#payments insights. opinions.

New stakeholder What is the future of the payments function? expectations are Changing expectations driving change driving operational, The payments function — the operations and technology capabilities technological and within and other financial institutions that process the payments of individuals, businesses and governments — is the beating heart of people changes in banking, moving money around the financial system to support all payments functions. financial transactions. How must they adapt?

Continued on page 3

Volume 23 03

What is the future of the payments function? New stakeholder expectations are driving operational, technological and people changes in payments functions. How should banks and financial institutions adapt?

06

How is PSD2 shaping the emergence of new payments players? As the new PSD2 directive opens the industry to new — third-party providers, we review what new non-banking players Editorial have already emerged in Europe.

I am pleased to bring you the latest Payments newsletter from the global EY teams across the globe. Certainly, in the Oceania market 10 that I work in, there is more focus on payments than ever before. This seems to be driven by a number of factors including, in the merchant acceptance and Three M&A waves reshaping the payment platforms fields, a focus on players either scaling up or concentrating banking payment acceptance segment on niche segments. Consolidation is driving M&A momentum, These themes are reflected in this issue’s quarterly M&A and venture capital and it’s time for banks to pick a strategy — investment roundup reports where the remarkable success story of Airwallex expand or sell? shows how focusing on a neglected “pain point” — in this case, B2B cross- border payments — can yield big rewards for investors. Meanwhile, a more detailed exploration of how banks can adapt to three M&A waves reshaping the sector is offered by Lars Putensen in his article in this issue. 12

Even as payments teams adjust strategies to a fast-changing sector, they What are the lessons learned from the must also stay ever vigilant of regulatory updates and legislative changes. rollout of ISO 20022? In this issue, Edgar Barbosa shares valuable lessons from the ISO 20022 An ISO 200222 enabled infrastructure is deployment to date (including the need for patience!) while Robert Colwell and complex to implement, but businesses colleagues reveal the results of their extensive analysis of how PDS2 is shaping the emergence of new third-party providers in Europe. While it’s still early that do this successfully will reap days, the impact of this directive on new competition in the payments sector significant benefits. What companies just is growing fast. beginning their transformation can learn from the pioneers. Across the sector, we are also seeing a shift away from products to end-to- end customer journeys and, inevitably, the payments sector plays a large part in this transformation. Stakeholder expectations are changing quickly, and, as explored by Hamish Thomas’s article, reshaping the future of payments. 14 Significant changes are required in operations, technology and people though, as Hamish writes, “a robust understanding of the payments domain and its M & A activity and deal characteristics role as the beating heart of the business will remain a critical pre-requisite for successful payments function teams.”

We hope you find this issue of Payments useful and, as always, welcome your feedback, including on potential future topics. 16

Best regards, Venture capital funding activity Robert Colwell

Partner, Financial Services 03 #payments Volume 23

What is the future of the payments function?

Continued from page 1

Traditionally, the payments function to grow through better access to failures can have major consequences, has been deep in the back office, working capital and improved cash flow from individuals’ inability to access unnoticed except when something management, or to run a more efficient funds to economic consequences goes wrong, and the impacts are felt by business by being able to move money across markets. Stability has always all who use banking services. Now, as in real time on a global basis. been critical, but recent high-profile financial services adapt to the digital technology issues have heightened age, payments functions must adapt. And everyone wants to make more scrutiny. Pressure is on to meet increasing confident decisions by knowing exactly • Secure: The ability to respond to the customer expectations, satisfy where their money is, and how hard it is latest security threats — from channel intensified regulatory scrutiny, take on working. to back-end processing — is critical. more competitors and use technology Meeting the needs of different Here, banks have a trust advantage to change how services are delivered — over new entrants which must be all while maintaining the security and stakeholders protected, even as innovation is stability that underpins trust. Customers embraced. In particular, customer expectations are Customers — individuals, businesses, • Easy-to-use, flexible and shifting, with consumers looking less governments, charities, etc. — expect customizable: Today’s customers for products from a and more for their payments function to be: expect intuitive, convenient, easy-to- the support needed to achieve desired use mobile and digital products, which • Stable and reliable: Customers must outcomes. Individuals are looking for can be challenging for banks when be confident that money will arrive help to move into their new home, building enjoyable experiences that where it should, when it should — rather than just “getting a mortgage.” also address security considerations. Businesses may be seeking support without interruption. Payments

The multi-layered drivers of change for the payments function

Customer expectation

Emerging technology and industry Regulation and government innovation

pen PD2 Lsanctions Robotic Process Blockchain banking compliance utomation Payments inancial Immediate Cyber Big data dvanced analytics systems and inclusion payments operations tructural perational GDPR achine learning essage format reform resilience Artificial Intelligence evolution

New market entrants competition Future of the 04 #payments Volume 23 payments function

• Immediate: Real-time payments ►• Support to create new revenue for example, some aspects of customer are increasingly expected from all generation opportunities: service and customer interaction. stakeholders — from individuals Businesses expect payment services making peer-to-payments to to both directly and indirectly • New skills and adaptable teams corporate treasurers seeking support their ability to boost revenue; • With operations teams increasingly dynamic cash flow forecasting. for example, by enabling rapid working alongside automation customer onboarding to improve • Available: Today’s digital economy technology, they will need to experience, or helping bring new has created the expectation from understand these technologies and products to market more quickly. both corporate and individual how they are applied to support payments processes. customers that financial services are Regulators available whenever, wherever and • With smaller operations teams, through multiple channels. Regulatory expectations have increased people will need to understand and significantly, with recent developments • Accessible and transparent: Even work across a wider spectrum of including the second Payment Services processes than they do today. This as customers expect payments Directive (PSD2), open banking, the services to be available across may extend to adjacent functions, second E-Money Directive, and the such as financial crime prevention. channels, particularly mobile devices, Single Euro Payments Area. These are they also demand greater levels of complicated by other non-payments- • Different operational metrics transparency, including a new level of focused regulation, including anti- • When people and automation control over transactions and support money laundering (AML) and sanctions work together, operational metrics that suits their needs. measures, which also impact the sector. will need to change. Traditional • End-to-end visibility: Historically, Transparency and fairness to customers KPIs tracking performance will payments functions were ring-fenced are at the heart of these changes, along not always be appropriate for with limited recognition of the with unwavering expectations for control automated solutions. For example, end-to-end flow within which they and reporting. In essence, regulators productivity will not be seen on a sat. While operational stability still expect payments functions to be: spectrum as it is for people. requires clear lines of responsibility, • New metrics will focus on customer these functions need to recognize the ►• Stable, resilient, secure outcomes as well as operational wider context in which they operate, • Easily accessible health, e.g., improved customer to better provide the transparency • Adaptable to changing customer experience or reduced risk. This that customers demand, and track needs requires staff to develop a deep the health of the service for business • Free from abuse or misuse by understanding of the role of the and operational leaders. This is an criminals and terrorists payments function in delivering increasingly complex task as more these outcomes across the end-to- third-party providers enter the flow. How should payments end environment. • Low cost: More competition in functions adapt? • Revised location strategy financial services, including payments, For leaders of payments functions, the is pushing customers to demand lower question is: how does the payments • Location strategies require review cost, more efficient services from function need to change to better meet when automation changes how payment providers whose margins are stakeholders’ expectations? many people — and with what being increasingly squeezed. skills — are needed in operations The demands can be seen as some functions. • Invisible: Customers demand “more of the same, but done better” confidence that payments services and some “new capability delivered well • Operations and technology should “just work,” without being from the start.” Success will require convergence noticeable. focusing on several areas of change: • Automation and other technologies ►Business customers have some Operations offer huge potential for payments additional expectations of payments functions, but maximizing benefit functions: Future payments functions will be requires integration across highly automated, with fewer people. operations and technology. Team ►• Easy access to business Smaller teams will focus on higher value members with the agility and skills management information (MI): activities which either cannot (yet) be to move across functions will allow Businesses seek meaningful insight automated with confidence, or which for more opportunities to harness to help better understand customer the business has decided will not be digital innovation. behavior and tap into new business automated as part of a wider strategy, opportunities. Future of the 05 #payments Volume 22 payments function

Technology to architecture is needed to exploit change. This presents challenges micro-services and application within a dynamic payments Effective use of modern technology programming interface integration environment unforgiving of is critical in terms of the efficiency, that allows for a modular, interruption, which may have efficacy and agility that is expected of “component assembly” approach historically had a more “technology- payments functions: that enables adaptability, flexibility led” approach. • Stability, resilience and security and rapid-change delivery. Future success will hinge on deep These must remain top priority if • From batch services to real time payments domain knowledge payments functions are to keep the • Many payment types and supporting trust of customers. Cloud technology The future of payments functions will infrastructure are delivered offers potential to provide this stable still center on the stability, security through batch processing, but the and secure environment, while and availability that underpin trust in acceptance of these systems will reducing cost, as illustrated by new the system. But, the need to maintain decrease as real-time services “cloud-only” entrants and moves by these priorities cannot be an excuse to increase. Future payments function many incumbents to develop cloud- stand still. technology strategies will need to hosted offerings. consider this shift and accept the The potential of new technologies • Increasing intelligent automation increasing expectation of extended should be embraced to improve Robotic process automation (RPA) cutoffs and, eventually, 24x7 customer outcomes, better manage already offers potential for repeatable processing for all payments. risk and reduce cost. Payments high-volume tasks. When little • Convergence of technology across functions leaders should develop judgment is required, simple RPA payments types strategic plans to assess and exploit can be applied. However, intelligent the value of these technologies, which automation, that applies artificial • It’s said that “a payment is a must include a different approach to intelligence, is rapidly maturing, payment,” but today there is a wider operational management. They will also ready to be deployed across more variety of payment types, including need to recognize the need to support variable tasks that require judgment cards, Automated Clearing House, and develop their people to work within and context. Real Time Gross Settlement and a dynamic payments environment emerging immediate payments where operations and technology • Data as an asset systems, such as the UK’s Faster converge and a culture of supporting • The wealth of data that is produced Payments Service. customer outcomes is embedded across within a payments function is • The result has been a broad the business. both a blessing and a curse. spectrum of technologies and But, even as changing expectations Significant operational, customer operating models. However, drive technology enablement and and business information can be technology is catalyzing new approaches to operational derived from this data and from convergence. For example, we management, a robust understanding of understanding money flows, but see a drive towards common the payments domain and its role as the finding actionable insights from XML message standards, and beating heart of the business will remain such high volumes of data is a programs focused on renewing a critical pre-requisite for successful challenge. Skills not typically found national payments infrastructures, payments function teams. in payments, including data science, such as the UK’s New Payments will be needed to support a big data Architecture, and the New agenda that recognizes data as a Payments Platform in Australia. valuable asset. • A different approach to delivering • The ability to provide easy technology change access to meaningful business and operational MI, and enable • New approaches to architecture simple, meaningful reporting and both enable and demand new improved customer service will soon approaches to delivering change, Hamish Thomas be considered a basic factor for with expectations that these will be successful payments functions. implemented through agile, rapid release cycles. • Adaptable, flexible architecture • The desire to support customer • Technology’s rapid evolution is set outcomes will influence investment to continue. A modern approach priorities and the desired pace of 06 #payments Volume 23

How is PSD2 shaping the emergence of new payments players?

Europe’s revised Payment Service Directive (PSD2) was designed to foster competition in the European payments market by opening the industry to non-banking third-party providers (TPPs). With its go-live date looming, we assessed the trial rollout of PSD2 to date, to explore how the directive was encouraging the emergence of new TPPs and shaping their business models.

Coming into force in the European Provider (PISP). Before they can operate UK players dominate new Economic Area (EEA) in January 2018 in a market, TPPs must first obtain PSD2 licenses so far and set to go-live in September 2019, authorization from their individual PSD2 aims to increase competition national regulatory authority. By March 2019, 63% all new TPPs among payment service providers, authorized since the introduction of offer a regulatory framework for digital We analyzed the registers of 23 National PSD2 were UK-based. payment service providers, and boost Competent Authorities (NCAs) and innovation in the sector. Critically, the central register of the European This is not surprising as the UK’s early the legislation allowed for two new Banking Authority (EBA) to find out adoption of open banking positioned types of third-party players to enter exactly how many TPPs had registered the country to be a frontrunner when the payments market — the Account so far, and where they were focusing it came to TPP registrations. Within Information Service Provider (AISP) their business. We also examined the just a month of PSD2’s introduction and the Payment Initiation Service performance of the EBA register, finding in Jan 2018, 19 UK companies had serious issues. been granted permissions and, within

Fig. 1: Number of registered TPPs in Europe (31 March 2019)

Number of licensees

14 132 122 12 EU ( other countries) 17 rance 1 1 Belgium 7 Lithuania 1 weden 71 2 51 43 UK 4 33 2 24 2 2

an 1 ct 1 ug 1 Dec 1 ar 1 eb 1 pr 1 un 1 ep 1 ar 1 ay 1 ul 1 Nov 1 eb 1 PSD2 and the emergence of new 07 #payments Volume 23 payments players

12 months, this number more than Fewer regulatory requirements lack of an attractive business model for quadrupled to 82. With the early surge makes AISP applications easier non-banking players, such as airlines over, growth slowed in the last two or large retailers, to offer stand-alone quarters to about three-to-five new We see some interesting differences payment initiation services. registrations per month over the last between types of licenses sought by couple of quarters. TPPs across the UK versus those in New TPPs pursue diverse continental Europe. business models Across continental Europe, progress has been much slower due to most In the UK, the majority of TPPs (58%) Those businesses seeking licenses NCAs not being ready in time to register have applied for a stand-alone AISP under PSD2 are a diverse mix of and approve new players. France was registration, which has far lower recently founded FinTechs (about the only country able to issue licenses in regulatory requirements than a PISP 70%) and established players from January 2018, with Denmark following license. The benefits of being an AISP other industries, including accounting in April. By the second half of 2018, the are also applicable to a wide range of software providers and global data pace quickened and, by year end, 30 businesses interested in offering more providers. The business model pursued new TPPs were authorized. By the end information and value to customers. by most of the newly authorized TPPs is of March 2019, the figure stood at 49 Thirty-nine percent of UK-based TPPs money management-related services across 13 countries (excluding the UK). and 51% of European TPPs have applied (25% of all new TPPs). Just four countries make up 63% (31) of for a combined PISP and AISP license. These services — the ability to give authorizations granted – Sweden (10), consumers more insights into their France (8), Belgium (7) and Lithuania — Across both the UK and Europe, sole PIS financial information by aggregating with 14 European Union (EU) countries, licenses are less popular, accounting transaction data or by categorizing including the Netherlands and Spain, for about 4% and 10% of new licenses, their spending — are considered yet to grant any licenses. respectively. This may demonstrate the

Fig. 2: Granted TPP license types (March 2019)

4 32 3 UK (5) (3) (4) 3

1 25 5 EU (3) (51) (1) 4

Number of licensees IP Both PIP

Fig. 3: Main service offerings of newly registered TPPs (March 2019)

oney management 35

PI as a service 25

Payment services 22

Credit scoring lending 1

ccounting administration 12

services 5

Personalized e-commerce 2

Consent management 1

Number of licensees

* Total number in this graph is not equal to total number of granted licenses, as not all companies with a license already launched a PSD2 proposition PSD2 and the emergence of new 08 #payments Volume 23 payments players

almost a “must have” for both customers and providers, are relatively easy to offer, yet yield vast, and valuable, data.

The next most commonly adopted business model is offering application programming interfaces (APIs) as a service. These TPPs (19%) either retrieve transaction data, provide aggregated (enriched) data to other parties or provide API technology to connect to banks. These services are appealing to business-to business (B2B) customers for their ability to bring data together to build a bigger picture of transactional activity.

Seventeen percent of new TPPs offer payment services, with most focused on payment initiation services, i.e., executing a payment transaction on behalf of the customer directly from his account. These all-in-one payment solutions are attractive to both bricks A few TPPs have focused on providing offering credit scoring data provisions and mortar and online merchants. personalized e-commerce offerings, for lenders, or API-based services. In including loyalty cards or discounts contrast, B2C propositions account Twelve percent of newly registered based on the transaction data of for 24% of TPP offerings in the UK and TPPs offer credit scoring and lending users and consumers. One TPP offers 28% across the continental EU, with services, which include information a consent management service — a these offerings focused on payment on customer credit worthiness based software application which allow users initiation and money management. on transaction data and identifying to give and monitor consent on where Only a few new TPPs are pursuing suitable lending options for individual and when they want to share their business opportunities across both or small business consumers. digital information. B2B and B2C customers (10% in UK; 8% in continental Europe). Accounting and administration B2B segments offer more services are offered by 10% of revenue potential for new TPPs With B2C customers showing little new TPPs. These services tend to willingness to pay separately for include integrated and automated Most of the new TPPs are targeting the PSD2-enabled services, we expect reconciliation, as well as payment and B2B segment by pursuing PSD2-related to see a continuing focus by TPPs on debt collection services for businesses. propositions for financial institutions or the more profitable B2B segment. corporate customers. Foreign exchange (FX) services are These customers are prepared offered by five (4%) of new TPPs. These The preference for B2B over business- to buy customer data or PSD2- businesses provide consumers with an to-consumer (B2C) transactions enabled services that add value to easier, efficient and secure method to holds true in the UK as well as for their offerings or help improve their exchange currency or carry and spend the continental EU (63% and 55%, competitive position. money abroad. respectively). B2B propositions include

Fig. 4: Distribution of customer focus per region

UK 47 1 1 75 (3) (24) (13)

EU 2 13 47 (55) (2) (17)

Number of licensees B2B B2C Both PSD2 and the emergence of new 09 #payments Volume 23 payments players

Andreas Kornowski

Torben Ottens

The European PSD2 register is September go-live date in continental not yet fit for purpose Europe draws closer, we expect even more new registrations, primarily in The EBA register of payment those 14 countries yet to start their institutions authorized under PSD2 is registration process and from the a critical element of the legislation — continuing boom of payment FinTechs. financial institutions must authenticate all TPPs against the register before Despite their increased volume, Valentin Sturmhoebel executing any transaction requests. the influence of these new players But we found significant information is unlikely to significantly alter the gaps in the current version of the market just yet. Many consumers are online database, with license registers still reluctant to share their sensitive of Sweden, Romania and Ireland financial data with new service currently not included and almost 20 providers, partly due to cultural NCA authorized TPPs missing from the mindsets but also in response to recent high-profile data breaches. However, register. Oliver Krämer with time, consumer sentiment should We also found that NCAs held adapt, as TPPs bring new innovation to different views as to whether financial payment services that add real value institutions with existing licenses for consumers. As we’ve seen in other require a separate notification for AIS sectors, when consumers see benefits and PIS service provision. For example, gained from sharing information, Slovakia and Lithuania believe they they’ll be prepared to engage more do while the UK and Belgium have fully, and traction for these new waived this. services will grow.

Of greater concern, testing of the EBA Incumbent payment players can learn database also revealed some serious from developments so far as they technical problems, including an determine where and how to make inability to conduct a fully-automated the most of the opportunities in this authentication process and cope with emerging payments service market. high demand. Depending on the business model and What next for PSD2? ambition level, they might decide to develop and launch their own AIS or Europe’s PSD2 experience is still in PIS-based services or to partner with the early stages, but we already see others. As more TPPs bring innovation strong evidence of how the legislation to payments, banks are well advised to has attracted a large number of new keep an eye on these new players and entrants to the payments sector. As the how the market develops. 10 #payments Volume 23

Three M&A waves reshaping the banking payments acceptance segment

Consolidation is driving M&A momentum, and it’s time for banks to pick a strategy — expand or sell?

Once the domain of banks with only are often banks that played a role As well as banking service providers, fragmented competition, the payments in the original establishment of the other major German players have been acceptance market is fast becoming traditional service providers for the sold to international investors: a global market dominated by a few acceptance of card payments in brick- • TeleCash: Acquired by First Data from big players. Consolidation is driving a and-mortar retail. the US in 2003. growing momentum in M&A, with more than 70 M&A transactions recorded These sales are motivated by banks • InterCard: Taken over by terminal in 2018. These deals are just the determining that payments acceptance manufacturer in 2015. beginning of what we see as three major is not a core part of their business. waves of consolidation in this space. With a subsequent unwillingness to Elsewhere in Europe, consolidation invest in and expand this element of progress differs. In the UK, Ireland Banks are under pressure to the business, it makes sense to exit and Scandinavia, the first wave is well sell assets the market at a time when successful advanced. In contrast, the French and providers are increasingly characterized the Spanish markets are fragmented Providing solutions for merchants to by their ability to continually and the acceptance business is largely accept cashless transactions in-store innovate, operational excellence still in the hands of banks. and online has traditionally been the and economies of scale. Buyers business of banks. It allows them attracted to these assets are usually We expect that we’ll soon see the first to solidify customer relationships, international payment service providers wave of consolidation completed in generate additional revenue and or financial investors looking for Germany and begin to accelerate in access transactional data. But the expansion opportunities and suitable other European countries, particularly rapid transformation of the payments platform companies for subsequent those larger markets with high levels industry is putting banks under consolidation. of fragmentation, such as Spain, pressure. Many are selling their France and Italy. National assets payments acceptance arms in a series In Germany, wave one is well advanced. without sufficient scale will come under of consolidations that are proceeding Previously, Savings Banks, Cooperative increasing pressure as the second and through three waves: Banks, , Commerzbank third wave of consolidation in Europe and HypoVereinsbank all had their moves forward. Large European players 1. Wave one: National assets are sold own payments acceptance assets; are on the hunt for further consolidation 2. Wave two: Regional assets are now, only Savings Banks (Payone) and opportunities. consolidated Cooperative Banks (VR Payment, former Wave two: Regional consolidation 3. Wave three: Transcontinental CardProcess) still own service providers M&A establishes global payment (figure 2). In the second wave of consolidation, acceptance leaders Notable asset sales include: buyers seek additional assets in adjacent regions to combine them with Wave one: Disposal of • Concardis: Sold by the German companies acquired in the first wave. national assets banking industry to financial investors Their objective is to create national or Advent and Bain in 2017. regional market leaders who can gain The starting point of consolidation is • EasyCash: Sold by Deutsche Bank competitive advantage by leveraging marked by the sale of national assets in 2002 and now in the hands of synergies and exploiting economies focused on domestic business. Sellers . of scale. 11 #payments Volume 23 Three M&A waves

This wave of consolidation began in technology — announced the acquisition each bank. However, what’s important Europe a few years ago and has gained of Worldplay, complementing FIS’ is that banks move now to consider the strong momentum in recent months, offering with payments acceptance future of their payments acceptance with certain companies consolidating to services (at an enterprise value of offering. Neglecting this part of the lead the market (figure 3). In January US$43b). In January 2019, Fiserv, business at such a critical time will see 2019, Nets owners, Hellmann and another global provider of financial banks miss out on additional revenue Friedmann and Advent, and Bain, services technology, had already potential and risk, losing customers to owners of German Concardis, completed entered the payments acceptance competitors with an integrated service the merger of their assets. Meanwhile, business with the acquisition of First offering. Worldline has been pushing for a Data for an equity value of US$22b. The consolidation of markets in Belgium latter two transactions reflect a global and the Netherlands and, in a big move consolidation from a broader financial forward, purchased Swiss market leader technology perspective beyond the SIX Payment Services in 2018. payments acceptance space.

The merger of BS Payone and Ingenico We’re yet to see further major Payment Services (formerly EasyCash) global transactions as wave two created Payone, the leading provider of consolidation still offers lots of Jan Lettow in the DACH (Germany, Austria and opportunities for consolidation on Switzerland) region, in January 2019. In individual continents. While wave three Italy, consolidation is also progressing — consolidation in the e-commerce could financial investors Advent, Bain and increase in the short-term, the wave is Clessidra have joined forces to buy expected to pick up speed in the in-store five Italian acceptance assets and business in the mid-term. are now considering an IPO of the combined Nexi. Expand or sell? Time for banks to pick a future strategy Lars Putensen Looking forward, regional consolidation activity is likely to continue gaining Waves of consolidation are rapidly momentum with less than 10 players reshaping the payments acceptance set to dominate the European market. segment — creating a global market Regional consolidation in the DACH dominated by just a few suppliers. region is expected to be largely These developments highlight the completed in the next 12–18 months. increasing importance of banks Wave three: Transcontinental M&A to consider their own payments acceptance strategy. While the trend The third wave of consolidation is global. toward international consolidation is Regional leaders created in wave two are growing, in our experience, only a few now moving to take over similarly-sized large banks can successfully complete competitors across the world. Buyers this kind of expansion due to the high aim to achieve international scale to investment requirements and specific further increase competitiveness, know-how. Most other banks should achieve sustainable profitability and consider two strategic options for their meet investors’ growth expectations. payments acceptance business:

This global consolidation process has 1. Expand existing assets, achieving already begun in the e-commerce necessary scale through segment. One example is the partnerships with other banks, acquisition of British market leader service providers or financial Worldpay by the American merchant investors. acquirer Vantiv for the equivalent of US$9.9b. Announced in July 2017, 2. Sell existing assets, instead pursuing and due to be completed in mid- distribution partnerships with 2018, this acquisition will result in leading payment service providers. Worldpay becoming the world’s largest The strategy chosen will depend on the merchant acquirer. Recently, FIS — a individual circumstances and goals of global provider of financial services 12 #payments Volume 23

What are the lessons learned from the rollout of ISO 20022?

Around the world, more countries are adopting global payment messaging standard ISO 20022, with businesses reaping the benefits of improved methods of capturing and consuming greater volumes of more detailed data. But the implementation of ISO 20022 is a complex journey. What are the key lessons learned from those markets that have done it well?

Greater availability of more example, by reducing the need to loyalty and satisfaction. They may detailed data drives payments investigate payments or capture even explore new business modernization detailed bank account information partnerships to better meet from customers and suppliers. And customer needs and find competitive Keeping up with increasing information ISO 20022 creates huge potential for advantage. For example, one demands in this transformative age calls automation, which can help potential use case would add a to for businesses to evolve their payments businesses realign workforce skills to an employee’s paystub within the capabilities and outline strategies to better meet the new demands of payroll remittance, allowing them to better consume, store and maintain changing technology and customer view detailed payroll information associated data. ISO 20022 is the expectations. Augmented data and when checking their personal global standard governing payment visibility allows companies to improve account balance. how they manage liquidity, enabling messaging structures and is considered • Mitigation of operational risk. As more efficient cash management and an essential component to a modern companies consume, store and forecasting processes. payments infrastructure. It introduces a process larger amounts of payments greater range of required and optional • Interoperability across geographies. data, they gain greater visibility into data fields to enhance remittance Aligning payment standards across their supply chains. This can help information and allows for transmission jurisdictions can increase the identify concentration risk or of user defined fields, including links. efficiency of international payments. vendors that may be under hardship. Standardized remittance information It may also open the door to So far, ISO 20022 has been adopted diminishes the need for requisite matching cash outlays to needs more in more than 30 countries around processes for international payments, quickly, helping optimize the world, including much of Europe, reducing the dependency on high- investments. Australia, Sweden, Denmark and cost intermediaries. Those companies Singapore. Countries with regulation with a multinational presence will see Key factors to ensure smooth mandating its use embraced it more particular benefits through expedited deployment quickly, but many others have also international payments currently moved to follow suit, as the substantial subject to long delays. Around the world, businesses are at different stages of their payments advantages of ISO 20022 become • Enhanced analytics capabilities. modernization journey. Those with apparent. These include: With richer remittance data, global footprints are most likely to have companies can begin to contextualize • Productivity improvement. More already established projects to enable and personalize customer detailed remittance information can implementation of ISO 20022 in their interactions to enhance customer help simplify business processes, for payment processes. Companies just 13 #payments Volume 23 ISO 20022

beginning their transformation can • Be patient — it may take time to see benefit from studying these pioneers — benefits: The ability of ISO 20022 to what key lessons have been learned? transfer more remittance information may accelerate the move to • Consistency is everything: The electronic payments, but may also interpretation of the standard needs require internal processes to be to be consistent. Lessons learned reworked to accommodate new data from implementations in other and depend on the adoption of the jurisdictions highlight that there is standard across the value chain. both a dependency and a requirement to align with partner • Costs are likely to increase in the financial institutions to ensure short term: The cost of processing consistent interpretation of the ISO incremental data needs to be factored 20022 standard. Some companies into the case for change. with operations in Europe tell us that Organizations may need to update that there is variability in bank file their infrastructure to accommodate formats, despite the adoption of the increased volume of data and take ISO 20022. advantage of the richer information provided through the ISO 20022 • Get your priorities right: Global format. That may include retrofitting companies may have different legacy technology stacks to produce amount of payments data that can be regional priorities for ISO 20022 the data required to enable ISO exchanged in an ISO 20022 enabled implementation and will need to rank 20022 messaging. It may also infrastructure. But the benefits of ISO their project spend across include the need to undertake data 20022 are significant. Even for those geographies to meet budgetary governance and storage revisions. companies that have already moved to goals. Regions subject to regulatory advance their payments, productivity mandates will typically rank highest. Implementation is complex and each improvements and the ability to better Those companies based in other organization will face unique challenges manage operational risk can positively markets will need to build a strong in enabling their technology stack impact the bottom . The effort is well business case for ISO 20022 adoption to leverage and monetize the large worth it. if they are to compete for funding.

Case study: Canada

Canada is in the process of rolling out As Canada rolls out ISO 20022, adoption to date has been driven by the ISO 20022, which, while providing one of the key hurdles may be the industry rather than regulators. This the necessary standards to create interpretation of the standard. Ensuring may highlight the feasibility of the case a common messaging format, also true interoperability will require for change and why adoption may make allows for adaptation to meet the participants to adhere to all mandatory economic sense by driving efficiencies country’s specific requirements. standards by a prescribed date. With and reducing the need for artificial this in mind, Payments Canada has transactional fees. The Canadian deployment is led by indicated its intention to leave as little the country’s payments clearing open to interpretation as possible and settlement agency, Payments to drive consistent adoption of ISO Canada, as part of its wider Payments 20022, although a national deadline Modernization Agenda which aims to for adoption has not yet been set. The create cost savings and efficiencies for multi-year rollout is expected to begin the Canadian economy. A recent study with the inclusion of the messaging by Payments Canada and EY Canada standard in the launch of Canada’s real- found the current cost of payments time payments system (“real-time rail”), Edgar Barbosa processing for Canadian businesses planned to go-live later in 2019. reaches nearly US$5b each year, Edgar Barbosa is the Payments Leader with other research finding that Canada’s ISO 20022 adoption is an at EY Canada. For more information approximately US$1b could be saved interesting case study. While the country on financial services trends, visit each year just by reducing the use of is not at the forefront of accepting www.ey.com/ca/financialservices. checks. the standard, much of the Canadian 14 #payments Volume 23

M&A activity

M&A activity and deal The number of disclosed Some analysts were surprised to see the characteristics transactions rose 18% in the deal so quickly after Worldpay’s merger first quarter of 2019 — the with Vantiv in 2017. FIS anticipates garnering US$500m of revenue highest increase in the past synergies and US$400m of expense Q1 at a glance: two years. synergies within three years, suggesting Total disclosed transaction value also a cumulative EBITDA of US$700m and increased during the quarter, from US$4.5b of annual free cash flow once M&A transactions synergies are realized. 65 announced US$1.2b in Q4 2018 to US$87b in Q1 2019, driven by the acquisitions of First Also this quarter, Fiserv announced the Data and Worldpay. acquisition of a 100% stake in First Data transactions with Megadeals dominate quarter Corporation for an enterprise value of 16 financial terms US$41b (equity value of US$21.3b), or disclosed This quarter’s spike in transaction value 4.7x LTM revenue and 13x LTM EBITDA. was driven by two large scale Based in the US, Fiserv provides transactions: payments solutions, particularly • Fidelity National Information Services’ payments processing for merchants, US$87b acquisition of Worldpay, valued at financial institutions and card issuers US$43b (equity value of US$35b) worldwide. The deal is expected to help total deal value – a steep First Data and Fiserv link their respective • Fiserv Inc.’s acquisition of First Data, increase from Q4 2018 merchant and cash management valued at US$41b (equity value of (US$1.2b) capabilities, enhance payment US$21b) capabilities and create value for the The FIS acquisition of Worldpay for customers through complementary US$43b — 11x the last 12 month (LTM) products and distribution channels. Also, revenue and 28x LTM EBITDA — First Data’s capabilities in merchant accounted for nearly half the quarter’s acquiring services will support the total deal value. US-based FIS provides enhanced value proposition for their electronic payment processing services, combined clients.2 Transactions hit a two-year merchant acquiring and related The combination is expected to generate technology solutions across the US, high this quarter despite US$900m of run-rate cost savings over Europe, Asia and Australasia. The deal is five years, driven by eliminating duplicate global geopolitical expected to help the combined company corporate structures, streamlining improve its services in enterprise uncertainties. technology platforms and increasing banking, payments, capital markets and efficiencies. Revenue synergies of global e-Commerce while increasing FIS’s US$500m over five years were business capabilities and Worldpay’s announced, driven by the use of the distribution footprint.1 cloud-based Clover point of sale (POS) Fig. 1: M&A market development and merchant processing, credit issuer processing and biller services. 7 Another notable deal this quarter was the 5 5 5 4 completion of ACI Worldwide’s acquisition 15 43 5 3 of SpeedPay Inc, a US-based firm that 71 4 1 3 provides electronic and cash bill payment 2 5 1 13 services for utility, auto finance, 13 12 1 insurance, mortgage and government 11 21 31 41 111 industries. The US$750m deal values the Disclosed value (US$b) value Disclosed Number of transactions Number of Number of transactions Disclosed value Ubn company at 2.1x LTM revenue and 8.3x ource: EY analysis, Capital I, ergermarket

Note: 1. Includes two major announced deals — US$43.4bn acquisition of Worldpay by FIS and US$41.3bn 1 FIS Press Release acquisition of First Data by Fiserv 2 First Data Press Release 15 #payments Volume 23 M & A activity

LTM EBITDA. The transaction is expected M&A outlook to help ACI expand its presence in existing and complementary segments Despite global geopolitical uncertainties, such as consumer finance, insurance, investment activities in payments have healthcare, higher education, utilities, remained strong, reflecting the sector’s Consolidation will remain government and mortgage. This would long-term sustainable market enable the combined company to more opportunities. As demonstrated by the a key theme of M&A, as effectively serve a rapidly-evolving two biggest transactions this quarter, players seek scale and category as well as pursue additional consolidation will continue to be a major vertical segments. It would also enable theme of M&A, as players seek scale and capabilities. ACI to strengthen and add scale to its On- capabilities. Demand platform business.3 Fig. 2: Median enterprise value multiples Also in Q1, GB Group acquired a 100% stake in IDology Inc., a US-based provider 2x 1 1x of identity verification and fraud 12 detection services, at an implied valuation 1x of US$300m. IDology helps merchants 14x 124 125 increase customer acquisitions by enhancing their ability to verify more 12x 14 users and decrease fraudulent 1x transactions. The deal is thought to x strengthen the identity verification and x fraud prevention product portfolio of GB 4 34 4x Group and help the UK-based company 23 27 17 gain a strong foothold in the North 2x American market while building strengths x in electronic identity verification.4 215 21 217 21 21 Revenue multiple EBITD multiple Small increase in valuations The median EBITDA multiple for all disclosed deals year-to-date increased Fig. 3: Targets by region Fig. 4: Targets by segment from 12.4x in 20185 to 12.5x in 2019. Represents share of each region by Represents share of each segment The median revenue multiple for the number of deals by number of deals same period also increased from 2.7x 3 2 to 3.4x. 5 21 21 5 1 1 Deal by region and segment 21 21 In Q1 2019, deal targets were based in 4 4 4 42 • North America — 40% 22 • Europe — 28% • Asia-Pacific — 22% 12 17 Opportunities in the market are expected 2 to increasingly attract cross-border Payment cceptance Devices + oftware buyers, driving further M&A activity North merica lternative payment systems across the globe in 2019. Europe Processing sia Couponing and loyalty iddle East, frica (E) oney transfer outh merica Issuing ustralia ecurity ource: EY analysis, Capital I, ergerstat Database, Data analytics and acuiring Company websites

3 Mergermarket 4 GBG Press Release Andreas Habersetzer Dawei Wang 5 Includes all deals in 2018 16 #payments Volume 23

Venture capital funding activity

M&A activity and deal Payments acceptance devices Investors focus on new characteristics attract one-third of deals payment channels VC investment in the payments sector A notable emerging trend in VC this quarter was the strongest seen in investments is the increasing Q1 at a glance: two years, a result which demonstrates prominence and rising acceptance of the investor appeal of this dynamic new payment channels, as advanced market. A large number of companies authentication methods such as coming into the market provide tokenization and biometrics increase 88 plentiful opportunities for VC investors. security. The adoption of mobile wallets venture capital (VC) deals — is also expected to gain traction as the the highest quarterly result Most funding activity this quarter was industry moves toward a collaborative contributed by early stage and seed in two years and an almost ecosystem enabled by integrated and investments. As in Q4 2018, many seamless payment experiences. 13% increase from Q4 2018 targets were businesses focused on payments acceptance devices This quarter, Grab received US$1.5b and alternative payment systems. in funding from the Softbank Vision Transactions involving payments Fund (in March) and US$350m from US$5.8b acceptance devices accounted for Tokyo Century (in January). Similar to total VC deal value 33% of deals, with those in the money Go-Jek (which received an additional transfers segment accounting for 19%. US$100m of funding in March), Singapore-based Grab offers a mobile Again this quarter, Asia was the region technology platform that integrates which attracted most transactions city transportation for drivers and US$1.85b (31%), followed by North and Central customers in Southeast Asia with VC investment in Grab America (30%), and Europe (27%). Asia mobile wallet payment solutions. The accounted for 68% of total deal value, solution enables consumers to make followed by North and Central America credit transfers and transact at the (22%), and Europe (5%). point-of-sale (POS), while providing Continuing strong investments in Asia an enhanced payments experience highlight positive investor sentiment when used with Grab-rides and Grab- driven by expected robust growth food. The Grab experience highlights in emerging economies. The use of how payments have percolated B2B cross-border payments electronic payments in the region is on through other sectors and can form the foundation for consumer data remain a major pain point the rise due to favorable demographics, the push for financial inclusion, acquisition which supports broader for businesses, where supportive regulatory changes, FinTech business propositions. This latest reconciliation of invoices innovation and a gradual increase in funding will be used to help develop the adoption of alternative payment the app in Southeast Asia, expand into and payments are still methods. new business verticals and roll out a challenging. broader range of services.1

1 Techcrunch Venture capital 17 #payments Volume 23 funding activity

B2B cross-border payments Fig. 5: Venture capital deal produce latest unicorn 1, 15,72 Another major deal in Q1 was DST 5,1 Global’s US$100m investment in 7 74 7 Airwallex, which began as a cross- 5, border B2B payments provider and, 54 4,7 4, on the back of this funding, has 53 5 become one of the fastest start-ups 3, 4 to gain unicorn status. The valuation 3 of the business reflects the fact that 2, 1,73 Disclosed value (US$m) value Disclosed B2B cross-border payments remain a 1,41 2 transactions Number of 1, major pain point for businesses, where 1 reconciliation of invoices and payments is still challenging. 21 1 21 21 21 3 21 4 21 1

Airwallex has gained a strong foothold Number of investments Disclosed value (Um) in the Asia-Pacific, particularly in Note: 1 Includes U14b funding raised by nt inancial from Temasek Holdings, GIC and other investors Australia, mainland China, and Hong Kong and would like to expand globally, Fig. 6: Number of deals by funding stage (in %) especially in Europe. Airwallex founders also have plans to grow beyond B2B 1 25 24 cross-border payments and build the 3 3 next generation of financial services 7 5 4 11 infrastructure globally. 5 7 15 5 1 VC investment trends 11 Throughout 2019, we expect more 1 11 15 investment as non-payment providers 2 14 move into payments and associated payments services, and crypto 37 35 currency-driven e-wallets gain traction 3 27 2 in certain markets. 21 1 21 2 21 3 21 4 21 1

Ventureseed eries eries B eries C eries DE ther

Fig. 7: Investment by sectors (in %) Fig. 8: Investment by region (in %)

1 2 4 3 3 3 7 7 4 1 1 1 21 1 1 7 1 23 14 21 4 7 2 11 1 31 Andreas Habersetzer 15 7 12 14 1 27

44 42 43 2 33 3

21 1 21 2 21 3 21 4 21 1 sia ceania Payment acceptance devices oney transfer North Central merica outh merica lternative payment systems Processing ecurity Europe Dawei Wang Couponing and loyalty Issuing thers1 iddle East, frica (E) Note: 1 Includes T, cuiring and Data analytics 18 #payments Volume 23 Transaction overview Q4 2018

M&A

Enterprise Date Target Country/ Country/ Stake Target description Buyer(s) value announced company region region (%) (US$m)

1 01 January Weizmann Forex Weizmann Forex Limited provides money EbixCash World India — 75% 2019 Limited changing and transfer services. It purchases Money Limited and sells foreign currencies, notes and provides Weizmann Forex co-branded prepaid forex cards, Weizmann Forex multi-currency travel cards.

2 02 January E-payment Hong Kong PAX Global Technology Limited, an investment Hi Sun Hong Kong — — 2019 Terminal , engages in the development Technology products from and sale of electronic funds transfer point-of- (China) Ltd PAX Global sale products worldwide. Group

3 03 January YouFirst Money India YourFirst Money Express offers a wide range of EbixCash World India — 10% 2019 Express Pvt. versatile gifting solutions which include a Money Limited Ltd. variety of prepaid gift cards and vouchers.

4 07 January Besepa Spain Besepa Technologies S.L. develops direct debit Enxendra Spain — 100% 2019 Technologies platform API. As of January 7, 2019, Besepa Technologies SL S.L. Technologies S.L. operates as a subsidiary of Enxendra Technologies S.L.

5 07 January Kaalbi India Kaalbi Technologies Pvt Ltd. provides a cloud Radware Ltd. Israel — 100% 2019 Technologies based solution that protects online businesses Pvt Ltd. from bots and Web scraping.

6 08 January First Billing United States First Billing Services, LLC provides electronic bill Paya, Inc. United States 57.5 100% 2019 Services, LLC presentment and payment solutions to utility and municipal government clients.

7 08 January QUOVO INC. United States QUOVO INC. develops and markets a platform Plaid Inc. United States — 100% 2019 that provides financial analytics, data management, and insights to small and mid- sized investors.

8 09 January CenPOS, LLC United States CenPOS, LLC provides payment platforms for Elavon Inc. United States — 100% 2019 merchant commerce. The company provides enterprise, data security, and payment solutions.

9 09 January DialCom24 Poland DialCom24 Sp. z o.o. develops and provides Dotcard Sp. z Poland — 100% 2019 Sp. z o.o. Przelewy24, an online payment platform. o.o.

10 10 January GreenSky, Inc. United States GreenSky, Inc., a technology company, provides Dragoneer United States — 13% 2019 point-of-sale financing and payment solutions to Investment merchants, consumers, and banks. Group, LLC

11 10 January Bohemian Sweden Bohemian Wrappsody AB develops a reward Meniga Ltd United — 100% 2019 Wrappsody AB application that connects to client’s bank card Kingdom to get personal rewards and offers from shops and brands.

12 16 January First Data United States First Data Corporation provides electronic Fiserv, Inc. United States 41215.6 100% 2019 Corporation commerce solutions for merchants, financial institutions, and card issuers worldwide.

13 18 January Coins.ph Philippines Coins.ph Pte. Ltd. provides a mobile wallet that PT Go-Jek Indonesia 72.0 100% 2019 empowers consumers and small businesses to Indonesia access various financial services.

14 22 January Prisma Medios Argentina Prisma Medios de Pago S.A. develops multi- AI Zenith Netherlands — 51% 2019 de Pago S.A. platform solutions for various processing and (Netherlands) payment methods. BV

15 22 January Repay Holdings, United States Realtime Electronic Payments (REPAY) is a full Thunder Bridge United States 672.6 100% 2019 LLC service provider of electronic transaction Acquisition, Ltd. processing services for retail merchants. 19 #payments Volume 23 Transaction overview Q1 2019

M&A

Enterprise Date Target Country/ Country/ Stake Target description Buyer(s) value announced company region region (%) (US$m)

16 22 January Flypay Limited United Flypay Limited provides a app Just Eat plc United 31.0 92% 2019 Kingdom for the hospitality business. It offers Flypay Kingdom that enables users to check, split, and pay bills at restaurants.

17 22 January SBI Payment India Provide cashless transactions by accepting Hitachi Payment India — 26% 2019 Services (SPS) payments through digital payment acceptance Services Pvt Ltd touch points with products like Point of Sale machines (PoS), Bharat QR and BHIM--SBI.

18 26 January SandPay China SandPay Network Service Development Co., Shanghai China 155.0 8% 2019 Network Service Ltd. offers financial payment solutions to Shanrui Development merchants. The company offers card issuance Investment Co., Co., Ltd. and acceptance, payment, and mobile Ltd. payment services.

19 29 January Reliant Account United States Reliant Account Management, LLC provides Capitala Group; United States — 100% 2019 Management, third party payment processing services to Westshore LLC facilitate commercial transactions. The Capital Partners company provides payment gateway to link client and merchant processors.

20 30 January Euroclear Belgium Euroclear Holding SA/NV is a financial market London Stock United — 5% 2019 Holding SA/NV infrastructure company, which provides Exchange Group Kingdom settlement, custody, and collateral plc management services in Europe.

21 31 January Paygent Co.,Ltd. Japan Paygent Co.,Ltd. provides payment collection NTT DATA Japan 115.8 50% 2019 services to e-commerce companies. It offers Corporation settlement options, advanced data security, and management screens and connection modules.

22 31 January BillBird SA Poland BillBird SA provides bill payment and money Centrum Poland — — 2019 transfer services in Poland. Its products enable Rozliczen customers to pay their household bills at Elektronicznych supermarkets, grocery stores, convenience Polskie stores, and gasoline stations; and billers to ePlatnosci S.A. accept payments from consumers for mass bills.

23 31 January Netmove Japan Netmove Corporation provides payment SBI Sumishin Japan — 100% 2019 Corporation gateway services. Net Bank, Ltd.

24 31 January AthleteTrax, LLC United States AthleteTrax is a payments-focused software Synergy United States — 100% 2019 platform that serves recreational sports Commerce, LLC leagues and facilities through a POS system.

25 01 February All Assets and United States All Assets and Intellectual Property of FS Card Continental Fi- United States — 100% 2019 Intellectual comprises the business of providing and issuing nance Company Property of FS credit cards to people with bad or no credit. LLC Card

26 06 February Joint-Stock Russia Joint-Stock Company ELECSNET provides a Credit Bank of Russia — 49% 2019 Company payment service that allows consumers to Moscow (public ELECSNET make electronic payments. It also offers joint-stock processing services to banks for the payment company) of telecommunication operators and other providers in their ATM networks and Internet banking systems.

27 07 February PEIMI, S.A.P.I. Mexico PEIMI, S.A.P.I. de C.V. owns and operates a Rappi S.A.S. Colombia — 100% 2019 de C.V. social peer-to-peer payment platform. 20 #payments Volume 23 Transaction overview Q1 2019

M&A

Enterprise Date Target Country/ Country/ Stake Target description Buyer(s) value announced company region region (%) (US$m)

28 08 February Syspay Ltd. Malta Syspay Ltd. develops and offers multi-currency EMPcorp Luxembourg — 100% 2019 and payment platform.

29 11 February The StoneEagle United States The StoneEagle Group designs, develops and F&I United States — 100% 2019 Group delivers software solutions and enterprise Administration (nka:StoneEagle administration systems.The company provides Solutions, LLC F&I) SEcureCard, a business to business payment solution that addresses the specific needs of the service contract administrator.

30 11 February IDology, Inc. United States IDology, Inc. develops digital identity GB Group plc United 300.0 100% 2019 verification and authentication solutions. Kingdom

31 11 February RevChip United States RevChip is the most complete software for EMV ACI Worldwide United States — 100% 2019 and . RevChip removes the operational complexities of EMV. It installs simply and runs in a manner customary to merchants and support staff.

32 11 February Transend United States TranSend provides infrastructure software and ACI Worldwide United States — 100% 2019 services to the payments industry. It is specialized in EMV, transaction switching, terminal management, and point-of-sale optimization solutions.

33 12 February GiftCertificates. United States GiftCertificates.com, Inc. provides e-commerce Tango Card, Inc. United States — 100% 2019 com, Inc. reward solutions and gift products for corporate and consumer markets.

34 13 February Woolworths South Africa Woolworths Holdings Limited provides financial — — — — 2019 Holdings Limited products and services, such as store cards, credit cards, and personal loans.

35 14 February World First U.K. United World First U.K. Ltd. provides foreign exchange Ant Financial China — 100% 2019 Ltd. Kingdom and money transfer services to individuals and Services Group businesses. It offers services in the areas of online seller accounts, corporate accounts, personal accounts, exporters, marketplaces, Amazon, and Lazada.

36 15 February UAB Baltic Lithuania UAB Baltic Banking Services develops banking iSignthis Ltd Australia 3.4 100% 2019 Banking software applications. Services

37 18 February Canvas Singapore Canvas comprises a prepaid visa card brand. Singapore Life Singapore — 100% 2019 The asset is located in Singapore. Pte. Ltd.

38 19 February Buyatab Online Canada Buyatab Online Inc. provides eGift Card online Stored Value United States — 100% 2019 Inc. infrastructure and marketing services for Solutions medium-and large-sized businesses for merchants in the United States, Canada, Europe, and Asia.

39 22 February Electronic United States Electronic Calculators, Ltd., doing business as, NCR United States — 100% 2019 Calculators, Ltd. BEC provides hospitality Point-of-Sale Corporation technology.

40 22 February nCipher Security United nCipher Security Limited designs and develops Entrust United States — 100% 2019 Limited Kingdom cryptographic and security solutions for Datacard general purpose hardware, cloud, blockchain, Corporation and digital payments applications.

41 26 February Alpha-Cash OHG Germany Alpha-Cash OHG manufactures electronic Heidelberger Germany — 100% 2019 payment and point-of-sale (PoS) devices. Payment GmbH 21 #payments Volume 23 Transaction overview Q1 2019

M&A

Enterprise Date Target Country/ Country/ Stake Target description Buyer(s) value announced company region region (%) (US$m)

42 28 February SpeedPay, Inc. United States SpeedPay, Inc. provides electronic and cash bill ACI Worldwide, United States 750.0 100% 2019 payment services for utility, auto finance, Inc. mortgage, insurance and government industries.

43 28 February Benefit Mobile, United States Benefit Mobile, Inc. develops a mobile payment National Gift United States — 100% 2019 Inc. application that can be used at checkout for Card shopping in store and online. It serves Corporation consumers, fundraisers, partners and merchants.

44 04 March Currency Australia Currency Technologies Pty Ltd develops an World First Pty Australia — 100% 2019 Technologies integrated foreign exchange payments and Ltd Pty Ltd hedging SaaS solution.

45 04 March Red Comercial Mexico Red Comercial Influyente, S.A.P.I. de C.V. Fomento Mexico — 30% 2019 Influyente, develops and operates a mobile Económico S.A.P.I. de C.V. application software. Mexicano, S.A.B. de C.V.

46 05 March Nvoicepay, Inc. United States Nvoicepay, Inc. develops and provides cloud- FleetCor United States — 100% 2019 based accounts payable software solutions. It Technologies, offers payment automation software that Inc. enables customers to pay their invoices electronically.

47 06 March Raya Holding for Egypt Raya Holding for Financial Investments SAE Mona Khair Germany 210.5 37% 2019 Financial provides e-payments solutions and financial Eldin & Partners Investments services, as well as microfinance services to Company SAE craftsmen, small businesses, and microenterprises.

48 07 March Blackboard United States Blackboard Transact Business Unit Including Reverence United States — 100% 2019 Transact comprises campus engagement and Capital Partners Business Unit payments solutions business. LLC Including Cashnet

49 08 March Trans-Fast United States Trans-Fast Remittance LLC provides payments Mastercard United States — 100% 2019 Remittance LLC network solutions. It offers person-to-person, Incorporated business-to-person, and business-to-business payments services through API, SFTP, web, and mobile product applications.

50 08 March OpusCapita Finland OpusCapita Solutions Oy through its platform Providence United States — 100% 2019 Solutions Oy offers payment solutions, such as Source-to- Equity Partners Pay, Cash Management, and Product LLC Information Management (PIM).

51 11 March Way2pay Ireland The Way2Pay gateway provides integrated EVO Payments, United States — 100% 2019 Limited payment solutions for schools and clubs in Inc. Ireland and the UK.

52 11 March Ecentric South Africa Ecentric Payment Systems (Pty) Ltd develops a Financial India — 46% 2019 Payment third party payment platform. It provides card Software & Systems (Pty) processing, remittances, issuing, cash Systems Pvt. Ltd management, and reconciliation services. Ltd.

53 12 March Linq3 United States Linq3 Technologies operates a payments InComm, Inc. United States — 100% 2019 Technologies platform used in the sale of lottery products, LLC ATMs and other POS devices. 22 #payments Volume 23 Transaction overview Q1 2019

M&A

Enterprise Date Target Country/ Country/ Stake Target description Buyer(s) value announced company region region (%) (US$m)

54 12 March Ethoca Limited Canada Ethoca Limited provides technology solutions Mastercard United States — 100% 2019 that assist merchants and card issuers Incorporated collaborate in real time to identify and resolve fraud in digital commerce. It offers solutions to enhance card acceptance, stop fraud, recover lost revenue and eliminate chargebacks from fraud.

55 12 March Software Brazil Software Express provides technology First Data United States — 100% 2019 Express solutions to merchants of different sizes, Corporation Informática Ltda including multi-acquirer EFT, multi-acquirer EFT POS, reconciliation, a payments gateway and automated recurring payments.

56 15 March Digital Asset Vietnam Digital Asset Management Holding Joint Stock HVA Investment Vietnam — 30% 2019 Management Company develops blockchain software for Joint Stock Holding Joint trading and management of digital assets, Company Stock Company bonds, and stocks.

57 18 March Worldpay, Inc. United States Worldpay, Inc., through its subsidiary, Fidelity National United States 43406.3 100% 2019 Worldpay Holding, LLC, provides electronic Information payment processing services in the United Services, Inc. States, Europe, Asia, and Australasia. It offers solutions including Technology Solutions, Merchant Solutions and Issuer Solutions.

58 19 March OK IT B.V. Netherlands OK IT B.V. develops and offers OK, a payment Talpa Holding Netherlands — — 2019 and loyalty application, that allows users to N.V. make payments in stores as well as serves as a wallet for storing store loyalty cards.

59 19 March Qwikcilver India Qwikcilver Solutions Pvt Ltd. designs and Pvt. India 110.0 100% 2019 Solutions Pvt develops SaaS based gift card exchange Ltd. Ltd. platform. The company offers pre-paid cards, electronic and physical gift cards, E-promotion cards, loyalty programs, discount cards, and other physical and virtual card based programs.

60 20 March Transerv Pvt. India Transerv Pvt. Ltd., a digital payment company, Indiabulls India 15.9 42% 2019 Ltd. provides payment program management Consumer solutions to engage in cash free transactions Finance Limited for individuals, corporates and partner merchants.

61 21 March ayCash GmbH Germany ayCash operates well-known digital properties, First Data United States — 100% 2019 YesCash and Cash4Less, and offers technical Corporation solutions for and credit card acceptance to DACH-based merchants.

62 21 March Amplified Nigeria Amplified Payment Systems Ltd develops an One Finance Nigeria — 100% 2019 Payment online payment platform that accepts and Limited Systems Ltd manages one-time and recurring payments for subscription businesses in Nigeria.

63 25 March Fuel Card Netherlands — WEX Inc. United States — 100% 2019 Business of Euro Garages Limited

64 26 March Message Mobile Germany Message Mobile GmbH, a leading provider of MIND C.T.I. Ltd Israel 3.0 100% 2019 Gmbh enterprise messaging, communication and payment solutions.

65 27 March Octopus Retail Singapore Octopus Retail Management Pte. Ltd. offers Shopmatic Pte. Singapore — 51% 2019 Management retail management solutions from the Point of Ltd. Pte. Ltd. Sales (POS) to the back-of-house inventory to customer relationship management and e-commerce. 23 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

1 04-01-19 Payformance, USA N/D 3.00 3.00 - Payment Develops Infinicept a suite of LLC acceptance automated services that supports devices + merchant acceptance, Software underwriting, boarding, and back office operations.

2 07-01-19 Grab Singapore H 350.00 6400.00 Tokyo Century Alternative Offers mobile wallet payment payment solution. systems

3 07-01-19 KinerjaPay Indonesia N/D 200.00 200.00 Investa Wahana Payment Provides digital payment Group acceptance solutions to brick-and-mortal devices + businesses in Indonesia and Software South East Asia regions.

4 07-01-19 PayGenius South Africa N/D — — — Processing Provides payment processing (Pty) Ltd services.

5 07-01-19 Zwipe Norway Venture 13.92 35.00 — Security Offers a fingerprint reader for contactless payment cards.

6 10-01-19 Akulaku Indonesia D 100.00 220.00 Ant Financial Alternative It is a multinational e-commerce payment platform that offers online systems services such as cardless installment shopping, cash loan, bills payment, mobile and game top ups on installment and travel and leisure packages on Installment.

7 10-01-19 BITROCK Singapore N/D 4.00 4.00 Yeecall Alternative Develops blockchain based PTE.LTD. payment software and operates electronic systems payment wallet for digital assets management.

8 10-01-19 Digiteal Belgium Debt 0.96 1.97 — Payment Develops platform for electronic acceptance invoicing and payments. devices + Software

9 11-01-19 ePaylater India Seed — 3.30 ICICI Bank Payment Provides digital payment solution acceptance that enables a "Buy Now, Pay devices + Later" solution for frequent Software online purchasers.

10 11-01-19 Yourpay Denmark Venture 3.40 3.40 Nordica Capital Processing Works as a payment facilitator Partners, Artha and offers a payment gateway. Kapitalforvaltning

11 12-01-19 USA N/D 42.62 246.90 Amazon Alternative Provides consumers, merchants, payment and developers a way to pay and systems get paid online.

12 14-01-19 AccessPay UK Venture 11.55 12.83 Beringea Payment Develops and offers cloud-based acceptance payment and cash management devices + solutions. Software

13 16-01-19 Instamojo India B 7.00 10.10 AnyPay Processing Allows users to create payment link, share with customers, and collect payment from anywhere.

14 18-01-19 Momo Vietnam C 100.00 133.80 Warburg Pincus Money transfer Provides and develops ewallet and payments app that allows users to pay online and transfer money to each other digitally. 24 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

15 18-01-19 Allied USA Venture 4.00 5.90 — Money transfer Offers online bill payment Payment services for financial institutions Network including banks, credit unions, and direct customers.

16 18-01-19 Kiwi Switzerland A 2.80 3.70 investiere | Verve Processing Offers acceptance of card Capital Partners payments between micro, small and medium enterprises.

17 18-01-19 PayTrip SAS France Venture 1.14 1.14 — Money transfer Provides payment facilitation services. The company opens accounts of customers in order to contain and transfer funds directly from accounts.

18 21-01-19 Mooncard France A 5.70 5.70 RAISE Issuing Operates as an online platform which allows businesses to track and manage its expenses incurred with plastic cards.

19 21-01-19 Tangem Switzerland Seed 15.00 15.00 SBI Crypto Alternative Develops blockchain smart card Investment payment wallets. systems

20 22-01-19 Dosh USA B 20.00 77.00 Western Couponing/ Provides cash reward platform Technology Loyalty that provides offers attached to Investment any credit/debit card allowing consumers to earn on every transaction.

21 25-01-19 BRD Switzerland B 15.00 54.00 SBI Crypto Alternative Designs and develops Investment payment cryptocurrency wallet which systems enable users to send and receive any amount of money, anywhere, at any time with financial privacy.

22 26-01-19 Fire Financial Ireland N/D 3.42 8.17 Colm Lyon Payment Offers online payment solutions Services acceptance to businesses and individuals. Limited devices + Software

23 27-01-19 Featurespace United Venture 32.99 71.20 MissionOG Security Provides adaptive behavioral Kingdom analytics solutions for fraud prevention in payment transactions.

24 28-01-19 Mobeewave Canada B 3.50 26.60 Samsung Venture Payment Provides secure and contactless Investment acceptance payment-acceptance capability devices + software for mobile phone. Software

25 29-01-19 Petal USA B 30.00 46.60 Valar Ventures Issuing Develops and issues credit cards to people who do not have traditional credit history, students, and immigrants.

26 29-01-19 USA E 100.00 793.50 Tiger Global Payment Develops application Management acceptance programming interfaces (APIs) devices + and tools that enable businesses Software to accept and manage online payments.

27 30-01-19 Mimiro USA B 30.00 38.20 Index Ventures Security Provides data intelligence to help firms understand the risk of who they’re doing business with, while automating compliance and risk processes. 25 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

28 31-01-19 TRM Labs El Salvador Seed 1.70 1.70 Blockchain Capital Security It operates token relationship management (TRM), a platform that uses machine learning to help clients manage relationships with their customers, and detect and block suspicious activity.

29 31-01-19 FWDPay Netherlands Seed 17.16 17.16 Startupbootcamp Payment Develops a social payment Commerce acceptance software application that enables Amsterdam devices + others to transact via direct Software debits.

30 31-01-19 TypingDNA USA Seed 1.50 1.60 Techstars, Gecad Security Develops and builds biometrics Ventures, security solutions based on Gapminder VC individual typing patterns of people used to protect SaaS, Web applications, eLearning, ePayments, and devices.

31 31-01-19 Line Pay Japan N/D 184.22 184.22 LINE Corporation Money transfer Designs and develops a mobile money transfer and purchasing.

32 07-02-19 Bink UK A 12.95 23.40 Couponing/ Develops a mobile application Loyalty that links card payment to loyalty schemes.

33 11-02-19 Second USA A 20.00 25.00 Goldman Sachs Data analytics Analyzes credit card transactions Measure to answer real-time questions on consumer behavior.

34 12-02-19 Tango Card USA Venture 10.00 54.80 FTV Capital Couponing/ Develops a platform to send Loyalty digital rewards for enterprise customers. The company’s reward delivery platform helps in sending e-gift cards, prepaid cards, and non-profit donations.

35 12-02-19 Chainanalysis USA B 30.00 47.60 Accel Security Designs and develops anti-money laundering software for Bitcoin businesses.

36 12-02-19 SendFriend USA Seed 1.70 1.70 The Legatum Money transfer Uses blockchain technology Center, Techstars, for money transfer which Taiyou Fund, reduces cost. Ripple, New York Angels, Mahindra finance, MIT delta v, MIT Media Lab, Deloitte, Barclays, 2020 Ventures, 8 Decimal Capital

37 12-02-19 Qu USA B 10.00 12.90 Cota Capital Payment Develops omni-channel point of acceptance sale technology software for devices + restaurants. Software

38 13-02-19 Rapyd UK B 40.00 40.00 Stripe Payment Operates as a cardless mobile acceptance payment network that provides devices + modular payment services for Software financial needs.

39 13-02-19 Vbill China N/D — — EQT Alternative Provides third-party payment payment services in mainland China. systems

40 13-02-19 OpenSparkz Australia Seed 1.06 1.83 Louise Daley Couponing/ Develops and provides loyalty Loyalty and offers enablement platform. 26 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

41 14-02-19 SBI South Korea Venture 2.66 2.66 SBI FinTech Money transfer Provides overseas remittance Cosmoney Solutions Co., Ltd. services in the Philippines, Co., Ltd. Vietnam, Cambodia, China, Indonesia, and Nepal.

42 18-02-19 GoCardless United E 75.00 122.30 Salesforce Processing Provides online payment Kingdom Ventures processing services to businesses.

43 19-02-19 NsKnox Israel A 15.00 15.00 Viola Ventures Security Provides security that protect payment by automatically detecting and preventing fraud attempts in real time.

44 20-02-19 InfraDigital Indonesia Seed — — AppWorks Payment Provides online payment services Nusantara acceptance which can be used by offline devices + billers such as schools, Software foundations, or course institutions, and others.

45 21-02-19 Coindirect Isle of Man Seed 1.14 1.14 Concentric Alternative Develops and provides wallet to payment buy,store, and convert systems cryptocurrencies.

46 21-02-19 BharatPe India A 17.00 19.00 Money transfer Provides QR code-based payment India app for offline retailers and businesses.

47 22-02-19 Yordex United Seed 0.65 0.65 Bloc Ventures Money transfer Operates as a spend management Kingdom platform to save cost, increase visibility into spend, get paid on time and improve cash flow.

48 28-02-19 TeamApt Nigeria A 5.50 5.50 Quantum Capital Payment Provides financial technology for Partners acceptance developing Digital Banking, devices + Business Solutions and Payments Software Infrastructure.

49 04-03-19 Simplepay Australia Seed 5.00 5.00 Versatile Group Payment Develops mobile apps for point of Group acceptance sale payments. devices + Software

50 04-03-19 DIRIGIO, Inc. Japan N/D — — KLab Venture Payment Develops a mobile payment Partners Co. Ltd, acceptance application. iSGS Investment devices + Works, Inc., Japan Software Angel Fund, Yu Akasaka, Nobuhiro Ariyasu and Jun Nishikawa

51 04-03-19 Go-Jek Indonesia F 100.00 3100.00 PT. Astra Payment Provides transportation, International Tbk — acceptance logistics, mobile payments and TSO Salemba devices + food delivery services. Software

52 04-03-19 Curlec Malaysia Seed — — Captii Ventures Payment Develops and provides bank-to- acceptance bank payment system that devices + enables businesses to easily Software collect payments from their customers.

53 04-03-19 SymphoPay Romania Venture 0.74 1.36 Early Game Payment Allows merchants and banks to Ventures acceptance centralize card payments through devices + POS on a single platform. Software 27 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

54 06-03-19 BAM USA Debt 30.00 10.00 Solar Capital Processing Provides and develops solutions Worldwide Partners for payment processing and invoice automation.

55 06-03-19 Sea Singapore IPO 1400.00 2600.00 Holdings Alternative Provides e-wallet services to payment consumers through AirPay App. systems

56 06-03-19 Grab Singapore H 1500.00 8100.00 “SoftBank Vision Alternative Offers mobile wallet payment Fund” payment solution. systems

57 07-03-19 Heliocor United A 2.50 2.50 — Security Develops and provides solutions Kingdom for anti-fraud detection and prevention.

58 08-03-19 "Danal Co Ltd USA Debt 13.26 99.03 BNK Securities Co. Alternative Offers digital content payment " Ltd., Industrial payment services, smartphone barcode Bank of Korea, KEB systems payment services, and cell phone Hana Bank, NH billing services. Investment & Securities Co. Ltd., Samsung Securities Co. Ltd.

59 08-03-19 Lightspeed Canada IPO 179.00 471.00 — Payment Provides point of sale and POS acceptance omnichannel transactions devices + solutions for retailers and Software restaurateurs to manage their businesses.

60 11-03-19 Dopay United Debt 1.12 4.40 FMO (Dutch Issuing Provides a cloud-based payroll Kingdom development bank) service and issues DoPay card and Dopay app for making payments electronically.

61 11-03-19 SendFX Pty Australia Venture 0.28 0.28 Novatti Group Money transfer Offers cross-border remittance Ltd Limited and payment services to individuals and SMEs.

62 11-03-19 Silot Singapore A 8.00 11.70 SBI Investment Payment Provides payments acceptance acceptance solutions to merchants through devices + a range of touch points, e.g., Software QR codes.

63 13-03-19 Mswipe India E 31.59 97.50 Falcon Edge Payment Provides mobile POS solution Capital, Logo of acceptance that works with smartphones, Epiq Capital, DSG devices + tablets, computers, and links to Consumer Software bank account. Partners, B Capital Group

64 13-03-19 The Canada N/D 0.75 111.49 — Alternative Offers mobile application which Corporation payment linked to a global systems in UAE.

65 14-03-19 PT. Visionet Indonesia Venture — — PT. Tokopedia Payment Designs and develops application Internasional acceptance software for the payment (OVO) devices + solutions. Software

66 14-03-19 Zip Co Australia N/D 36.83 84.60 — Alternative Provides point-of-sale credit and Limited payment digital payment services to systems consumers and merchants in Australia and New Zealand. 28 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

67 15-03-19 Innoviti India Debt 11.50 24.60 Trifecta Capital Payment Develops payments processing, Advisors acceptance credit distribution, and payments devices + management software solutions. Software

68 18-03-19 InstaReM Singapore C 21.00 59.00 Vertex Growth Money transfer Provides digital international Fund money transfer services to individuals and businesses.

69 18-03-19 MoolahGo Singapore Venture — — Eric Barbier Money transfer Provides currency exchange and Pte. Ltd. cross-border payments to individuals and businesses.

70 18-03-19 Novatti Group Australia Debt 1.42 9.72 — Payment Develops mobile and alternate Limited acceptance payment technology for service devices + providers in the utilities industry. Software

71 18-03-19 Wallet.ng Nigeria Seed 0.15 0.15 Y Combinator Money transfer Provides accessible payments by enabling users to send, receive money, and make payments through a phone.

72 18-03-19 VertoFX USA Seed 0.15 0.15 Y Combinator Money transfer Provides easy access to foreign currencies with seamless international online payment services.

73 19-03-19 Bankify Ltd Finland Venture — 0.29 Plug and Play Alternative Develops a social wallet that Tech Center payment helps users to balance money systems spending within their social network.

74 19-03-19 Paygevity, USA Debt 0.10 1.50 — Payment Provides payment processing Inc. acceptance technology platform that devices + integrates vendor management, Software vendor payments, and a vendor analytics dashboard.

75 19-03-19 YuuZoo Singapore N/D 22.21 33.21 Swiss-Asia Processing Engages in social networking, Networks Financial Services e-commerce, payments, and Group Pte Ltd gaming businesses in Singapore Corporation and internationally. Its mobile payment segment provides a payment platform enabling both online and mobile payment processing solutions.

76 21-03-19 Marqeta USA E 250.00 366.30 — Payment Develops platform for innovators acceptance who want a simplified way of devices + managing payment programs so Software they can power new modes of commerce.

77 21-03-19 Tigapo Israel Seed 1.00 1.00 Chazen Capital Alternative Provides a payment platform to Partners, LLC payment pay for services with phones or systems NFC tags.

78 21-03-19 Bitmo USA Seed 3.00 4.50 “Longboard Couponing/ Provides user to send a gift card Capital, Jeff Haux, Loyalty as easily as a text and exchange Everplus Capital” unwanted gift cards with no fee.

79 22-03-19 PhonePe India Venture 107.56 305.43 Payments Money transfer Provides a mobile payments app Private Pvt. Ltd. that allows you to transfer Limited money. 29 #payments Volume 23 Transaction overview Q1 2019

Venture Capital

Date Volume Funding Target Country Round Investor(s) Segment Description announced (US$m) (US$m)

80 22-03-19 SatoshiPay United Venture — 2.00 Aeternity Alternative Provides micropayment platform Kingdom payment that enables digital transactions systems on a micro-scale.

81 25-03-19 VeryConnect United Debt 0.07 0.07 Digital Growth Payment Provides software solution which Ltd Kingdom Fund acceptance includes features like payments devices + processing, member database, Software email campaigns, and donations collection.

82 25-03-19 Rewire Ltd Israel A 12.00 12.00 Viola FinTech Money transfer Provides money transfer services from Israel to internationally.

83 26-03-19 Airwallex Hong Kong C 100.00 202.00 DST Global Money transfer Offers integrated solutions to businesses for cross-border transactions.

84 26-03-19 TransferWise United N/D 29.03 424.73 Merian Chrysalis Money transfer Provides money transfer service Kingdom Investment Co. Ltd allowing private individuals and businesses to send money abroad.

85 27-03-19 MineralTree USA C 50.00 72.70 Great Hill Partners Payment Provides cloud-based software acceptance which automates the invoice-to- devices + payment process for businesses. Software

86 27-03-19 PayIt USA B 100.00 104.50 “Insight Venture Payment Provide solutions that simplify Partners” acceptance doing business with state, local devices + and federal government through Software its mobile transaction and payment platform.

87 28-03-19 Blue Mobile Thailand C — — Ant Financial Processing Provides payment gateway for International Services Group telecom operators in Thailand. Co.,Ltd.

88 29-03-19 Toast USA E 250.00 496.00 Tiger Global Couponing/ Provides all-in-one point-of-sale Management Loyalty for restaurant business and offer integrated rewards program that restaurant owners can use to increase guest frequency. EY Global contacts

Kai-Christian Claus Jan Bellens EY Global Payments Leader, EY Global Sector Leader, EY Innovalue Banking & Capital Markets, Germany, Hamburg Tel: +65 932 961 92 Tel: +49 163 413 1363 [email protected] [email protected]

EY EMEIA contacts

Hamish Thomas Andreas Habersetzer EY EMEIA Payments Advisory Leader, EY EMEIA Payments Transaction London Advisory Leader, London Tel: +44 796 717 6593 Tel: +44 795 735 8698 [email protected] [email protected]

Christopher Schmitz Olivier Perrin Partner, Associate Partner, Germany, Frankfurt France, Paris Tel: +49 160 939 135 45 Tel: +33 1 46 93 70 56 [email protected] [email protected]

Jeroen van der Kroft Gael Denis Executive Director, Partner, Netherlands, Amsterdam Luxembourg Tel: +31 621 251 175 Tel: +35 269 183 0782 [email protected] [email protected]

Karin Sancho David Frias Blanco Partner, Partner, Sweden, Stockholm Spain, Madrid Tel: +46 703 189 767 Tel: +34 660 815 863 [email protected] [email protected]

Dhaval Madlani Executive Director, India, Mumbai Tel: +91 987 020 3606 [email protected] EY Americas contacts

Sean Viergutz Sara Elinson EY Americas Payments Advisory Leader, EY Americas Payments Transaction Atlanta Advisory Leader, New York Tel: +1 404 817 5537 Tel: +1 718 915 4269 [email protected] [email protected]

Edgar Barbosa Jennifer Lucas Senior Manager, Executive Director, Canada, Toronto United States, Charlotte Tel: +1 416 799 2646 Tel: +1 704 277 3782 [email protected] [email protected]

Gustavo Jurado Ivan Habe Partner, Executive Director, Mexico, Mexico City Brazil, São Paulo Tel: +52 (55) 5283 1447 Tel: +55 11 96900 5012 [email protected] [email protected]

EY Asia-Pacific contacts

James Lloyd Robert Colwell EY Asia-Pacific Payments Leader, Partner, Hong Kong Australia, Sydney Tel: +852 9666 4747 Tel: +61 449 144 577 [email protected] [email protected]

Joongshik Wang Partner, Singapore Tel: +65 820 156 04 [email protected] EY | Assurance | Tax | Transactions | Advisory

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