ING phases out Payvision

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Payvision is winding down its operations

On the 28th of October 2021, ING has announced that its subsidiary Payvision will start phasing out its services as a payment service provider (PSP) and acquirer.

After long and thorough analysis of different options, our shareholder ING has decided to close the company.

As a result, it has been decided on a gradual termination of all Payvision activities by Q2 2022. Payvision notified all clients and will keep them informed on the service termination schedule. While thanking all our clients for their confidence and loyalty, we will continue to fulfill our contractual obligations until the termination of services.

For more information, please check the announcement on the ING website https://www.ing.com/Newsroom/News/ING-phases-out-Payvision.htm

If you have any questions, please check our FAQs or get in touch by email at questions@payvision.com.

ING phases out Payvision

28 October 2021

ING announced today 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.

Source: https://www.ing.com/Newsroom/News/ING-phases-out-Payvision.htm