Worldline plans to reduce its workforce by 8%

Thursday 8 February 2024 14:58 CET | News

France-base digital payments company Worldline has announced it would cut its global workforce by 8% as part of its cost reduction plan.


As initially announced in October 2023, Worldline said it would reduce its global headcount by around 8% as part of a cost reduction plan. Therefore, the company confirms that it has initiated social processes with the relevant employee representative bodies within the Worldline group. This is expected to deliver EUR 200 million run-rate cash costs savings from 2025.

Worldline has announced it would cut its global workforce by 8% as part of its cost reduction plan.

In October 2023, Worldline experienced a decline in its shares following the unexpected announcement of reduced full-year targets and the decision to sever connections with certain merchants to mitigate crime risks. This development triggered a broader downturn in the sector, exacerbated by decreased consumer spending and heightened regulatory oversight.

Previous developments from Worldline

In January 2024, TrueLayer and Worldline have partnered to integrate TrueLayer's suite of products and services, including instant payouts, deposits, and signup solutions, into Worldline's Payment Orchestration platform. This collaboration aims to provide enterprise merchants and traders with a comprehensive payment and onboarding solution through TrueLayer's Signup+ product. 

Worldline Payment Orchestration, a Software-as-a-Service (SaaS) platform, allows centralised management and optimisation of transaction flows, offering customers the ability to orchestrate a scalable payment strategy using a single API, powered by intelligent routing and reporting automation.

Enabling real-time transfers for Commerzbank

In the same month, Worldline and Commerzbank have strengthened their partnership to enable real-time transfers across Europe and instant payments in Swiss francs, in response to regulatory mandates from the Swiss National Bank.

This extension allows Commerzbank customers in several European countries to benefit from real-time transfers, while also preparing for upcoming Swiss instant payment regulations. Worldline's industry-leading solutions facilitate this expansion, providing Commerzbank with the necessary expertise to navigate the evolving payment landscape. Commerzbank emphasizes the importance of the Swiss market and values Worldline as a reliable partner in meeting the needs of their customers. Additionally, Worldline's network-independent solution, utilised as a SWIFT Service Bureau, supports Commerzbank's connectivity to the new SIC 5 system for Swiss Instant Payment Clearing.

Credit Agricole acquire 7% stake in Worldline

At the beginning of 2024, Credit Agricole Bank has acquired a 7% stake in Worldline, a move aimed at bolstering the partnership between the two companies following a significant drop in Worldline's shares in 2023. Worldline's shares surged by more than 5% following the announcement. The acquisition comes as part of Worldline's strategy to recover from the decline in share prices, with efforts to reassure shareholders and fend off potential hostile takeovers. 

Credit Agricole's investment is seen as a means to support Worldline's development as a prominent European payment services provider. Despite challenges such as a slowdown in the European economy and regulatory scrutiny, both companies remain committed to their joint venture aimed at tapping into France's substantial merchant sales market.

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Keywords: payments orchestration, merchants, fraud prevention, SaaS, payment processing
Categories: Payments & Commerce
Companies: Worldline
Countries: World
This article is part of category

Payments & Commerce


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