Permanent TSB (PTSB), a prominent banking institution headquartered in Dublin, Ireland, has significantly expanded its partnership with Worldpay to offer an upgraded suite of merchant services. This move reflects the bank’s ongoing commitment to providing comprehensive, state-of-the-art payment solutions to its commercial clients.
The extended partnership will see PTSB integrate several new Worldpay services into its existing merchant solutions. Among the additions are Worldpay’s e-commerce platform, which facilitates global online trade, and the Worldpay ePOS, an inclusive point-of-sale and integrated payment solution. These tools are designed to cater to the diverse needs of businesses operating in the increasingly digital and interconnected marketplace.
In addition to these services, PTSB will offer Worldpay’s Dynamic Currency Conversion (DCC) solution. DCC enables cardholders to pay in their preferred currency at the point of sale, providing greater convenience and transparency for international transactions. This feature is expected to be particularly valuable in a market that is becoming increasingly globalized.
According to the 2024 Global Payments Report from Worldpay, Ireland’s e-commerce sector is on a strong growth trajectory, projected to reach $18 billion by 2027, with a compound annual growth rate (CAGR) of 9%. Furthermore, the use of digital wallets is anticipated to increase significantly, both in online transactions and at point-of-sale, further highlighting the need for advanced payment technologies.
The integration of Worldpay’s services aligns with these market trends, offering PTSB’s commercial customers the tools to stay ahead of evolving consumer expectations. As digital and contactless payment methods continue to gain prominence, Worldpay’s advanced payment solutions will enable PTSB’s clients to better manage their payment processes and meet the growing demand for seamless, multi-channel payment experiences.
Jeff Harbourne, Head of Personal Banking at PTSB, emphasized the strategic importance of this partnership: “To achieve our ambition of becoming Ireland’s best personal and business bank through exceptional customer experiences, it is vital for PTSB to offer a best-in-class merchant services solution to both existing and new customers. By partnering with Worldpay, we’re offering a competitive advanced payments solution that enables businesses to grow and accept payments across all channels.”
This expanded service offering aims to support the bank’s broader goal of enhancing its commercial banking solutions. By integrating Worldpay’s advanced technology, PTSB seeks to provide a comprehensive range of payment solutions that are both efficient and aligned with the latest industry standards.
PTSB and Worldpay initially began their partnership in July 2021, leveraging the payments solutions provided by Worldpay’s then-majority stakeholder, FIS. Following the sale of FIS’s stake in Worldpay to the private equity firm GTCR, the partnership has evolved to include additional services that reflect the changing landscape of payment technologies.
The extended partnership underscores a mutual commitment to advancing payment solutions and supporting business growth. Worldpay’s General Manager for Ireland, Garrett Clifford, remarked, “We are delighted to continue working with PTSB to support the growth of their commercial banking solutions. At Worldpay, we focus on making it easy for businesses to manage their payments in-store, online, and over the phone. Together with PTSB, we will bring the best payment solutions to their customers in a seamless manner.”
The expanded agreement between PTSB and Worldpay marks a significant step in enhancing the bank’s merchant services portfolio. By incorporating Worldpay’s advanced payment solutions, PTSB is well-positioned to offer its commercial customers a range of services designed to meet the demands of a rapidly evolving market. As Ireland’s e-commerce sector continues to grow, PTSB’s strategic partnership with Worldpay will play a crucial role in helping businesses navigate the complexities of modern payment systems and capitalize on emerging opportunities.
