Deliver a range of payment acceptance services including card acquiring and gateway services, payment equipment, alternative payment methods (APMs) and payment initiation services (PISP), which are borne out of the Open Banking innovations.
Also included are specialist payment consultancy services to help customers assess their end-to-end payment landscape.
Payment acceptance can be defined as the process by which providers of goods and services are paid by consumers. Typically those receiving payments are paid by an ‘acquirer’ who is a regulated entity who can settle funds from a range of payment types (such as Visa and MasterCard). This acquirer typically receives funds from the consumer’s card or account ‘issuer’. This transaction flow is governed by the relevant payment scheme rules and delivered by the relevant interbank processor.
The Agreement has a 3-year contract period with the option of a further 1 year extension.