the ecosystem, and Lanistar is no exception.
“Their use of cutting-edge technology, particularly polymorphic technology, as well as their innovative engagement on social media, are clear differentiators that sets them apart from other fintechs in the market, all whilst seeking to disrupt the status quo and shaking the banking stalwarts from their slumber.”
The tie-up also enables the fintech to manage its partner network and enhance its offering with the help of PSD2 Open Banking.
Lanistar, focused on millennial and Gen-Z users, targets a 1bn valuation over the next few years. It will allow users to combine eight bank cards into one.
Lanistar CEO Gurhan Kiziloz said: “By working with GPS, we will be able to manage and process our cardholders’ transactions seamlessly and provide the slick customer experience that traditional banks are lacking.”
GPS is certified by Mastercard as well as Visa to process any credit, debit or pre-paid card transactions across the world.
The firm works with 40 issuing banks worldwide, operating programmes for over 100 clients, according to a statement on its website.
Last month, GPS received a strategic investment from Visa. The infusion will be used to ramp up the processor’s global expansion.
