Morning Brief 8.4.20: Payment processor Paya plans NASDAQ debut

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Grown up

Paya, an Atlanta-based processor, is merging with a special purpose acquisition company and plans to go public on the NASDAQ exchange. The deal, crafted with FinTech Acquisition III, creates an implied value of $1.3 billion, Paya said in a press release. Paya's partner is described as a "blank check company" and the process bypasses a traditional IPO.

Current Paya owner GTCR LLC remains Paya’s largest stockholder, and existing management will stay in place, Paya said. Targeting the B2B sector including government agencies and utilities, Paya’s processing volume consists of at least 85% card-not-present transactions.

Paya in 2017 separated from former parent Sage Group and underwent a rebranding the following year. The merger is expected to close in the fourth quarter, the companies said.

Open channel

Bottomline Technologies, based in Portsmouth, N.H., has rolled out an Open Banking payment service in the U.K. called Pay Direct for online merchants.

Leveraging the U.K.’s Open Banking initiative, Pay Direct is another option for Bottomline’s business customers to collect payments from buyers directly from their bank accounts at a lower cost, Bottomline said in a press release.

Bottomline has already connected with the majority of banks across the U.K., the company said.

Fully loaded

Ford Motor Co. is launching a new Visa rewards credit card in partnership with First National Bank of Omaha, enabling consumers to earn points on all vehicle-related activities, with accelerated rewards for purchases at Ford dealerships.

The new cobranded FordPass Rewards Visa card, which has no annual fee, enables customers to earn 10% points back on every dollar spent on Ford parts and service, 5% for dealer vehicle purchases, 3% on gas, car insurance, tolls, parking and dining and 1% on other purchases.

The new card builds on Ford’s previous loyalty program, Owner Advantage Rewards, which has about 4 million members and was renamed FordPass Rewards last year.

Primed

WhatsApp, Facebook’s global messaging platform, is moving closer to the official rollout of a payments service in India using the central bank-sanctioned Unified Payment Interface (UPI).

National Payment Corp. of India, The Reserve Bank of India’s payments arm, informed the central bank that WhatsApp has cleared local data-localization requirements, IndiaTV reports.

ICICI Bank has signed on to provide WhatsApp’s payment service, which is currently being piloted in India with certain users.

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