Once again fintech firms and challenger banks are hit with card payment issues
There have been another problematic 24 hours for fintech firms and challenger banks after being hit with a slew of card payments issues.
Multiple firms, including mobile-only challenger bank Monzo, payments start-up Revolut, smartphone banking firm Loot, U Account, Osper (which provides banking to children) and payments start-up Curve reported issues.
This is understood to be another issue with their Global Processing Services (GPS). Reported yesterday (4 October) at around 9.00am Monzo, alongside other firms, confirmed via Twitter. From there on, the firms kept customers informed via Twitter updates.
An hour later, Monzo reported that the issue had been resolved. This was short lived as users reporting further payment issues in the morning of today (5 October).
For Monzo it’s another reason for its pursuit towards the launch of its current account later this year. It will not use a third party card processor and instead transactions will be handled using its own technology.