Worldpay, Inc. (NYSE: WP; LSE: WPY), a leading payments technology company and CYBG, the UK’s largest challenger bank have agreed a new five-year referral partnership bringing Worldpay’s payments technology to CYBG business customers.
The extended agreement gives business customers of Britain’s sixth biggest bank access to a full suite of Worldpay’s payments products; from traditional and mobile POS solutions to online gateway products, as well as to its leading omni-channel payments technology. CYBG business customers will now also be able to access additional services through the partnership, including Worldpay’s business insight tool Worldpay Business Dashboard, which harnesses the power of payments data to help optimise their business operations.
Leveraging the companies’ national scale, the new deal seeks to speed up the time it takes for UK SMBs to access the right technology and services needed to set up and run their business. Supporting CYBG’s digital strategy, Worldpay will extend its payments technology to help deliver integrated payments services for the UK’s dynamic small business sector. Through the use of APIs, CYBG and Worldpay will also create a seamless experience for new business customers, giving them quicker access to payments technology to get them selling faster.
Steve Newton, Executive Vice President, UK & Europe, said: “Over the past few years we’ve witnessed a really positive focus on the digital transformation of retail banking services in the UK -it’s imperative that financial services available to small business are not left behind by this revolution. CYBG’s dedicated and industry leading services are vital for driving these changes across the British economy.”
He added: “Worldpay is committed to serving the needs of UK SMBs and helping them achieve their business ambitions. Through our ecosystem of partners who share our vision, Worldpay aims to reach more small businesses, giving them access to the latest payment technology-enabled tools and services to succeed.”
Gavin Opperman, Group Customer Banking Director, said: “The completion of this new agreement marks the next phase of our partnership with Worldpay and the provision of merchant services to our customer base is an important cornerstone of our business offering as a full-service challenger bank. As well as enhancing the services available for existing customers, this will also benefit customers who change their banking provider once the RBS Business Bank Switch Scheme launches in February 2019. This is a significant opportunity to increase competition in SMB Banking and the introduction of these additional payment products with Worldpay further boosts our technology offer.”