Global Processing Services, a next generation global payments platform, has today rebranded as “Thredd,” to reflect the company’s pivotal role in weaving together the different ‘threads’ of the global payments ecosystem to fuel the growth of electronic payments.
We asked Jim McCarthy, Executive Vice President, Global Head of Products and Sales at Thredd, to provide his view on the future of global payments and where Thredd will be investing in the short-term.
We see enormous opportunities for disruption across the entire payments ecosystem and intend to focus our technology investment dollars in strengthening our trusted core next-gen platform, whilst simultaneously deepening and diversifying our services to support future-focused consumer and corporate products, specifically virtual cards, tokens, digital wallets, and embedded finance solutions, for example, Banking-as-a-Sevice (BaaS), which is expected to reach US$7 trillion in value by 2030 according to a 2022 survey by Finastra.
Thredd has powered embedded finance (EmFi) for years, working closely with the likes of BaaS provider Treezor, a subsidiary of Société Générale group, through Thredd’s relationship with Mastercard. Treezor is Mastercard’s preferred BaaS provider in France and continues to experience extraordinary growth with over 100 corporate customers, over €58 billion transactions processed across 25 European countries.
There is no doubt in my mind that the payments landscape will be unrecognisable by 2030. In a post-pandemic world, consumers and businesses worldwide have embraced the convenience of apps and wallets and are demanding more ways to pay and move their money, with speed and ease at the top of their wish list.”
The days of the classic ‘four-party’ model have begun to blur. The winners of the future will be those who provide a broad set of best-in-class payments capabilities that are reliable, configurable, and scalable. Thredd’s next-gen technology makes it easy for any innovator seeking a payment processing solution to launch and scale quickly, freeing them up to focus on building products for their customers.”
Click here to read the press release announcing the re-brand of GPS to Thredd.
Click here to learn more about how and why the name Thredd was chosen.
