To reduce operating expenses, ING outsources card issuance procedures.
In Benelux and Germany, card issuance will be handled by Wordline.
Dutch international bank ING Bank N.V. has announced a new multi-year deal with payment services company Worldline for the processing and issuance of credit and debit cards.
ING will receive debit and credit cards from Worldline
According to Monday’s press release, Wordline will focus on supporting ING’s publishing business in the Benelux and Germany. ING decided to outsource this process to reduce costs and increase efficiency while benefiting from Worldline’s know-how and technology.
“For more than 30 years, ING and Worldline have collaborated in a number of nations. By outsourcing card issuance services to us, ING can focus on creating value for its customers by reinventing the digital journey,” said Worldline’s Chief Business Officer and Deputy Head of Financial Services. Alessandro Baroni, the Principal, said: In different markets, ING uses different payment companies for card issuance. In Belgium, Germany, and the Netherlands, the international bank has chosen to trust Worldline to provide its clients with access to an expanded list of spending solutions that are fully compliant with regional and global regulations.
Big news!— Worldline Financial Services (@WorldlineFS) January 30, 2023
We're thrilled to announce our multi-year partnership with @ING_news.
As their trusted partner, we'll be handling debit and credit card issuing and processing for ING across multiple countries.https://t.co/nif901FBaI pic.twitter.com/3vO11JQzy6
“This deal underscores Worldline’s unique position to help banks with their outsourcing strategies, not just in the Netherlands, but across Europe and beyond,” added Baroni.
According to its latest financial report for the third quarter of 2022, Worldline posted organic growth of 10% year-on-year in the three months to September 2022, with revenue of €1,158 million. Merchant Services recorded the strongest revenue growth at €828 million, compared with his €729 million in the same period last year.
This result is in line with the first half of 2022, when Worldline’s sales reached €2.02 billion, up 12.6% year-on-year.
“Worldline was thrilled with its 12.6% first-half organic growth rate, which was quite impressive. This achievement is exceptional, demonstrating the steady expansion of our acquisition volume, our steady delivery of merchant numbers, and our highly dynamic growth in our merchant services with some new major merchant wins and partnerships. It’s been done thanks to you.”
In the first half of this year, the payments giant achieved several milestones, including completing the acquisition of Axepta Italy. Then, in July, the company announced that he would acquire his Banco Desio merchant acquisition activity in Italy for $100 million.
The Euronext Paris-listed company is down 25% at the end of 2022 but is up 12% year-to-date. Worldline’s shares traded near €41, rebounding from its six-year low tested in early January.