This is something we are working on, yes
I don’t care much whether the card is visa or mastercard, but I’m happy to see Dozens putting time into the core infrastructure. There’s several competitors out there that have built a lot of “new” features, but still can’t get the basics right, which makes them attractive to some as a side account but not really attractive as a primary bank.
Hopefully Dozens will build some solid foundations on which to build future products, after they’ve got the boring bits right first
Can I get an answer to my question?
We will go into lots more detail regarding the practical implications and changes when the time comes. I’m afraid that there are many steps involved so I don’t want to confuse matters by pre-empting all of these now when things are not necessarily in place.
If it was about the card format & design, in the first instance the cards will be more or less as per today’s card but with some updated branding.
This is just the start of the process and the announcement of the partnership. There is still a lot of work to be done to put it all in place.
I mean in regarding future developments that you expect the partnership with Visa to bring
I shall make a point to #AskAC in our next interview
This came up on my news feed.
Huh, actually @robert does this mean we’ll be getting Visa exchange rates once the new cards come into the picture?
They’re a little worse than MasterCard’s.
Apologies for the delay - I’m getting some information for you on this that will explain in more detail, but as it is all new, I don’t yet have all the information
Appreciated. It’s little things but it means a lot to the community that you’re willing to discuss these topics.
Can you say if Dozens has long term plans to move away from using GPS to process it’s card payments(I assume you do!) and ideally move this in-house?
GPS is used my several popular fintech firms as a supplier but that means when they go down (all too frequently) that means all these firms suffer acceptance issues with their cards.
Some companies like Revolut and Monzo are/have already moving this in-house to avoid these issues.
To be rather blunt: GPS sucks a sea cucumber.
Every five seconds they have an outage and take every card in my wallet out of action, besides my AmEx.
Revolut are moving away to RevP, Monzo to their own processor by a name I don’t know, no brick & mortar bank use GPS.
It’s not even just Sunday at midnight to 6AM like it normally is with something like Barclays - it was literally a Saturday night.
We know what Saturday nights are for, right? The boys. My card needs to work when I’m with the boys.
It annoys me when Barclays do it when they do, but it’s even annoying when all the FinTech’s go down, sort of defeats the whole ‘changing banking’ idea. Carry another card they say, so basically they want you to have a high street account, that is more reliable, to encourage you to switch. Sort of defeats what they want.
Dozens don’t seem silly, so hopefully they will see the importance of having there own card processing in house, but we have to remember, they are very new and not even a bank yet.
To the first part, Possibly!
In time, we could make changes to this arrangement, as we have already done with other partners, including the switch to Visa.
One of the reasons we built the business and our orchestration layer the way we did was to ensure that we could select the best possible solutions available for our customers. When we started this was a great option for Dozens and integrated with our other partners, and of course we will take into account any issues that our customers experience, as you would expect.
However, as we grow we are always looking at what the best current solutions are, and therefore there may be options available to us that were not possible before.
To the second part, Not Yet!
Taking such a critical function in-house is a big step and we are not yet at the stage in our development where this makes sense, so I wouldn’t expect this in the foreseeable future. However, things can change very quickly! We are certainly building the business to be ready to scale.
May I quite sharply add that I don’t ever think GPS is the correct choice or worth integrating with - surely there is someone else who can process payments for you?
GPS go down every third second and take literally every card in my wallet down with them - it’d be nice to see someone else partnered with for once.
There most certainly are other providers. The question is whether they’ll sign a workable deal with you…
There are some massive providers, GPS is just the choice of FinTech because it’s new and cheap. I’ve always got the impression the new FinTechs choose GPS because it is a new FinTech.
Right now Dozens isn’t big enough for it to have the problems that the others do, but when it’s got 500k customers noticing at least monthly downtime, then it will see the problem.
Me too, more than happy to help test
@robert Are you able to share any updates on progress with this?
Not yet I’m afraid.
As you can imagine there are lots of things to get right in the backend systems, plus we want to get the app updates out that will ensure the features are all available.
For example, we wanted to ensure that Invest was live, rather than have to delay this to after the switch, so a lot of development effort was invested here.
This also includes some administrative / profile elements that will be important before re-issuing all customer cards.
Testing is already underway but there are a few stages to get through before we put the final “launch” schedule in place.
Thanks for keeping an eye on it though