Contis Group, which provides online banking and prepaid card technologies and services to major global banking and retail brands, has acquired card issuer GTP Financial Services Ltd for an undisclosed sum.

The purchase of GTP Financial Services - with a full E-Money licence, pass-ported through all 28 European Union member states - turbo charges the group’s standing to one of a handful of true end-to-end service providers in the prepaid card industry.

With a portfolio also comprising Contis Card Solutions, Contis Collections, Contis Technologies India and GTP Solutions, Contis General Manager and Director, Mike Fromant says the group will further develop its strengths and capabilities as a full supplier of Visa prepaid card solutions across the UK and EU.

Fromant, who has amassed almost four decades of experience in the banking and consumer finance industry said: “This milestone positions us as a major player in what is becoming a complex and often poorly serviced sector. We see great opportunities in developing innovative prepaid solutions which can be linked to our internet banking solutions, as well as to our advanced payment platforms.”

Contis has tapped in to the increasing global demand for sophisticated payment solutions supported by leading-edge, easy-to-implement technology. The company has established its own high-tech specialist development centre in India from where it creates cost-effective bespoke solutions for clients and partners.

Fromant added: “There is a voracious demand from programme managers throughout the UK and Europe for a dynamic partner who can retain total in-house control, demonstrate a full set of capabilities and can be relied on for timely and professional delivery of schemes. Our expertise and hard work ensures we are ready to step up to the plate and maximise this opportunity to underpin our position as a major player in the payment technologies market.”

The group's cutting-edge technology is commissioned by leading banks, retailers and financial services giants. The company is a prime mover in the prepaid, gift and account card sectors and prides itself on having a retail attitude to its clients needs with associated time frames.