ING is to shut down Payvision, the controversial international card acquirer and payments platform that the Dutch bank acquired in 2018 for €360 million.
Competing with Adyen and Worldline, Payvision was embroiled in controversy over business deals made before the ING. Named “Wirecard of the Netherlands” by the European Fund Recovery Initiative, Payvision is responsible for paying hundreds of millions of euros in investment payments.
Last year ING sold half of Pioneer’s service for 1 euro – part of an industry that includes consumer payments and pornography including PornHub – driven by cutting edge money.
In a statement, the Dutch investor said: “After careful consideration of all the quick fixes and major changes and competition in the financial markets, concluded its meeting with the requirements and Payvision. Is expected to be completed. In the second half Of 2022.”