TransactPay, a provider of UK & European BIN sponsorship and modular payment, debit, credit and prepaid services, has partnered with Griffin, the UK’s bank for fintechs and platforms.
This partnership strengthens TransactPay’s banking infrastructure and enhances its “product offering for card programs in the UK.”
Building on collaborations co-servicing businesses “including Yonder and one of the world’s biggest global consumer technology brands (to be announced later this year), this partnership allows TransactPay to leverage Griffin’s infrastructure for safeguarding, operational accounts, payments and savings.”
TransactPay can now streamline its operations “with dedicated safeguarding accounts for e-money programs, operational accounts for working capital and card scheme obligations, and easy access savings accounts to offer alongside its card products.”
Griffin’s infrastructure will also “support faster payments and book transfers with FSCS protection on customer accounts of up to £85,000 per eligible depositor.”
Aaron Carpenter, CEO at TransactPay said:
“All of our touchpoints with Griffin over the last couple of years have been great—pragmatic, flexible, and focused on getting the best outcome for the customer. We’re delighted to be making our relationship official and look forward to working with them on some exciting new projects.”
David Jarvis, CEO and co-founder at Griffin added:
“We’ve worked with TransactPay on multiple projects that have allowed both teams to see the power of combining their card issuing expertise with our banking infrastructure. We’re excited to now formalise this partnership and provide the banking support that will enable TransactPay to compete more effectively and deliver even more value to their card program partners in the UK and beyond.”
As noted in the update, Griffin puts the bank in Banking as a Service.
They combine the secure, “regulated infrastructure of a bank with the speed and power of modern software into one powerful full-stack BaaS platform.”
They aim to empower companies “to embed banking into their products quickly and safely.”
With purpose-built APIs and an all-access developer sandbox, they’re helping customers “build and launch payment platforms, financial wellness apps, client account products, business loans, and more.”
Griffin is regulated by the PRA and the FCA.
TransactPay provides “BIN Sponsorship, E-Money Licensing and Virtual Account services throughout the UK and EEA.”
They are licensed and “regulated by the Gibraltar Financial Services Commission and the Malta Financial Services Authority as e-money institutions and are a Principal Member of Mastercard and VISA.”
