ING phases out Payvision

Friday 29 October 2021 14:06 CET | News

ING has announced that its subsidiary Payvision will start phasing out its services as a payment service provider (PSP) and acquirer.

After an evaluation of all options in the context of the rapidly evolving and increasingly competitive and capital-intensive ecommerce merchant market, ING has concluded that it is not feasible to achieve its ambitions with Payvision. The aim is to complete the phase-out process by the second quarter of 2022.

Payvision and ING will inform their clients of the consequences the decision will have for them, which in most cases will involve selecting a new service provider. Payvision and ING will support their clients in the transition to a new service provider. Until the termination of services, Payvision will continue to fulfil its contractual obligations to meet clients’ expectations.

Payvision employees have been informed of the decision and its consequences. The company will support the affected employees through the transition in line with its employer practice standards.

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Keywords: partnership, ING, ecommerce, card scheme
Categories: Banking & Fintech
Countries: World
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