Dutch bank ING has taken full ownership of Billington, the electronic invoicing outfit it set up as a joint venture with IT services firm Getronics at the end of 2006. Financial terms of the deal were not disclosed.
The bank has upped its stake from 50% to 100%, following the acquisition of Getronics by Dutch telecoms group KPN last year. The company now falls under the control of ING Wholesale Banking.
Billington's business to consumer offering, Digital Note, delivers electronic invoices directly to consumers at their bank Web site where they can pay the bill with a click.
Its B2B e-invoicing portal INGIS provides a platform for business users on which suppliers can place bills, which can be seen by the customer in a closed environment.
Robert Heisterborg, global head, payments and cash management, ING Wholesale Banking, says: "The full takeover of Billington endorses the view of ING Bank on commercial payment systems: digital billing and payments are the future. Within five years the majority of the companies are billing digitally, resulting in cost savings, higher efficiency and faster payments."