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The PayTPV payment platform has grown and become PAYCOMET
This change of identity, form PayTPV to PAYCOMET, is a milestone in company’s growth plan, following the acquisition in 2018 by InnoCells, Banco Sabadell’s corporate venture vehicle.
The technology has added an escrow service to its portfolio of payment solutions for both online and retail sales, oriented to marketplaces and online platforms.
The company has strengthened its teams with experts in strategic areas and opened new offices in Madrid and Barcelona.
The PayTPV payment platform has undergone a significant transformation and increase and is now called PAYCOMET (www.paycomet.com). The change of brand and visual identity responds to an adaptation of fintech to the technological and security challenges posed by the payment industry and digital banking.
Since its inception in 2010, PAYCOMET has stood out as a provider of pioneering innovations in payment solutions, aimed at developing services and solutions in close association with the product and business teams of its customers, and based on the security of transactions as the axis of its strategy. Proof of success can be found in the fact that only 3 years after its founding, PAYCOMET became in 2013 the first payment gateway in Spain to obtain PCI-DSS Level 1 certification, the highest level in the industry’s data security standard.
In 2018, the platform processed nearly 500 million euros in operations. With its new identity, PAYCOMET seeks to position itself as a leading payment platform, recognized for its simplicity, its proximity to the customer, and its innovative DNA. To this end, the company has reinforced its teams with experts in e-commerce, programming, security, regulatory compliance, sales, and customer service. It has also opened new offices in Madrid and Barcelona.
Coinciding with the change of brand, PAYCOMET is integrating into its range of products a new solution aimed at marketplaces and online platforms. This is the escrow service, designed to retain and distribute the deposits of transactions between sellers and buyers. In order to offer this service, it is essential to obtain a Payment Entity license from the Bank of Spain, according to the new European law known as the Second Payment Services Directive, or PSD2. PAYCOMET has held this license since 2017.
With this new service, PAYCOMET has reinforced the range of its omnichannel payment platform. Among its highlighted solutions are the virtual TPV for payments in e-commerce, the IVR service for automatic collections in call centers, and the tokenization of cards for hotel reservation systems. All solutions that allow the processing of 3D Secure payments have been adapted to the new PSD2 regulations. The platform features a control panel and multiuser and multibusiness reports. In addition, PAYCOMET offers its customers a powerful automated anti-fraud system, with scoring rukle and the possibility of creating advanced algorithms.
“Both retail and payment systems are experiencing a key moment, with many changes and significant challenges. We like to see ourselves as a connecting link between the two areas, facilitating transactions, improving sales, and guaranteeing security and compliance with regulations. The growth plan we’re carrying out prepares us to be more competitive, to incorporate talent into our teams, and to offer more and better services, both to our continuing clients and those we’ll soon be adding”
Diego Marcos, CTO and founder of PAYCOMET.
PAYCOMET was acquired at the end of 2018 by InnoCells, the digital business hub and corporate venture arm of Banco Sabadell. The entity’s objective is the creation of a service platform for businesses that integrates various solutions, to promote a holistic range of services and a stronger relationship with the customer.
As a result of this strategic acquisition, Jordi Pascual, Director of E-commerce and Acquiring Payments at Banco Sabadell, will be leading PAYCOMET as CEO, simultaneous with his position and functions within the Banco Sabadell structure. “With the birth of PAYCOMET, the experience and knowledge of the complex payment and collection ecosystem provided by the financial entity, along with the technological know-how and innovative spirit of the fintech platform, has now become a reality, with tangible results: we are re-dimensioning teams and have incorporated new talent, giving us the capacity to develop products at the pace demanded by the market, and permitting us to approach innovation from a much more ambitious perspective,” says Mr. Pascual.
PAYCOMET, the payment platform of choice for those who innovate
PAYCOMET is an omnichannel payment platform that helps companies to sell and collect on products and services worldwide, safely and easily, and which can be integrated into any environment, whether in person or online. Among its services and solutions are the payment gateway, virtual POS, IVR, card tokenization for hotel reservations, escrow for online platforms, and tools for fraud management.
The company, directed by Jordi Pascual and founded in 2010 by Javier García and Diego Marcos, proved to be a pioneer in Spain when it obtained the PCI-DSS Level 1 certification in 2013. In 2017 it obtained a license from the Bank of Spain to operate as a Payment Institution, and in 2018 it was acquired by InnoCells, the digital business hub and corporate venture vehicle of Banco Sabadell. With offices in Barcelona, Bilbao, and Madrid, PAYCOMET provides an advanced payment gateway service to start-ups and small businesses in the digital economy, as well as to large retailers and chain stores.
