The Money Service Lab (www.themsl.com) announced today the launch of its brand new issuing processing platform targeted at banks, credit card issuers and electronic money institutions in Europe and shortly globally, offering partners a vast array of new functionality from one of Europe’s fastest growing fintechs.
Conor Doyle, co-founder and CEO of MSL said ‘We’re delighted to be able to announce the launch of our new state of the art issuing processor platform which comes on the back of significant development and experience both as an issuer, acquirer and processor globally. The Money Service Lab was formed over 2 years ago on the back of our team’s vast experience of building and operating platforms, including switches for some of the largest global issuing and acquiring processors.’
Conor Doyle went on to say ‘This first launch in Europe will be followed by other announcements shortly as we continue to certify the platform in the various different regions globally. We will shortly be announcing further certifications in other regions with Latin America, Caribbean and South America our next scheduled release. As we continue to build towards global certification we are in the process of signing and executing deals with banks, issuers and programme managers who trust us to deliver these leading-edge solutions, including Multi Currency (many currencies linked to one card or account) with our cloud native platform’.
Mike Muscato, Head of Technology and a co-founder of MSL added ‘ The key differentiator with The Money Service Lab platform is not just the architecture and cloud-native heritage, it’s also our experience of servicing major banks and processors both in North America and elsewhere. We went back to the drawing board and analysed what our customers were looking for and what was missing in the market and over the past two and bit years set about designing, developing and deploying the system. With our cloud-based solution we can create multi-instances and multi-tenant versions of the platform almost instantaneously in any region, for multiple clients. What this means for clients is the ability to set up and get live quickly with product offerings to consumers and businesses but allied to the almost infinite scalability in terms of pure processing power. Some of our deployments today in major processors and banks run at truly astounding rates, we regularly see instances of our switch and platform running at over 9,000 transactions per second. If you compare that to say the processors who tend to operate in prepaid, for example, MSL is capable of running over 4000 times more transactions simultaneously.
Mr Emilio Gutierrez Garcia, also a co-founder and Head of Partnerships for the MSL Group commented ‘Whilst the initial clients and launches are European focused, you will see MSL launch in a number of countries with numerous clients throughout 2024 and onwards. We are in the fortunate position of having been at the forefront of delivering solutions in our previous companies for large clients and fintechs and many partners have reached out to work with us on our new journey.
Our target market is very clearly defined and our business model is flexible which allows our clients to choose from different options, where we can either host and manage all the platform and tasks as a managed service, or we can also enable our clients to carry out many of the tasks of the processor themselves, or, thirdly, we licence the technology to the client to enable them to be the processor in their own right under their own name’.