ING to shut down its payment service Payvision
By MYBRANDBOOK
ING announced that its subsidiary Payvision will start phasing out its services as a payment service provider (PSP) and acquirer. After a thorough evaluation of all options in the context of the rapidly evolving and increasingly competitive and capital intensive e-commerce 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. In close consultation with the works council, Payvision will support the affected employees through the transition in line with its employer practice standards.
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