RCS - PayPoint PLC - PayPoint announces investment in OBConnect

PayPointAnnouncement

07/07/2022 16:45

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RNS Number : 7485R  PayPoint PLC  07 July 2022

PayPoint Plc

PayPoint announces investment in OBConnect

7th July, Welwyn Garden City: PayPoint has today announced a £3 million
investment in OBConnect, a leading Open Banking 'Software as a Service' (SaaS)
start up. The deal will see the PayPoint Group make an investment in the
company and form a commercial partnership, strengthening PayPoint's
channel-agnostic payment platform and expanding the range of digital solutions
to support its clients across multiple sectors, including government, local
authorities and housing associations.

The investment enhances PayPoint's digital payments offering by adding Open
Banking services, offering payments and account information services directly
to its customers. This will help deliver improvements to customer experience,
making it easier for organisations to access data for the benefit of their
customers and creating additional cost-saving opportunities. In addition, this
builds on the transformation that has been gathering pace over the past two
years, with the strategic acquisitions of Handepay/Merchant Rentals and RSM
2000 enhancing and diversifying the payments offering to clients across cash,
card payments, direct debit and Open Banking.

The momentum in Open Banking has been growing considerably over the past few
years, initially through consumer use-cases enabling the sharing of personal
account information to financial services providers. The emerging opportunity
for PayPoint and OB Connect focuses on corporate and enterprise applications
of the Open Banking solutions, particularly through Confirmation of Payee
(CoP) to reduce fraud and improve the payments experience for consumers. This
opportunity has gained further pace in recent weeks with PayPoint joining
Pay.UK's Confirmation of Payee service to deliver services to support local
government and energy companies deliver cost-of-living support payments.

Nick Wiles, Chief Executive of PayPoint, said: "We're delighted to be
investing in OBConnect, which will further enhance our channel-agnostic
payment platform for clients in multiple sectors. This investment will enable
PayPoint to continue its diversification to digital and support our clients
and their customers further with smart technology designed to improve their
experience and reduce costs."

Darran Morford, CEO of OBConnect, added: "PayPoint was a natural partner for
us as we seek to expand our Open Banking solutions, enabling more
organisations and consumers to benefit from better experiences and lower
costs. This investment will help us build on the significant progress made in
the last few years and unlock further opportunities for both parties "

 

-ENDS-

Enquiries

 

PayPoint plc
                                               FGS
Global

Nick Wiles, Chief Executive (Mobile: 07442 968960)
               Rollo Head

Alan Dale, Finance Director (Mobile: 07778 043962)
         James Thompson

 
 
       (Telephone: 0207 251 3801)

 
 
       (Email: PayPoint-LON@fgsglobal.com)

 

ABOUT PAYPOINT

For tens of thousands of businesses and millions of consumers, we deliver
innovative technology and services that make life a little easier.

 

The PayPoint Group serves a diverse range of organisations, from SME and
convenience retailer partners, to local authorities, multinational service
providers and e-commerce brands. Our products are split across three core
business divisions:

 

·      In Shopping, we enhance retailer propositions and customer
experiences through EPoS services via PayPoint One, card payment technology,
Counter Cash, ATMs and home delivery technology partnerships in over 60,000
SME and retailer partner locations across multiple sectors. Our retail network
of over 28,000 convenience stores is larger than all the banks, supermarkets
and Post Offices put together

·      In E-commerce, we deliver best-in-class customer journeys through
Collect+, a tech-based delivery solution that allows parcels to be sent,
picked up and dropped off at thousands of local stores

·      In Payments and Banking, we give our clients and their customers
choice in how to make and receive payments quickly and conveniently. This
includes our channel-agnostic digital payments platform, MultiPay, offering
solutions to clients across cash, card payments, direct debit and Open
Banking; an eMoney offering that enables cash through to digital transactions
and cash solutions providing vital consumer access across our extensive retail
network

 

Together, these solutions enable The PayPoint Group to create long-term value
for all stakeholders, including customers, communities and the world we live
in.

 

ABOUT OB CONNECT

We are passionate about innovation in the Open Banking and Open Data space. We
enable Fintechs to harness the banking sectors data and payment instructions,
in order to drive a revolution in innovation that can only be good for the
consumer.

Any market or global innovation that involves multiple parties can only be
achieved by having a sound interoperable base from which to promote innovation
of products. Our approach is to remove any barriers to entry and accelerate
time to market.

Every participant Bank or Fintech needs a framework from which to innovate. We
are driven to provide this in a non-competitive way. We believe people should
compete on proposition not on the rails they run on.

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