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Payment processor breakdown

Categories : Cash is efficient
August 5, 2016
Tags : Distrust, e-shopping, Payment instruments
The outage impacts online gamblers and shoppers during three weeks, damaging the reputation of the newly public company.
Communication Team / Equipo de Comunicación

UK payment processor Worldpay is currently facing criticism as a part of its customers – mainly e-commerce and gambling websites – have had their payments system blocked during three weeks.

The breakdown caused processing issues to only 1% of Worldpay customers, especially sports betting website Stan James and vintage e-commerce Etsy, but this outage could be enough to damage the reputation of the newly public company. Indeed, its stock price collapsed by more than 3.5% over the last two weeks. Worldpay was previously owned by equity investors Advent International and Bain Capital after they bought it from Royal Bank of Scotland for £2 billion in 2010.

Worldpay declared that the problem arose from new software and system changes on the network and that only one of its servers was impacted. They reported the outage to the Financial Conduct Authority.

The consequences could have been worse as Worldpay’s client portfolio includes British Airways and the National Lottery.

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