Worldpay Group plc (formerly RBS WorldPay) is a payment processing company. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Video Worldpay
History
Worldpay started as an electronic payment system called Streamline which was first released by CentreFile, a wholly owned subsidiary of National Westminster Bank, in 1989.
In 1995 the Streamline system was reabsorbed into the bank when the rest of CentreFile was sold to Ceridian. NatWest was acquired in 2002 by Royal Bank of Scotland Group (RBS) which renamed the business RBS WorldPay. RBS expanded the business significantly by acquiring and merging a number of payment solutions companies from different countries. Over the next five years it was combined with seven leading retail payment solutions brands: Streamline, Streamline International, PaymentTrust, Netherlands based Bibit, RiskGuardian and US-based Lynk.
As a condition in the European Commission's clearance in December 2009 of state aid to RBS, Worldpay was to be sold as part of a plan to divest selected businesses from the group. On 6 August 2010, Advent International and Bain Capital agreed to acquire Worldpay for £2.025bn including a £200m contingent consideration. The RBS Group retained a 20% stake in the newly independent business with Advent International and Bain Capital owning 40% each. The sale completed on 1 December 2010. RBS WorldPay was renamed Worldpay as part of the deal.
On 21 December 2010, almost immediately following on from the sale, Worldpay acquired Cardsave, one of the UK's leading independent sales organisations distributing credit and debit card processing services to small retailers. In May 2011 Worldpay acquired Envoy Services Limited, a leading provider of alternative payment solutions to eCommerce merchants worldwide, for an undisclosed amount.
In June 2013, Worldpay launched Worldpay Zinc, a mobile card processing terminal which connects to smart phones. In September 2013 Worldpay revealed it had acquired US payment processing company Century Payments. Then in November 2013, Royal Bank of Scotland said it had sold its remaining stake of about 20 percent in Worldpay to the payment processing firm's majority shareholders, private equity firms Advent International and Bain Capital. The company listed on the London Stock Exchange through an initial public offering (IPO) in October 2015.
In 2014, Worldpay announced a definitive agreement to acquire SecureNet Payment Systems from private equity firm Sterling Partners. The acquisition was completed in December of that year.
In July 2017, Vantiv announced its intention to acquire Worldpay for $10.4 billion. Subsequent announcements have indicated that the combined entity will be named "Worldpay," headquartered and listed in the United States, but internal operations will be based in the U.K. In August 2017, Vantiv announced that it would be going global, with Worldpay.
Maps Worldpay
Operations
The company provides payment services for mail order and Internet retailers, as well as point of sale transactions. Customers are a mix of multinational, multichannel retailers, with the majority being small business merchants. It also provides loans to small businesses.
See also
- Electronic commerce
- Payment gateway
- Payment processor
- Payment service provider
References
External links
- Official website
Source of the article : Wikipedia
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